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How do you get insurance on a leased car?

I'm looking to lease a new car and shopping around for different policies. But I have no idea what I’ll need or what to look for. What type of insurance coverage should I get?

avatar
Matthew Macgugan · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
When leasing a car, it is required that you get
insurance
that meets the leasing company’s requirements. Once you’ve asked the leasing company for their specific requirements, you can begin contacting insurance companies for quotes by visiting the insurer’s website or calling them.
The standard minimum insurance on leased vehicles always surpasses state requirements. Requirements will vary depending on the leasing company you choose but typically include bodily injury coverage of $100,000/$300,000/$50,000 and comprehensive and collision deductibles of no higher than $500.
Leasing companies usually require both
collision coverage
and
comprehensive coverage
.
  • Collision coverage pays for damage to your vehicle when you collide with another vehicle or object.
  • Comprehensive coverage pays for damage to your vehicle not caused by an accident. This includes damage from theft and weather events.
Be sure to ask your leasing company for specific requirements for minimum insurance coverage, and if it’s required that you add gap coverage, which helps pay off your auto loan if the vehicle gets stolen or totaled. Since the vehicle is still owned by the manufacturer in a lease, they want to be sure they’ll get their money back in the event of a total loss. This is why it is also required that you add the finance company to your insurance policy as a payout recipient.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

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