Can an Accident Affect Your Car Lease?

Leasing a car is a popular option when it comes to buying options. The prices of buying a new car have gone up significantly in the past years, so many more people are leaning towards the option of leasing a car. Leasing a car is a great option for people that like to get a new car every few years. Owning a car can be expensive having to keep up with all of the parts after the car starts to get old. But, leasing a car does not mean that you will not get into an accident. So, it is important to know what to do and how to handle it if you get into an accident in a car that you have leased.

A leased car is when the driver will pay a monthly payment for the car to continue to drive it. At the end of the leasing period, you will go back to the dealership, or wherever you got the car from, and turn it in. Or, some people will choose to buy the car after they have leased it for a little while. Unfortunately, car accidents are inevitable. So, no matter what happens after an accident, the first thing you should always do is be sure to get you, or anyone who was injured medical attention right away. Your health and safety is the most important thing and the cars can always be fixed after.

Once everyone who needs it has received medical attention, you should call the police to be sure that they get a record of the accident. Be sure to exchange all information with each party that is involved in the accident. Be sure to notify the insurance companies as soon as possible. The rule that the driver must have insurance in included in most lease contracts, so it is important to let them know about the accident sooner rather than later. After the insurance company is notified, it is likely that you will set up a meeting with one of the adjusters at the company in order to determine the damage and the claim amount. 

It is important to know and understand your leasing contract/agreement. Within the agreement, there may be a clause that requires you to have to fix the car with original parts and not newly manufactured parts. Each driver that leases a car will be responsible for any damage that is on the car when they turn it in, so even if you think the damage is minor or does not need to be fixed, it could cost you in the long run. No matter if there is damage to your car or not, it is important for anyone who leases a car to have a full understanding of the agreement when you begin the lease. You do not want to get caught up in fine print when you have to turn your car in and have it end up costing you even more. Contact our attorneys today if you need assistance with an accident involving a car lease.