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Can I get auto insurance for a leased vehicle?

 

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Leased vehicles almost always come with a lot of strings, and higher car insurance requirements. When you sign a vehicle lease agreement, you are usually required to have certain insurance coverage as part of your agreement. For instance, with a leased car it is usually required for you to have high liability coverage, and a low collision deductible.

 

With a leased car, it is not even an option to have collision insurance, most leases require you to have collision as part of your policy. So getting auto insurance on a leased car, can make your insurance premium quite expensive.

 

With a leased vehicle, changing coverage limits on your policy is not really an option. Some average limits for coverage include, at least $100,000 per person bodily injury liability, $300,000 total bodily injury liability, and $50,000 property damage liability. With your required collision insurance for the leased vehicle, it covers physical damage done to the vehicle.

 

The physical coverage is broken down into two sections, comprehensive, and collision. Comprehensive covers damage done to the vehicle if it was not in a moving accident. Collision covers your vehicle for damage done in an at fault accident. Basically, comprehensive covers acts of god, such as a tornado, and collision covers your vehicle if you were the cause of an accident.

 

When leasing a vehicle, they come with deductible requirements. A deductible is how much you will have to pay out of your pocket to fix damages caused from an accident. After a deductible is paid, the insurance company will cover the cost for repairs. A leased vehicle will usually have a maximum deductible that you are allowed to have. The average maximum deductible is around $500.

 

There are some exceptions with a few leasing companies, but that is what you will most likely be your maximum allowed deductible. Talk with your local dealer about their specific lease requirements, and make sure leasing a vehicle is really worth it to you.

 

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