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Thread: Cover for a leased car

  
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    Skót's Avatar
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    Cover for a leased car

    Does anyone know of an insurance company who will cover a car which is ona leasing contract?

    My current insurer requieres me to be the owner, i.e name on the documents. Are there any others who would insure me?
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    I always thought insurance was part of the payment when leasing a car?

    The only person who can insure something is the owner. If you have no "insurable interest" in the car then you cannot insure it.

    Not ever dealt with leased cars though so im not too clued up on how it works.
    Previous Astras: 1994 Cesaro 1.8 16v | 2002 SXi 1.6 16v | 2001 Coupé 2.0 Turbo | 1999 LS 1.6 16v
    Other Vauxhalls: 2001 Vectra 1.8 16v| 2003 Vectra GSi 3.2 V6 | 2005 Signum CDTi 150

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    Just gave them a call.

    The car 1.7 CDTi SXi sports hatch = 400 amonth. Insurance = about 175 amonth so I'm looking at 600/month x 23 months = Ł13,000 for 2 years then a final settlement of 7,000

    So thats Ł20,000 less Ł3000 for two years insurance so Ł17K for an 06 1.7CDTi sports hatch... Worth it?

    What will be the value of the car in 3 years when I want to sell up? Looking at the dperectiation thread it leads me to think the car will only be worth about Ł7k?

    P.S the list price is Ł15665. The price I listed included maintinence and replacement of worn parts.
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    That's PCP isnt it?? Different from traditional leasing.

    I've had a car on PCP before, thru vauxhall choices, insured with elephant and admiral, never had any problems with them about it.
    LM Audio - Knebworth Herts - 01438 812444

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    Its not something I would go for myself as its a lot of money to shell out for something you never own.

    However it is the cheapest way into a new car, but I would only go with it if the resale value is guaranteed, you dont want to be even further out of pocket at the end of the term - also check that the mileage limit wont cause any issues.
    Previous Astras: 1994 Cesaro 1.8 16v | 2002 SXi 1.6 16v | 2001 Coupé 2.0 Turbo | 1999 LS 1.6 16v
    Other Vauxhalls: 2001 Vectra 1.8 16v| 2003 Vectra GSi 3.2 V6 | 2005 Signum CDTi 150

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    The higher the mileage the more per month you pay, but the less the final "buy the car" payment is.

    However, if you want to get out of the contract early you need to buy the car in full, which could be more than market value.

    Hmmm. I really dont kno wwhat to do.
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    I nearly did one of these deals a few years ago on a new renault clio, free insurance for a year and 189 per month for 3 years with a final payment which was guaranteed to be at least the value of the car. Think it was limited to 10k a year. Was a good option for me at the time but luckily Vauxhall were doing a years insurance on the Astra SXi.

    Glad I didn't do it though....
    Previous Astras: 1994 Cesaro 1.8 16v | 2002 SXi 1.6 16v | 2001 Coupé 2.0 Turbo | 1999 LS 1.6 16v
    Other Vauxhalls: 2001 Vectra 1.8 16v| 2003 Vectra GSi 3.2 V6 | 2005 Signum CDTi 150

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    I didn't think you had to buy-out the contract because of halves and thirds....

    Once you've paid 50% of the total amount payable you're free to hand the car back and walkaway with no extra liability.

    It leaves you with an Early Terminiation Flag on your credit record but this doesn't have an ill effects on future credit decisions, it's purely for information.
    LM Audio - Knebworth Herts - 01438 812444

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    Yeah did that with my old Saxo VTR, handed it back after paying it 2 years and still owing more than it was worth.
    Previous Astras: 1994 Cesaro 1.8 16v | 2002 SXi 1.6 16v | 2001 Coupé 2.0 Turbo | 1999 LS 1.6 16v
    Other Vauxhalls: 2001 Vectra 1.8 16v| 2003 Vectra GSi 3.2 V6 | 2005 Signum CDTi 150

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    Quote Originally Posted by Sten
    Yeah did that with my old Saxo VTR, handed it back after paying it 2 years and still owing more than it was worth.
    Yep, did exactly the same with a Fiesta.....really handy if you find yourself in that situation and need a way out.
    LM Audio - Knebworth Herts - 01438 812444

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