If it’s $999 of damage it’s covered if it’s $1000.01 it is not covered at all.
That’s what caused me to not buy the policy on my recent lease. Back into a pole? Likely over $1k in damage and not covered. Somebody backs into your car when parked and then takes off? Bumper damage is usually over $1k so not covered.
But with shopping cart dings and door dings, it might have been worth it so I could park at Costco and not worry.
I’ve been working in my position for about a year with average 40+ cars going out every month. I’ve only seen maybe 2 instances where BMW didn’t cover the damages, and their damages were basically car accident level in which they should have contacted their insurance company.
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Thanks for the info!
I know we are just taking the “$1000” as an example for easy discussing, could I get some idea about the real price when leasing a BMW? Thanks!
(eg maybe $1000 package could cover up to $6000 something 
)
Average $1450-$1550 from what I usually see
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Bump…
How long usually after you have leased a car can you add in the wear and tear insurance and/or tire and wheel coverage?? Does it have to be added the day you sign the contract ?
Also are there separate policies you can get through your insurance company? I have been researching and see that Allstate offers excessive wear and tear on their policies, has anyone used it ? Says it covers up to $5000 worth of wear and tear. If anyone has any experience or has used this it would be greatly appreciated if hear more about it. Thanks
Wear and tear has to be added at the same time you sign your lease agreement.
Tire and wheel depends on the company’s internal policy and some have a 30-60 elimination/waiting period.
I never saw the point in waiting to buy tire and wheel. If you’ve made the decision to get it, get it the day you get the car that way if something happens on the drive home, you’re covered.
Living in Brooklyn, you have to be nuts not to take a damage waiver. The $495 pays for itself and you can relax for the next three years if you ever get a scratch.
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Think the answer is “it depends”. With 3 kids under 9, and a wife who think side mirrors are optional, I definitely do it (seriously trying to figure out how the headliner in the last car got stained, lol) On my personal car, through 5 prior leases I have never been charged a dime.
Chuckled at the shop at discount malls question. It should be an insurance quote question as well!
Like many people said, it depends on your risk tolerance. I got away with large scratches and bad tires last time, should I purchased the insurance, it would be money in the drain. Will I be as lucky the next time? Maybe no, but I am willing to roll the dice.
I called up the dealership, they said they would have to do the lease all over again to figure in the excess wear and tear package, said it could be done within 30 days however the price wasn’t $495, it was $800!
I have leased 3 cars. I have never added in the wear and tear packages. This time though I was really thinking about it… Last car I brought back was in mint condition with under mileage. They bought back a couple of months of payments, now I’m sure they were able to put it up for sale for a good premium since it was mint.
So I wonder how many lesees add this wear and tear package to their lease payments. Would be interesting to get an idea.
My friend is about to turn in their lease, it’s 7,000 miles over mileage and they just replaced the tires before sending it back. The car has some scratches and was probably washed twice a year.
My other friend switched from one car company to another. They bought back 1/2 her miles …I have to ask her if they also paid the $350 disposition fee.
I guess it depends on the make (or dealer park-up). i know Toyota sells waivers for $395 in NY, regardless even if a dealer tells you its $800 lots of auto brokers will sell you a waiver for a car with a MSRP of 70K or less for $495 with coverage of 5K in damages.
also you should be able to get a waiver from a third party company without redoing the contract as long as it’s in the first 30 days.
You trust those third party companies? Most I have seen have bad write ups, which third party is the most reliable that you have either used or heard good opinions from? I’m still under 30 days on my lease.
The dealer is trying to sell protection plan for 84 month for $850 for a lease for 36 months. However, he says that it can be cancelled after 35 months to get the refund for the remaining months.
I couldn’t find any info online for cancellation. Please throw some light.
Do you live in Los Angeles? Because every car will get beat to crap in LA.
Sounds like bullshit
We’ve always leased cars and we’ve never had a problem with W/T charges because we typically re-lease from the same dealer and they waive the charges to keep our business. This time we leased a 2017 Kia EV Soul for our teenagers and I guess my husband signed up for $7500 in coverage for $600. I’m so glad he did. The car is about 9 months before turn-in and the front tires are ready to be replaced now. After researching I found out Kia charges you $90 a tire if it’s below minimum tread but they also charge $90 a tire if you replace with a non-original brand. Now that I know I have this insurance I’m only going to replace the 2 front ones and I’ll probably go with an off-brand. The charge for this along with the 2 door dings, low tread on back tires, and host of scrapes, chips, etc. will definitely make it worth it for us. Especially since we’re still looking for the spare key which disappeared a few months back - that’s a whopping $350 charge.
I just leased a vehicle and the dealer didn’t offer me the wear & tear option, I want to buy thru a 3rd party which company can I reach out to. Located in NY