Rent-to-own is a type of car financing where the buyer pays for the vehicle in instalments over a specified rental period. The added benefit is that Insurance coverage is included in the rent-to-own deal.
Does the Agreement Include Insurance?
Yes, the agreement includes insurance, and this can bring several benefits to the parties involved. One significant advantage of having insurance included in the agreement is that it saves the parties the hassle of having to shop around for good insurance coverage. This is especially beneficial for individuals or businesses that may not have the time or resources to research and compare various insurance options.
Additionally, including insurance in the agreement means that the parties do not have to decipher complex insurance contracts, which can be daunting and time-consuming. This can alleviate any confusion or misunderstandings that may arise from unclear or ambiguous policy language.
Moreover, negotiating the best insurance deal can be tiresome. By including insurance in the agreement, the parties do not have to engage in this process, as the terms of the insurance coverage are already agreed upon in the agreement. This can help streamline the negotiation process and ensure that the parties receive the best possible insurance coverage at a fair price.
Who Is Responsible In The Event Of A Claim?
In the case of rent-to-own car agreements, it is common practice for the renter to be responsible for paying the excess amount in the event of a claim. This means that if the renter is involved in an accident or the car is damaged, they will need to pay the excess amount before any insurance coverage applies. This is a standard practice that allows rental companies to limit their exposure to risk and ensure that renters are accountable for any damage they may cause to the vehicle. To avoid any unexpected costs or delays in the claims process, renters should carefully review the rental agreement, including the excess amount and insurance coverage. It is crucial to have the funds available to pay the excess amount in case of an accident or damage to the car.
Rent-to-own a car today by visiting the Earn-a-Car website. We have a wide range of pre-loved cars you can choose from – and the best part is we can help you get behind the wheel of a no-finance car even if you have a low credit score or have been blacklisted!
Contact us to learn more about rent to own a car and insurance.