Automotive

Lease Guard: what do you think?

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  • Nov 24th, 2016 12:14 pm
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[OP]
Newbie
Jun 10, 2010
39 posts
18 upvotes
Mississauga

Lease Guard: what do you think?

I am about to lease a brand new Acura RDX for 4 years. The financial guy is selling me the lease guard at $1095. Do you think that it is worth it? I thought it may help on the dents and chips, perhaps rims. Is it money well spent?

Thanks!
24 replies
Deal Expert
User avatar
Jul 30, 2007
27587 posts
12660 upvotes
Toronto
know what are covered and not covered when considering. Read the fine prints too.

No point of coming on here and said ... "I thought they are covered ..., the dealer is ripping me off "
Member
Mar 6, 2008
453 posts
197 upvotes
Ottawa
You'll find two opinions on this insurance. Some people are for it; some think it's a waste of money, straight revenue for the dealer, and can be categorized with all those other cash-grab options they sell you.

I personally bought it for my BMW because it covers bald run-flats when I return the vehicle. The price of those alone are more than the price of the insurance. However, if you didn't have the insurance and are renewing your lease in the future, I would imagine the dealer would waive a lot of fees in that case.
Deal Addict
Dec 28, 2002
2916 posts
286 upvotes
It is really hard to say as it's just another type of insurance. Usually I would worry about being charged for dents and scratches. If you do get a good deal then consider it, or bargain to have it included for free.
Deal Guru
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Jul 12, 2003
11199 posts
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Toronto
Are you keeping the car after or returning for sure.
If you returning and usually not careful with the dents, scratches, or park often parallel to damage rims. Take it, they may nail few hundreds or thousands you when you return the vehicle. This way it is a free of mind for you.
Negotiate, dealer make a lot profit to sell those, so they may give you a good deal on it and not the listed price.

And yes, read it careful to see what it covering .
Retired Forum Moderator February 2009 - June 2015
[OP]
Newbie
Jun 10, 2010
39 posts
18 upvotes
Mississauga
I am not sure if I will keep it or not at this point. Since this will be the last year with V6 on the SUV, it is enticing to keep it at lease end. On the other hand, if this car gives me too many troubles during the lease period, I will return it. I leased from GM before and did not buy the lease guard. The dealer was quite lax when return. Of course, I bought new car from them. First time dealing with Acura, not sure how strict they are.
Deal Expert
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Jul 30, 2007
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Toronto
HughZ wrote: I am not sure if I will keep it or not at this point. Since this will be the last year with V6 on the SUV, it is enticing to keep it at lease end. On the other hand, if this car gives me too many troubles during the lease period, I will return it. I leased from GM before and did not buy the lease guard. The dealer was quite lax when return. Of course, I bought new car from them. First time dealing with Acura, not sure how strict they are.
you can pose the question on the new "Acura Q & A" thread too. OP there may address what this insurance covers and any deductible (and fine prints)
Deal Addict
Sep 13, 2016
2355 posts
1198 upvotes
Mississauga
Very similar to OP, I am in process of finalizing a lease on Honda HRV EX and the dealership tried to sell me a number of insurance plans.
For now, I have not committed for anything, but there is one which sounds decent from the description. It's by a third party called Vehicle Armoud.
They brochure lists the price for a 4 year ultimate plan as 1520, but the dealership is ready to offer for 1000$ after negotiation.

Some of the fine prints are:
repair or replacement of Tires and Wheels upto 4.
repair of minor dents with Paintless Dent Repair (unlimited), and 2 if repainting is required.
replacement of lost or destroyed keys and/or remotes (upto 800$ a year)
repair of chips in the front windshield
one replacement of cracker or broken windshield.
repair of rips, tears or burns in the leather or fabric on the seats.

Do you think this is worth a 1000 Dollars on a new car lease.
Deal Addict
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Jul 5, 2011
1548 posts
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Toronto
IndyBeak wrote: Very similar to OP, I am in process of finalizing a lease on Honda HRV EX and the dealership tried to sell me a number of insurance plans.
For now, I have not committed for anything, but there is one which sounds decent from the description. It's by a third party called Vehicle Armoud.
They brochure lists the price for a 4 year ultimate plan as 1520, but the dealership is ready to offer for 1000$ after negotiation.

Some of the fine prints are:
repair or replacement of Tires and Wheels upto 4.
repair of minor dents with Paintless Dent Repair (unlimited), and 2 if repainting is required.
replacement of lost or destroyed keys and/or remotes (upto 800$ a year)
repair of chips in the front windshield
one replacement of cracker or broken windshield.
repair of rips, tears or burns in the leather or fabric on the seats.

Do you think this is worth a 1000 Dollars on a new car lease.
This product is sold under a few different names; Titan being the most popular offering. It offers great value I think - make sure you clarify the claims process, deductible, etc prior to signing if you go for it. If they are selling it for $1500, the cost is likely about $500 give or take.

Lease guard is offered by every manufacturer under a different name. Cost on the Acura lease guard is likely around $450. I would buy it 100% if I was leasing (I'd be buying it at cost mind you)... imagine you have an accident in the car and need to return it at the end of the lease. 1 or 2 panels, a couple tires, or anything really and you're better off having paid for the lease guard. If you can get it on the cheap, it's a no brainer.
2013 Wins - $1320 - Woohoo!
Deal Expert
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Jul 30, 2007
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Toronto
for wheels & tires, will the insurance provider try to repair first and if it is not possible, then replace due to safety requirement.

Suppose you have a crack and bent wheel. Sometimes, this kind of 3rd party insurance provider will do whatever they can to simply repair it as against your wish, therefore, it is not automatic replacement as some may lead to believe.
Deal Addict
Sep 13, 2016
2355 posts
1198 upvotes
Mississauga
booblehead wrote: for wheels & tires, will the insurance provider try to repair first and if it is not possible, then replace due to safety requirement.

Suppose you have a crack and bent wheel. Sometimes, this kind of 3rd party insurance provider will do whatever they can to simply repair it as against your wish, therefore, it is not automatic replacement as some may lead to believe.
I am sure they will try as hard as possible to avoid a replacement.
Deal Fanatic
Jun 11, 2005
8517 posts
2301 upvotes
Mississauga
HughZ wrote: I am about to lease a brand new Acura RDX for 4 years. The financial guy is selling me the lease guard at $1095. Do you think that it is worth it? I thought it may help on the dents and chips, perhaps rims. Is it money well spent?

Thanks!
IndyBeak wrote: Very similar to OP, I am in process of finalizing a lease on Honda HRV EX and the dealership tried to sell me a number of insurance plans.
For now, I have not committed for anything, but there is one which sounds decent from the description. It's by a third party called Vehicle Armoud.
They brochure lists the price for a 4 year ultimate plan as 1520, but the dealership is ready to offer for 1000$ after negotiation.

Some of the fine prints are:
repair or replacement of Tires and Wheels upto 4.
repair of minor dents with Paintless Dent Repair (unlimited), and 2 if repainting is required.
replacement of lost or destroyed keys and/or remotes (upto 800$ a year)
repair of chips in the front windshield
one replacement of cracker or broken windshield.
repair of rips, tears or burns in the leather or fabric on the seats.

Do you think this is worth a 1000 Dollars on a new car lease.
With the price of everything on vehicles being so expensive to repair to me it is a no brainer. Think of it as $250.00 a year for piece of mind.
Deal Addict
Sep 13, 2016
2355 posts
1198 upvotes
Mississauga
antigua1999 wrote: With the price of everything on vehicles being so expensive to repair to me it is a no brainer. Think of it as $250.00 a year for piece of mind.
Thanks, out of all the upsells they tried to do, like lifetime nitrogen, extended roadside assistance etc etc, this is the only thing that sounded a bit reasonable to me.
So thought of getting opinions of experienced people here.
Deal Addict
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Sep 9, 2012
3873 posts
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Oakville, ON
IndyBeak wrote: Thanks, out of all the upsells they tried to do, like lifetime nitrogen, extended roadside assistance etc etc, this is the only thing that sounded a bit reasonable to me.
So thought of getting opinions of experienced people here.
Personally, I wouldn't purchase this coverage. If you invest in a set of winter tires you'll be safer in the bad weather and will save enough wear & tear on your stick all-seasons that you won't need to replace them at lease-end (assuming typical mileage patterns).

From there, unless you're really careless or unlucky, you shouldn't any more than. Few hundred in scratches/dings/rashes to fix up if required. They make it sound like the expect the vehicle to be returned in pristine as new condition. In fact, they do allow for normal wear and should be able to explain to you what their standards are. Ask in the big thread and somebody better informed probably knows what they'll allow.
Sr. Member
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Apr 14, 2006
779 posts
65 upvotes
Markham
+1
CanadianLurker wrote: Personally, I wouldn't purchase this coverage. If you invest in a set of winter tires you'll be safer in the bad weather and will save enough wear & tear on your stick all-seasons that you won't need to replace them at lease-end (assuming typical mileage patterns).

From there, unless you're really careless or unlucky, you shouldn't any more than. Few hundred in scratches/dings/rashes to fix up if required. They make it sound like the expect the vehicle to be returned in pristine as new condition. In fact, they do allow for normal wear and should be able to explain to you what their standards are. Ask in the big thread and somebody better informed probably knows what they'll allow.

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