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Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n

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Old 04-02-2018, 08:37 AM   #1
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Insurance on a leased car

I haven't leased a car before and wondering if you folks who do have experience to help chime on on what the difference is between insuring a leased car vs a car that you own, using ICBC.

What sort of extra options would you need to add on for a leased car?

What happens in the worse case scenario that car is a total loss via crash or stolen and gone for good?

ICBC website didn't have much info about it.
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Old 04-02-2018, 08:44 AM   #2
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It’s insured in the name of the dealership as the owner with you as the principal operator and based on your discount rate. They dictate your optional, different places have different standards or requirements. A lot of them require you to carry the minimum for deductibles $300 and at least $2 mill and they’ll push for or flat out require replacement insurance if it’s a new car too.

Everything else is the same, you just don’t ultimately own the car... but it’s your ass if you crash it. In short, there’s no advantage at all — if anything it’s the opposite cuz you might not buy all the options under your own insurance so it will be more costly.
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Old 04-02-2018, 12:10 PM   #3
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The leasing company is the Lessor and you or you’re company will be the lessee. There will be restriction when it comes down to coverages on the leased vehicle. Different leasing companies have different requirement, so you might want to check with them first. There are also signature requirements, which means you can’t just cancel the insurance without a signature from the lessor or have a Power of attorney from them. On storage policies you’re also to comply with the lessors requirements too.

Most new leases will require new set of plates, unless you have personalized plates. The main exception is if the lessor and lesser are remaining the same and you lease a different vehicle from them, you can keep the same plates.

If you pay in full for insurance, any type of cancellation or changes to coverage which results in. A refund will require an endorsement from the leasing company before you can deposit then refund Cheques.
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Old 04-04-2018, 11:08 AM   #4
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The only difference is that you can't buy basic insurance. But why would you buy basic insurance on a new car anyways?

Or you can buy basic insurance from ICBC and then get the rest covered by a private insurance company. You can do this with a lease car as well.

I will never finance a car ever again in my life unless it's a rare or discontinued used car. I have had incidents where I financed a car, got into accidents not my fault, and suddenly I'm on the hook for $10,000 of depreciation because I owned it.

The oldschool thought is "You don't own the car blah blah blah" but hey you own the depreciation on it too if anything happens.

If shit happens, just ride it out to the end of the term and return the car. If nothing happens, buy it out at the end and refinance the residual value. Yes you pay more on interest but it's the safety net if something happens to the car.

My VW GTI I financed was $28,000 market value and I ended up selling to a dealer for $18,000 because it had $16,000 in repairs from accidents not my fault. Something to think about.
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Old 04-05-2018, 06:21 PM   #5
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I currently own a vehicle, if I was to lease a new car. Can I still keep my plates? Transferring from old car to new car
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Old 04-05-2018, 07:43 PM   #6
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I currently own a vehicle, if I was to lease a new car. Can I still keep my plates? Transferring from old car to new car
You will have to get new plates (unless they are personalized plates) because the Registered Owner will be different.
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Old 04-07-2018, 08:22 AM   #7
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I got confused reading about "GAP coverage vs replacement coverage. Acura includes "GAP if you lease it, is that the same as coverage for replacement if car is write off?
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Old 04-07-2018, 08:28 AM   #8
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Quote:
Originally Posted by matrixfwd View Post
I got confused reading about "GAP coverage vs replacement coverage. Acura includes "GAP if you lease it, is that the same as coverage for replacement if car is write off?
Yes. For my Civic Touring, I got in a 5 car accident, six months after we bought it. Unfortunately, after 8-9K in repairs, it still wasn't enough to write it off (Msrp: 30k). GAP insurance provided no-charge oem replacement parts.

If the value of the repair is more than 50%, ICBC will write it off and give you what they think is fair. However, what ICBC thinks is fair is not the same as what you owe to the Financing company (Honda Financial Services). GAP insurance will cover the difference between what you owe and what ICBC gives you.

I strongly recommend buying it. I have a friend who got T-boned and didn't have it. He had to pay out of pocket for the difference.

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Old 04-07-2018, 10:24 AM   #9
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on both Honda and Acura's website, they say:

"Automatic Guaranteed Asset Protection (GAP)

If your leased vehicle is involved in an accident, vandalized or stolen the vehicle may have to be written off. To insurance companies a "write off" means fair market value minus your deductible. Your insurance settlement may not always satisfy your contractual obligation. Our Future Value Lease offers you protection against these situations. The monetary GAP between your insurance settlement less your deductible and your lease obligation is covered automatically by our GAP. Some conditions may apply. See your local dealer for details."


It sounds like GAP is automatically included already on the lease. Would the replacement cost coverage option offered by ICBC still be necessary on top of this GAP thing, or are they 2 different things. I don't want to duplicate insurance coverage if not needed. Google search shows GAP covers the depreciated difference if total loss, so it sounds the same as replacement cost difference?


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Originally Posted by BIC_BAWS View Post
Yes. For my Civic Touring, I got in a 5 car accident, six months after we bought it. Unfortunately, after 8-9K in repairs, it still wasn't enough to write it off (Msrp: 30k). GAP insurance provided no-charge oem replacement parts.

If the value of the repair is more than 50%, ICBC will write it off and give you what they think is fair. However, what ICBC thinks is fair is not the same as what you owe to the Financing company (Honda Financial Services). GAP insurance will cover the difference between what you owe and what ICBC gives you.

I strongly recommend buying it. I have a friend who got T-boned and didn't have it. He had to pay out of pocket for the difference.

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