Seeking compensation when you own your car is complicated already, but driving a leased car adds new nuances to an insurance claim.
First of all, it’s important to understand how a car lease works. Basically, it is a long-term rental of a car, where the driver pays regular amounts to cover the depreciation of the vehicle. When the lease contract is over, the driver returns the car to the lease company.
What To Do When You Are in an Accident When Driving Your Leased Car
It’s crucial to contact your insurance company as soon as possible after the accident regardless if you own the car or not. However, if you also have a lease contract, you have to get in touch with the lease company just as urgently. Notifying them about the accident will surely be followed by a requirement to get an evaluation of the damage the car has suffered.
Your auto insurance company may require you to go to a certain body shop, but you also have to consider what terms there are in your lease contract when it comes to the repairs. Check your lease contract thoroughly to make sure that all the terms are met. Otherwise, you risk having to pay penalties.
Will Your Lease Be Paid By the Settlement?
A key element in answering this question is whether or not you have gap insurance. This type of insurance coverage will pay for the difference amount that is owed to the lease company after the insurance company pays for the accident damage repairs. Let’s say that your case is settled and you have been given a certain amount for car repairs. You still have to pay your lease for a while. If you have gap insurance, it will be paid by them. If you didn’t get this type of coverage, you will generally pay out of your own pocket.
Otherwise, as with any other accident which was caused by another driver, in Missouri, you are entitled to compensation from that driver’s insurance company. As long as you have evidence to serve as proof of liability against the other driver, and you document your damage thoroughly, your case should be strong and cover all your damages, and more.
“What If I Has Hurt in the Car Accident?”
If another driver was at fault for the accident, then he will be responsible for paying for your injuries. If you share part of the fault too, then your own insurance or medical plans will kick in and cover some of the expenses.
How an Experienced St. Louis Car Accident Attorney Can Help
If you find yourself in this situation, discuss your claim with an experienced St. Louis car accident lawyer. An experienced attorney can help you understand your options and ensure your legal right to compensation is protected.