Lexus Lease Insurance Requirements in Florida

2022 Lexus GX Wheel

After browsing for the perfect new Lexus vehicle, you’ll find that your next steps are to begin exploring your financing and leasing options. Although financing is a fantastic choice for many shoppers, others like you may prefer to lease instead. There are certainly advantages to leasing, but there are other aspects that are similar to financing. In both cases, you’ll want to ensure that you have some kind of vehicle insurance before you head out onto the Delray Beach roads.

In Florida, the minimum auto insurance you’ll need is $10,000 of coverage in personal injury protection (PIP) and $10,000 of coverage in property damage liability (PDL). However, the leased car insurance requirements for many lenders will often be more. Many providers will ask that you have full insurance coverage in addition to the minimum Lexus lease insurance requirements in Florida. Learn more about car leasing with insurance and even lease gap insurance today with the experts at the Lexus of Palm Beach finance and leasing center!

Minimum Lease Car Insurance Requirements & Meaning

Technically, the minimum Lexus lease insurance requirements in Florida are dependent on the exact lease provider that you go with. Although the insurance requirements in Florida are a minimum of $10,000 of coverage in PIP and PDL, many providers will want to see full automotive insurance coverage and may even suggest you opt for lease GAP insurance. According to Florida Statutes, you will need $100,000/$300,000 of bodily injury liability insurance and $50,000 of property damage liability if you are the lessee.

Local laws and the lease car insurance requirements for your specific situation may vary, so we recommend you speak to one of our experts for assistance. We’ve gone over car leasing with insurance in Florida, but, what does all of this really mean for you in terms of protection on the Lake Worth roads? Here are some of the definitions for each of the coverages for vehicle insurance:

  • Personal Injury Protection: A term used to describe coverage for health expenses associated with a car accident. This typically covers injury for insurance holders and passengers.
  • Property Damage Liability: PDL coverage helps cover the repair damages caused to another person’s vehicle or property in an accident.
  • Bodily Injury Liability: Covers the medical cost of people who are injured, aside from yourself. This coverage also helps cover payment for legal defense if you are sued for any damages during a car accident.
  • Lease GAP Insurance: GAP insurance or “Guaranteed Auto Protection” insurance helps cover the cost of the vehicle in the event that an accident has occurred. GAP insurance is not a substitute for full auto insurance, so be sure you opt for full auto insurance before you begin driving in Palm Beach Gardens.

Explore Car Leasing With Insurance Today at Lexus of Palm Beach!

If you’re ready to upgrade your West Palm Beach adventures with a vehicle lease, head to our dealership today! We can help you discover all of your insurance options and address any concerns you may have. To get started, get in touch with our team online.

 

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