I'm awaiting a delivery date for a M3LR next month. I'm buying it through PCH (first time I've ever leased) over 3 years with Tesla Finance and, to keep overall costs down, am putting down the largest deposit possible (~£15k) so monthly payments are much lower.
Obviously, regular insurance will cover repairs but I'm guessing I need GAP insurance in case of theft/write-off. Has anyone else who's leased had any experience of this? Most GAP insurance I can find, even when it's explicitly designed for PCH will cover remaining monthly payments but only the first £3k of the initial deposit. Whichever way I look at it, I can't see how to avoid being £12k out of pocket if the vehicle's stolen or written off. Even though it'll cost more over the 3-year term, I'm now wondering whether I can alter my lease to put down £3k deposit with higher monthly payments but don't want to lose my car and have to reorder.
As I say, I've never leased before so may be misuderstanding how it works. I realise that insurance is a personal decision based on how much risk you're willing to be exposed to, but any advice would be greatly appreciated!
Obviously, regular insurance will cover repairs but I'm guessing I need GAP insurance in case of theft/write-off. Has anyone else who's leased had any experience of this? Most GAP insurance I can find, even when it's explicitly designed for PCH will cover remaining monthly payments but only the first £3k of the initial deposit. Whichever way I look at it, I can't see how to avoid being £12k out of pocket if the vehicle's stolen or written off. Even though it'll cost more over the 3-year term, I'm now wondering whether I can alter my lease to put down £3k deposit with higher monthly payments but don't want to lose my car and have to reorder.
As I say, I've never leased before so may be misuderstanding how it works. I realise that insurance is a personal decision based on how much risk you're willing to be exposed to, but any advice would be greatly appreciated!