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Car Lease Insurance Farmington NM

Car insurance rates are important when leasing. Coverage requirements are higher than most people already have. Find the lowest lease insurance rates by comparing quotes from multiple companies.

Allstate Auto Insurance
(888) 355-7971
216 N 1st St
Farmington, NM
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Jack- Nathan LeGrand - State Farm Insurance Agent
(505) 327-7771
623 West Broadway
Farmington, NM
 
New York Life Insurance CO
(505) 325-0060
1607 East 20th Street Suite A
Farmington, NM
 
Cross Ii- Richard R
(505) 327-6016
2017A E 20th St
Farmington, NM
 
New York Life Insurance Company - Guffey Lyle
(505) 326-5064
3001 Northridge Drive Suite C
Farmington, NM
 
Allstate Auto Insurance
(888) 355-7971
216 N 1St St
Bloomfield, NM
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Wilson- Kent D - State Farm Insurance Agent
(505) 327-6117
4251 East Main Street Ste G
Farmington, NM
 
Sebastian- Christopher Mark
(505) 326-6200
2600 Farmington Ave
Farmington, NM
 
Sheppeck- Shelley Lynn
(505) 327-0447
800 E 30th St Ste G
Farmington, NM
 
Allstate Insurance-Ramos Agency
(505) 327-9667
2400 E 20th St
Farmington, NM
 

Car Lease Insurance

Most auto lease companies require you to maintain insurance coverage as follows:

  • Liability coverage: $100,000 per person / $300,000 per occurrence
  • Property liability coverage: $50,000
  • Comprehensive and collision for actual value with no more than $500 deductible.

In Canada, $1,000,000 in liability coverage is required for car insurance when leasing.

This may be more coverage than you would normally buy, which could mean an additional leasing expense — unless you know how to get better rates. Most people are already paying too much for insurance, before they lease.

What's the deal with car insurance when leasing?

When you lease, your vehicle belongs to the lease company. They want to make sure that their investment is covered should you have an accident that damages or destroys the vehicle, or if the vehicle is stolen. They may also want you to have sufficient liability coverage in case you are at fault in causing an accident. This not only protects you from financial disaster, but it also protects the lease company if they should be held partly responsible.

Of course, having sufficient car insurance coverage is smart whether you are leasing or not. Many people attempt to get by with minimum coverage required by law but it's a big risk since there's so much to lose. Accidents do happen. Large lawsuits are common. If you have insufficient car insurance coverage, you can be personally sued for additional money after ...

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