Whether you buy, finance, or lease a vehicle, you must carry auto insurance. How much? Well, that depends on a few things: (1) what state you live in (for registration purposes), and (2) your leasing company. Different states have different minimum liability limits, and different leasing companies have different insurance requirements. This blog focuses specifically on what each individual leasing company requires, so that you can reference yours. To make your life easier, we compiled information from deep within the bowels of leasing companies’ websites (very deep, actually!) and typed it into an accessible format. Here's what we found:
One last thing to keep in mind is that your leasing company must be listed on your auto insurance policy as an “Additional Insured” and “Loss Payee”, since they have a financial interest in your vehicle. An “Additional Insured” is extended liability coverage. A “Loss Payee” is extended property damage coverage and a share of the payment in case you get into an accident. Refer to your Motor Vehicle Lease Agreement, or hit us up directly if you have any questions!
