What Insurance Is Required For A Leased Car?
7647 POINTSview profileMark Bartlett CLCSBranch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance CarriersThe insurance for a leased automobile is no different then insurance for a owned vehicle. However with an fully owned vehicle you can chose what limits of liability you wish to carry and whether or not you want physical damage coverage based on the amount of risk you wish to assume. A lease, like a loan will require you to carry Collision and Comprehensive coverage's and many leases will also require you to have higher limits of liability then the state minimum. 100/300/100 being the most common I see.Answered on August 12, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaA leased car is insured like other cars. The exception is that with a leased car there is a requirement to name the leasing company as a loss payee and an additional insured. Most companies do not charge for these extensions of coverage. The leasing company might direct the limits acceptable to them. The responsibility to maintain the coverage is your and if you fail to maintain coverage the leasing company can provide Collateral Protection Insurance. You will find that overly expensive.Answered on September 10, 2014flag this answer
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