Is insurance for a leased car cheaper than classic car insurance?

The price of auto insurance is set based on several criteria to determine the level of risk presented by a customer.


This concerns the characteristics of the car, its value, the driver's experience behind the wheel, the parking method adopted and the guarantee formula chosen. Thus, there should not be a big difference between car insurance for leased cars and classic car insurance. But given the nature of leasing, lessors tend to require additional guarantees which have the effect of increasing the price of the cover.


How are car insurance rates established?

Auto insurance is insurance intended to cover claims relating to the insured vehicle, whether it is an accident, breakdown or theft. As it is a product intended to provide the insured with financial compensation following damage, its cost is normally commensurate with the risks incurred. Thus, to determine the price of car insurance, insurers refer to a certain number of parameters. To begin with, the insurer will take into account the parameters related to the vehicle itself. Indeed, there are vehicles which present more risks than others, in particular powerful vehicles. In recent years, electric vehicles are considered the safest, which allows them to benefit from cheaper insurance. However, these are not the only criteria determining the cost of auto insurance.


Driver experience and background also come into play in pricing. An experienced driver who has never experienced any claims will be entitled to a lower insurance premium than that of a young driver, a malussed or terminated driver. The number of drivers mentioned on the insurance contract is also likely to influence the price of the cover. In addition, the criteria linked to the insurance itself will make it possible to define its price. We are talking in particular about the guarantees included, the deductible and the reimbursement ceilings. Insurance offering full coverage will necessarily be more expensive than basic insurance. In view of all these elements, we can therefore conclude that insurance for a leased car should not be less expensive than conventional insurance for the same car and the same circumstances (more info on this leasing guide) .


Leasing insurance and classic car insurance: what are the differences?

There are two notable differences between car leasing insurance and classic car insurance. On the one hand, classic car insurance is taken out with an independent insurance company, offering offers adapted to each customer. As far as car lease insurance is concerned, the cover is taken care of by the lessor himself through partner organizations, particularly in the context of long-term rental. However, the customer is able to decline the offer of his lessor to take out car insurance with an external organization. On the other hand, leasing insurance must normally present several guarantees to reassure the lessor.


Indeed, as the vehicle remains the property of the lessor, he will impose on his client the subscription of a complete formula. Moreover, the customer also has an interest in taking out good insurance coverage if he does not want to bear the repair costs himself in the event of a claim. But if car leasing insurance is different from classic car insurance, it is because of the financial loss guarantee. This cover takes over from the insured by settling the entire leasing contract after a claim resulting in the total destruction of the vehicle. Including such a guarantee in leasing insurance is likely to considerably increase its price compared to that of conventional car insurance.


Less expensive leasing insurance: how to benefit from it?

To benefit from the most advantageous car lease car insurance, the best method is to compare the offers of different insurers. Indeed, insurance prices vary from one organization to another and there is a better chance of finding the ideal offer by comparing them. To save time and avoid contacting insurance companies one by one looking for a personalized quote, it is possible to go through an online insurance comparator. This tool will be able to facilitate the process by pooling requests for quotes. All you have to do is fill in the dedicated form with your personal information and the request will be sent to the partner organizations.


They will respond with an insurance proposal close to what you are looking for and it is from these proposals that you will make your choice. Generally, one is tempted to choose the cheapest offer in these cases, however, it is necessary before think about the protection that insurance provides. Poor coverage will leave most of the repair costs to you, which will deprive the insurance of all its interest. Also, it is advisable to check the guarantees and the conditions of compensation before opting for a given proposal.

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