By: Passalacqua & Associates

What Should I Do After My Accident Involving My Leased Vehicle?

Latest News

Accidents happen all too often, but the process following them doesn’t have to be as time-consuming or headache-inducing as you may think. Following a few steps right after the accident can help you in obtaining compensation, if necessary, and get you back to your life. Operating a leased vehicle during an accident poses a few more steps that you should consider to help alleviate stress in the future. Obtaining your police report is an important step, as you can use this to file a claim for your PIP coverage. Next would be contacting the leasing company to notify them of the accident. They may request a copy of your police report, so obtaining this first can help in this regard as well.

If you have been involved in an accident in New York and want a trusted team on your side to help walk you through this process, contact us at (315) 500-6425. Having experienced attorneys from the beginning to help you discuss the events with your leasing company, obtain compensation, and more can be invaluable to you during an already stressful time. We look forward to your call.

What Can I Expect From The Leasing Company?

Contact the leasing company or dealership and notify them of the accident. They will have guidelines in place as to what they require based on your lease terms and can communicate these items to you. Being the leasing company owns the vehicle, rather than you, they have rights to how the vehicle is repaired and other regulations in place regarding their vehicle.

In almost all cases with a lease, upon the end date of the lease, your vehicle will need to be inspected for damages/repairs, and you could incur costs to fix these items. Having an accident reported quickly and following their regulations or wishes as to how to repair the vehicle from the start can alleviate possible extra fees incurred upon the end of your lease should you choose to repair the vehicle yourself and it doesn’t meet their inspection requirements.

What Is Gap Insurance?

Gap insurance is a type of automobile insurance that covers the “gap” between the amount your insurance company pays for your car and what you still owe on your loan or lease. For example, if you have a car that’s worth $10,000 but you still owe $15,000 on your loan, your gap insurance would cover the $5,000 difference.

Some leases also require Gap Insurance, which can be important should the leased vehicle be totaled out. This can mean the difference between you being responsible for the remainder of the costs beyond the fair market value of the totaled vehicle or the insurance company.

Why Do I Need a Lawyer?

Some people prefer to manage these situations on their own, and that is ok. Generally speaking, accidents themselves can create unnecessary stresses whether you have sustained injuries or not if you are unprepared for the process.

We have many years of combined experience in accident cases. Our experience allows us to help you prepare for the steps ahead, including negotiating with the lease company, obtaining compensation for your injuries, and more. Contact us today at (315) 500-6425 to get started.