Considering early termination of lease due to high insurance cost

We are leasing Chevy Spark EV and our monthly payment is $160 for 36 months, 30 months left to go. I live in California. And although I believe comprehensive and collision coverage is not required by the state, it is by the leasing company. The insurance jumped about $1600 (annual) from $450 for my family. We don’t travel, but just commute short distance around the town.
I just want to pay the state minimum for the leased vehicle. Is this possible despite the demand from the leasing company?
If not, how can I make the termination happen with the least penalty as possible?

It’s a condition of the lease that you maintain full comprehensive insurance on the car. Did you not read the lease where they ask you to sign?

Thank God you did not get that 488 Ghibli deal :slight_smile:

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swapalease.com

I’m sure you’d be able to find a person willing to take over your Spark EV lease (as long as it has fast charging). You just hit 6 months, so you are eligible for a GM Financial lease transfer.

However, if you transfer your lease, you will need to pay back a prorated portion of the $2,500 CA EV rebate, assuming you received it.

I might be interested in that lease swap.

THIS! THIS! THIS! The CA ERB board checks the registration database and if your car is not under your name anymore in their system they send you a bill in the mail for $2,500. The car MUST be in your name for at least 30 months. You do NOT want that surprise after swapaleasing this car away to someone else…

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You know you want it :slight_smile: … I did not actually read the lease before signing :frowning:

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You definitely need to comply with what you signed on the lease - which is to provide comprehensive insurance (with the lease company as a party). How did your insurance person justify an extra $96/mo for the Chevy Spark? This is usually depending on mileage so if you are doing the same mileage but split up into 2 cars, that shouldn’t be a giant jump like that. It also takes into consideration the vehicle price but like @vhooloo said, this is not the $488/mo ($72,800 MSRP) Maserati

If you’re not driving the car much at all, have you looked into those pay-by-the-mile insurance companies like MetroMile?

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This may not apply to you but I was just reading about insurance with regards to “family” last night over on this thread http://rennlist.com/forums/997-forum/961160-car-insurance-woes.html

Try switching insurance companies. It might not be the most convenient option but it helps in many cases. If you have points on your driving record (tickets, etc…) try taking a class to wipe those points.

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“Try switching insurance companies. It might not be the most convenient option but it helps in many cases. If you have points on your driving record (tickets, etc…) try taking a class to wipe those points.”

This is your best option, anything else is going to be very expensive. And FYI all leases require comprehensive.

To add, I’m pretty sure there is an easy way for the leasing company to find out what the insurance coverage on one of their leased cars is…they are the owners after all.

Not only do all leases require comprehensive/collision, but all loans and other bank financing tend to also. Only way to get away with liability-only is with a car that’s paid for in all cash.

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Perhaps they only had min. liability coverage previously