Rim and tire insurance

These Two Must-Have Protection Plans Can Save You Thousands on Your Car Lease

We’ve all been there. You’re driving down the highway in your brand new car that you just got a sweet lease deal on. You’re playing your favorite song, the panoramic sunroof is streaming light into the cabin and the engine is eager to obey your every command. Sounds like the perfect drive, right? That is, until you spot a huge pothole directly in your line that seems like it goes all the way down to the core of the Earth. You try to avoid it, but it’s too late. A solid “thud” reverberates from the wheel all the way through the entirety of your car. Your worst fears are confirmed when the dreaded TPM alert pops onto your screen signaling low tire pressure, as you pull off to the side of the road.

Yep, flat tires are the official ruiners of perfect days. To add insult to injury, now you have to pony-up for a new tire as well. Talk about a real bummer.

Wouldn’t it be great if there was insurance just for the tires and rim of your expensive new car?

Well, ask and you shall receive! Enter Tire and Rim Insurance, a must-have for anyone leasing a car in 2019 for complete peace-of-mind throughout the duration of your lease.

lease rim and tire plan

Tire and Rim Insurance

Tire and Rim Insurance is exactly what it sounds like, insurance for your car’s tires and rims. This insurance can be purchased at any point during your lease and will cover common road hazards like flat tires due to road conditions, rim rash, structural wheel damage and more.

Additionally, this protection plan also covers the cost of labor, leaving you to come out of pocket for absolutely nothing that isn’t already covered.

According to Angies List, the average cost of a new tire can range anywhere between $100-$200, depending on the type of car and tire size. If you have run-flat tires, you can expect to pay even more for a single tire.

The best part about Rim and Tire insurance is by far the peace-of-mind that comes with the ability to file unlimited claims. Since you never know when a rogue pothole or road debris may strike, there’s no need to worry about hitting a certain level of claims early on in your lease.

To activate your tire and rim insurance policy after a mishap, just simply take your car to the dealership or tire repair shop, file a claim with the Tire and Rim Insurance provider, and they’ll take care of the bill. It’s that simple.

The cost of Rim and Tire Insurance has a lot to do with the make of your vehicle. Leasing a vehicle from a non-luxury brand like Nissan or Honda? Your cost will be less than if you’re leasing from a premium brand like BMW or Mercedes.

Now that you know a little bit about Tire and Rim insurance, let’s talk about another lease protection plan that could save you hundreds or even thousands of dollars not during your lease, but at the end.

excess wear and tear coverage

Excess Wear and Tear Insurance

Excess wear and tear insurance is a protection plan designed to cover a multitude of ailments to your car when it’s time to return it to the dealership at lease end. Since technically the bank owns the car throughout the lease, the bank wants to make sure that it’s getting their car back in the same condition that you got it in. However, three years on the road is a long time, and we know how treacherous areas like the parking lot or the city street can be. All it takes is a wild shopping cart or someone to give you one too many love taps while parallel parking to seriously ding and dent up your car.

And all of those minor pieces of damage can ultimately add up and end up costing you an arm and a leg at the end of the day. The last thing you need is another bill for a car that you don’t even drive anymore.

That’s where excess wear and tear insurance can really come up clutch.

Once the dealership completes their end-of-lease assessment of the vehicle, they’ll send you a bill that itemizes each and every defect and how much each one will cost to repair. Once you have that bill, just simply contact your Excess Wear and Tear Insurance provider (or even have the dealership make the call for you), and file a claim.

However, there are limits to what is covered under this protection plan. Most plans cover up to $5,000 worth of total damage to the car and while there’s no actual limit on the number of items covered, not one specific piece of damage cannot exceed $1,000.

Typical charges that you can expect to see on an end-of-lease assessment bill include:

  • Upholstery rips, tears, and burns
  • Exterior dings and dents
  • Glass damage
  • Tire tread wear
  • Paint chips and cracks

 

Like Tire and Rim Insurance, Excess Wear and Tear Insurance is based on the make of your car. The only exception comes when leasing a more premium brand such as BMW or Mercedes, which then the MSRP of the vehicle will dictate the price of the coverage.

Conclusion

When it comes down to being adequately covered during the duration of your lease, there’s no substitute for add-on insurance coverage. While the automaker might cover basic mechanical issues with the vehicle, you’re essentially left out in the open when it comes to minor damage or the dreaded blown out tire.

Here at Capital Motor Cars, our team of dedicated auto consultants can assist you in picking out the coverage that’s right for you. Get in touch today to learn more about leasing any make or model vehicle through our ignite leasing engine!

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