If you’re involved in a crash, even if it’s a leased car, the first step you should take is to seek medical care. Once you determine whether anyone is hurt, then you’ll want to call 911 and your insurer to report the accident. Many states and insurance policies require you to report any accidents.
If you’re currently leasing your vehicle, you’ll want to call your lease company to report the accident. Car accident lawyers can help you communicate with the leasing company, the vehicle's legal owner. If your lease specifies when you must report the accident to the leasing company, make sure you report your accident in time.
If you’ve crashed in a leased vehicle, you could be mandated to repair the car. If you’re unsure what to do, want to receive fair compensation, or need help understanding your lease agreement or applicable insurance policy, Fort Lauderdale, FL car accident lawyers recommend seeking a free case evaluation from Englander Peebles.
Leasing a Car
A car lease allows a lessee to purchase the right to use a car for a set period for monthly payments. These payments are a percentage of the vehicle’s worth and are structured before the lease is signed. In most cases, the lessee assumes responsibility for maintenance, insurance, and repairs. Leases do not own the car at the end of their lease period. After the lease, the vehicle can be returned to the lessor, or the lessee can purchase it. Some choose to lease to avoid long-term maintenance issues or because they prefer to drive newer models with modern upgrades and fuel efficiency.How a Car Accident Affects Your Lease in Florida
Leased car accidents can be expensive. That’s why it’s imperative to have an insurance policy to cover damages and injuries that occur during an accident. If you’re found liable for the accident, then you’ll have to cover all of the costs of their leased vehicle. Sometimes, insurers and other negligible parties can be held responsible. That’s why it’s beneficial to consult with car accident lawyers if your leased vehicle has been involved in a severe accident.Car Lease Implications After an Accident in Florida
When you’re involved in a leased car accident in Florida, either your vehicle is repairable, or it is deemed totaled lost. Repairable vehicles mean you could file a claim and be covered by insurance. Total lost leases mean you need to pay off the lease amount and satisfy the terms of your lease agreement.Totaled Lease Vehicles
If the damages your leased vehicle suffers are beyond repair, the following factors can impact your payout:- How far you are into the lease at the time of the accident
- The current market value of the totaled vehicle,
- Standard wear and tear.