Insurance Acknowledgement vs What is on Contract

Ask the Hackrs Buy/Finance
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1

Am looking for advice on a Hyundia Palaside SEL lease I just signed yesterday, I have yet to received the car, as they are supposed to deliver it. I did my research prior to leasing and did a pre insurance quote before actually signing, what I did not realize was the insurance requirements they want you to carry. According to the Insurance Acknowledgement I signed yesterday I have to carry the following:

Liability/bodily injury/per person: $100,000
Liability/Property damage minimum: $50,000
Liability/bodily injury/per accident: $300,000
Liability/combined single limit minimum: $300,000 (or $500,000 for Connecticut and Florida residents)

When I went to add my vehicle today they insurance premiums I got were out of this word. I have an insurance broker and she ran some quotes and nothing came close to what I can afford at this level. When I called the dealer to tell them I cannot accept the vehicle both the sales person and the finance manager said that I did not need to carry this much insurance. They said I could do the minimum. They said Hyundai has changed their policy. My contract does not say anything about needing to carry this much insurance it says minimum based on state, which FL. I am just concerned about the Insurance Acknowledgement I signed that says otherwise. I tried to get the dealership to put it in writing and of course they will not. I am kind of at a loss right now. Thinking of calling corporate to see if I can get the Insurance Acknowledgement voided or in writing that I do not need to carry this much insurance.

If cannot the insurance figured out am afraid I will need to back out of the deal. However, I am not sure what that would mean for the DAS $ I paid. Any help would be greatly appreciated.

2

100/300/50 is typically the standard bare minimum for leases. If thats what it says on the contract, thats what you gotta carry. If you dont and you get into an accident, good luck. Whats the monthly quote that you got?

3

What did they say when you asked why you had to sign an obsolete document?

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4

Out of curiosity, what is the minimum that they said you could do?

5

Follow the contract. If in doubt - call your captive bank. Don’t rely on the dealer.
They would shy away if there is any problem like it’s not their business.

6

Do people normally not check insurance before getting a new car? Ive seen people pass on the ix because insurance was so high

7

You should ask something like, do people roll negative equity into a new car because they are ‘bored’ of the old one? Which is YES

So passing on a Car after checking insurance is actually pretty proactive.

In OPs case, if this is their first lease, then they probably didn’t know. If it isn’t…well that’s on them.

8

They said that Hyundai has changed the requirements and that doc doesn’t matter. They told me to look at the contract, which does not indicate I have to carry the much insurance. However called Hyundai leasing and they said I need to have the higher coverage. If I choose to walk away right now I would be terminating the lease early.

9

It doesn’t say that in the contract, just in the insurance acknowledgment. My insurance broker quotes me $880 for my 3 cars, 2 of which we own and are old 2005 & 2006 dodges that are older cars. I got a Geico online quote for $547, so I think am gonna go with that…

10

I understand how it was originally presented; I was asking a different question.

Doesn’t matter though.

As I suspected the dealer lied to you.

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I especially would not trust anyone at a Hyundai/Kia dealer to be very knowledgeable. I’d follow what’s in the agreement you signed.