Is Car Insurance Higher For Leased Cars?
7647 POINTSview profileMark Bartlett CLCSBranch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance CarriersInsurance for a leased auto is no different then a auto you either have a loan on or is paid for. However in some cases the Leasing company may require you to carry higher limits of liability on your auto since the lessor is actually the owner of the vehicle.Answered on October 26, 2013flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482Insurance companies do not set their premiums any differently for leased cars than they do for those that are owned outright or on which you have a lien (bank loan). If you have been used to owning an older car with your state's minimum Liability coverage, and decide you want to upgrade to a new one and lease it, you will find that you will more than likely pay more for insurance. That is because the leasing company will require that you carry a certain amount of liability insurance that is going to be higher than you have probably been used to having. You will also need to carry both Comprehensive and Collision coverage to protect the car from any physical damage as well. These increased coverages will undoubtedly cost you more in premium dollars.Answered on October 28, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaI just finished insuring a leased vehicle. I was startled to discover that the leasing company didn’t care about their customer at all. They told the client to only take the legal minimums for liability insurance on a brand new Lincoln. Of course they insisted that the insured carry full comprehensive and collision coverage. They covered themselves but were willing to leave the client almost naked.Answered on June 24, 2014flag this answer
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