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Car Leasing with Insurance
What is car leasing?
Car leasing is a type of car finance that allows you to drive a new car for a fixed period of time, typically two to four years, in exchange for monthly payments. At the end of your lease, you can then either return the car to the leasing company or buy it for the remaining amount.
Taking out a car lease with insurance included can take the stress out of sorting an individual car insurance policy. By taking out a car lease plan with insurance, you are essentially able to just hop in and drive for the duration of your contract without worrying what you are covered for. Some packages will include maintenance, road tax, breakdown cover and more.
How does car leasing work?
Car leasing deals are a cost-effective way to acquire a new car, often referred to as Personal Contract Hire (PCH) or Contract Hire. It is similar to Personal Contract Purchase (PCP) but allows the owner to own the car later. Although leasing cannot be bought at the end of the contract, the monthly cost is typically lower than a bank loan. The initial payment is followed by monthly payments covering the term of the agreement, making it an ideal choice for those who want to drive a new car regularly without worrying about owning the vehicle at the end. Business contract hire also benefits from keeping fleets updated, using the latest efficiency technology, and claiming back some of the VAT on rental.
Why get car leasing with insurance?
Choosing to lease your car can come with some benefits over traditional financing or buying a car outright. By leasing out a car you are essentially hiring it from the leasing company for a set period of time, usually for a couple of years. This can potentially save you money when compared to financing or buying a car outright. In the UK leasing is becoming an increasingly popular method of securing a car, as many drivers are hesitant to commit to car ownership. The lease agreement outlines the terms and conditions, including the duration of the lease, mileage limits, maintenance responsibilities, and any additional fees or penalties.
By getting a car leasing plan with insurance worked in, you won’t need to worry or deal with separate car insurance policies in addition to your leasing plan, meaning you can hit the road sooner with fewer worries.
What are the benefits of leasing a car?
- Lower monthly payments: Buying a car with a loan will typically cost you more in monthly payments than leasing a car.
- Flexibility: With a car lease arrangement you have the ability to switch cars more frequently, allowing you to drive the latest cars which may otherwise have been unaffordable.
- Option to buy: At the end of your lease agreement you’ll have the option to either return the car to the lender or buy it for the remaining amount. There is no obligation for you to buy the vehicle if you don’t want to.
Personal leases may come with pitfalls, including an early termination fee. If you want to end the lease early, you must pay half of the remaining monthly payments, or all outstanding payments, which can amount to thousands of pounds. Some companies may also require you to pay all outstanding payments.
How much does car leasing cost?
Car leasing in the UK typically costs between £100 and £1,000 per month, depending on factors like car choice, lease length, annual mileage, spec changes, and personal or business contract. Additional expenses like monthly payments and additional expenses also need to be considered when budgeting. Typically, leasing car insurance is typically more expensive due to stricter requirements, but lease payments are typically lower than auto loan payments, making leasing a more affordable option in the short term.
Business car leasing vs personal car leasing with insurance
Under personal car leasing with insurance, the policyholder listed under the lease will also need to be listed under the insurance policy. In the case of business car leasing with insurance, you’ll need to list the business and or company director. In terms of how the lease and insurance will function, you can expect them to work in a nearly identical manner. For business car leasing with insurance, you may wish to add an ‘any driver extension‘. This will cover your employees to drive the leased car for business reasons.