If you’re leasing a car you’ll likely need more than liability insurance. Liability insurance is designed to provide protection for the other driver when you’re at fault. It covers the other person’s injuries as well as any property damage, and damage to the other person’s car. If you’ve never leased a car before, you might think this is adequate coverage because state law only requires auto liability coverage. However, many leasing companies require a driver to carry more coverage.
Our Maryland team at Carrie Polk Insurance Inc. aims to take the confusion out of what’s covered by various insurance policies. We serve the greater Prince Frederick and Waldorf, MD area.
What Kind of Auto Insurance is Required to Lease a Car?
You still have to carry full coverage auto insurance when you lease a car. Even though you’re not buying the car, liability coverage provides no protection/coverage for you or the car you are leasing. The other driver is the only beneficiary of an auto liability insurance policy. Anyone wanting to lease a car is required to meet the state minimum requirements for insurance, in addition to the requirements of the leasing company. Most leasing companies will require you to carry comprehensive and collision insurance in addition to the state-required liability insurance. In fact, many leasing companies require you to carry both comprehensive and collision insurance in addition to liability insurance that meets the 100/300/50 liability limits.
Leasing a car won’t affect how much you pay for insurance. However, it will affect the type of coverage you’re required to carry. You may only need liability coverage to meet the state’s minimum requirements, but your leasing company will require more to protect its investment. If anything happens to the car while you’re leasing it, comprehensive and collision insurance coverage insures that the car can be repaired or replaced.
Give Us A Call
If you’re interested in leasing a car and want to know what your insurance options are, call us at Carrie Polk Insurance Inc., serving the greater Prince Frederick and Waldorf, MD communities. We’d be happy to help you get the coverage you need.
Anyone living in Prince Frederick and Waldorf, MD, and surrounding areas will find that it is a good place to own a home. With a strong population base, plenty of professional opportunities, and housing demand, property ownership can be a great way to build wealth and have a consistent place to live. As you are looking to purchase a property, you also need to get the right insurance.
Having this coverage is a good idea for various reasons
Coverage Protects Property Owners
A primary reason to always have a home insurance policy for your property is that it can help to protect the property owners. If you are a property owner, there is always a risk that your home could be damaged. Further, you will take on some liability risk on a regular basis. If you get the right home insurance plan, you will have the coverage needed to mitigate and offset those risks.
Coverage is a Requirement
It is also a good idea to have a home insurance plan as it will be a requirement for you to carry. Property owners are obligated to carry this coverage in various situations. If you have taken out a loan to buy a home, your mortgage lender will require you to carry this insurance. Further, you may be obligated to carry home insurance if you live in a home association with insurance rules.
Contact Us Today
If you are going to purchase a property of any kind in Prince Frederick and Waldorf, MD or anywhere in the state, you will clearly benefit by getting the right insurance for it. Once you are looking for a new plan, beginning your search by discussing with Carrie Polk Insurance Inc. is a good option. There are a lot of choices to make when looking for coverage and Carrie Polk Insurance Inc. can give the insight necessary to build your next plan.
For an aspiring business owner, setting up a company in Prince Frederick and Waldorf, MD and anywhere in the state of Maryland can be a good idea. There are a lot of opportunities for business owners here that will allow you to be successful. As you are planning your company, choosing the right insurance is important.
You will need commercial coverage for various reasons.
Comply with Requirements
An important reason for any business in this state to have a full commercial insurance plan is so they can comply with requirements. Any business today will have various requirements set by other parties, which will obligate a certain level of coverage for the company. It is very common for investors, lenders, vendors, lessors, and even key clients to require a business to maintain a full commercial insurance plan.
It is important to meet the insurance requirements set for the business. However, even if you are not required to carry commercial insurance, having the coverage is still a good idea as it offers great support and protection. When you have a full commercial insurance plan, it will provide you with coverage for core assets owned by the business and offer commercial liability risk mitigation. This can prove to be helpful and could keep your company in good financial condition when going through various difficult situations.
Any business that wants to operate in the state of Maryland will have a lot of chances to be successful. As you are looking to plan and protect a business here, getting the right coverage is a necessity. The team with Carrie Polk Insurance Inc. in Prince Frederick and Waldorf, MD will offer the support needed to choose an ideal plan. Carrie Polk Insurance Inc. takes a customized approach and can help you build a plan that provides the coverage you need to protect your business.