Leasing a Ford truck? Lucky you! With fantastic reliability ratings, plenty of seating capacity and tons of horsepower, itís no wonder Ford trucks have been a staple of American automotive culture for nearly a century.
Before you load up your truck and hit the open road, though, donít forget about auto insurance. If youíre leasing a Ford truck, hereís what you need to know about insuring it.
Do Leased Trucks Need Auto Insurance?
Yes! Whether youíre leasing an F-150, Ranger, Super Duty or any other Ford truck, you are required by law to purchase the same basic auto insurance coverage that you'd get if you owned the vehicle yourself. But the state minimum isnít always adequate for larger vehicles. By virtue of their mass and shape, trucks can cause a ton of damage in an accident, so you may want to consider purchasing more than the state minimum amount of liability insurance.
Other Forms of Coverage
Depending on your leasing company, you may be required to purchase these forms of coverage for your truck:
* GAP insurance is usually required to cover any gap between the amount that you owe the dealer and what the insurance company will pay if the leased car is totaled in an accident. This may be included in the lease payments.
* Some leasing companies require uninsured/underinsured motorist coverage, which protects drivers involved in an accident with an uninsured or underinsured driver, or if a hit-and-run driver strikes them.
* Even if it isnít required in your state, the leasing company may require both collision and comprehensive coverage.
Insure Your Ford Truck for Less
Ford truck drivers usually pay an arm and a leg for auto insurance, but they donít have to. Here are a few tips to make your vehicleís auto insurance premium more affordable:
Multi-line savings: Bundle your auto and home/renters insurance policies with the same insurer and save up to 15% on both premiums.
Raise your deductible: The higher your deductible, the lower your premium. It could reduce your comprehensive and collision premium by up to 40 percent.
Ask about discounts: Finding discounts for low annual mileage, anti-theft devices and safe vehicles are just a few ways to cut auto insurance rates.
Comfort, style, reliability, performanceóFord trucks and SUVs have everything true vehicle enthusiasts need. If youíre leasing one, get a free auto insurance quote from InsWeb.com and see if you can find better coverage for less.
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