Lease cars are a good option for those who like to keep changing their cars now and then. You are under no obligation to buy the lease car, and all you have to do is give monthly payments until you return the car.
But have you ever imagined questions like “what would I do if I wrecked my leased car?” Read more to find out the answer!
A car accident with a leased car is a completely different ball game. You must know that you need car insurance, even though your vehicle is on lease.
The insurance will cover the damage to the victim if you are responsible for the accident. The compensation usually covers medical bills, property damage, loss of pay, and emotional trauma costs of the victim.
However, you will not get an insurance settlement when you are the driver at fault.
When you are the accident victim in a leased car, you will be receiving some compensation to repair the vehicle. But, the insurance amount may not be enough to cover the property damage.
For instance, the minimum insurance in Nevada covers only up to $20,000 for property damage. But, you can always buy more insurance to be on the safer side.
What to do after the accident?
You should contact the insurer and lessor if there is damage to the car in the accident. The next step is to get an estimate of the cost of repair.
Then you can check how much of the cost will get covered through an insurance settlement. If there is any more additional expense, you will have to bear it. Besides, if you are the at-fault driver, you will have to pay for the entire cost of car repair.
When should you contact an attorney?
A leased car attorney can help with the situation whether you are the victim or at-fault driver. You have to approach a lawyer who has experience dealing with leased car crash cases before. Otherwise, you will end up paying more than required for the car damage.
As a car accident victim or at-fault party who used a leased car, you need to contact an attorney at the earliest.
The attorney should have sufficient experience dealing with leased car crash cases. You can contact the lessor and insurer through the lawyer to understand how much you will have to pay for the car’s damage.
An attorney can increase your chance of getting a higher compensation if you are a victim. If you are at fault, the attorney will try to do something to reduce your burden.