Anyone deciding to lease a Ford vehicle is likely to assess the costs involved, one of the major attractions of leasing the vehicle being that it will work out, or should work out significantly cheaper than buying the vehicle outright.
Of course they do not actually own the vehicle, it is more like a long-term rental, but nevertheless they still have the use of a brand-new car or truck on a basis that they probably would not have been able to do otherwise.
The costs involved in leasing a vehicle can easily be identified. What is often missed out is the cost of auto insurance and gap insurance, as well as other types of insurance which will be needed on the vehicle, which may or may not be included in the figures at quoted regarding the leasing costs.
Ford Lease Insurance Requirements
A potential customer is likely to be aware of the legal requirements for the vehicle they are thinking of leasing regarding bodily injury and physical damage limits, sometimes referred to generally as third-party liability, but they should also be aware that if they are leasing the vehicle, then Ford are likely to require them to have additional insurance coverage.
This normally refers to collision and comprehensive insurance, as well as increased liability coverage for both bodily injury and physical damage.
The Ford dealership will want to make sure that this insurance is in place prior to the customer driving the vehicle away. Ford may well have arrangements with specific insurance companies who can offer good deals, but are unlikely to insist that insurance is taken out with them as a condition of the loan agreement.
The Ford dealer will interest however that proof of insurance is produced at the point where the customer signs the lease agreement.
In terms of other types of insurance, the most common one that will be needed is gap insurance, and what is important is to establish who is paying for it and whether or not it is included in the monthly repayment cost of the lease. In addition, it is important to know whether or not things such as emergency breakdown and relocation cost insurance is included in the lease agreement, or whether it needs to be bought as a separate item.
