Leasing a new vehicle, especially a luxury sedan such as a Mercedes S-Class, has become an increasingly common way for consumers to enjoy the thrill of a world class vehicle without the commitment and financial burden of an outright purchase. If you decide to lease your new Mercedes, youíll have to also look into getting Gap Insurance in order to protect yourself financially in case anything should happen to your vehicle before the end of your lease contract. Not only does Gap insurance keep you from having to make payments on a car that has been stolen or damaged, it is often a requirement of the leasing company. Here are some tips on getting the best deal on Gap insurance:
Get Your Paperwork in Order: As with most insurance purchases, having all of your paperwork in order can make the process go much smoother. Be sure to have all of your leasing paperwork ready when applying for Gap Insurance, including information from both the leasing company and the dealer where you bought your car. Whether you are applying for insurance online or in person, being organized and having all of the correct documents can also help make for a more hassle-free process.
Leasing Companies Vs. Insurance Companies: In order to save you the hassle of dealing with an outside insurance company, many leasing agencies will also offer Gap insurance at discounted rates. And even if they donít, they will usually have a list of Gap insurance providers that they can point you towards. In either case, it's a good idea to check in with your leasing representative before you jump right in to purchasing a gap insurance plan.
Shop Around: While itís always preferable to choose an insurance provider that is familiar (such as the leasing company or your current insurance provider), it doesnít always mean that you are getting the best deal. In order to find a policy that fits your needs (at a cost that fits your pocket book), always do at least a little comparison shopping. You never know, something better may be just a click or two away.
Stay up on Lease Payments: Besides the fees and extra charges you can sometimes incur from your leasing company if you miss a payment or are continually late, these things can also drive up the cost of your Gap insurance. This is why it is important to only agree to a payment schedule that you can afford. Putting up a larger down payment is one way to lower your monthly lease payments.
While the extra cost of purchasing Gap insurance for your leased Mercedes S-Class may seem like an unfortunate burden, it is a small price to pay for making sure that you donít have to continue making payments on the car if something unforeseen happens. By following the simple steps above, youíll be able to get the leased car of your dreams and the peace of mind that comes with being fully covered.