Is the insurance coverage different for a leased vehicle than a purchased vehicle?
The type of insurance coverage and the insurance rates are not different for leased or purchased vehicles, except that there may be a small charge for you to request that the lessor be an “additional insured.” In this way, your insurance would also cover the lessor. But the lessor may require a higher amount of insurance than you normally carry. For example, the following types of insurance are typically required: Collision insurance with a maximum deductible usually of $500 or $1,000; Comprehensive fire and theft insurance with a maximum deductible usually of $500 to $1,000; and Liability insurance with coverage requirements of $100,000/$300,000/$50,000 ($100,000 of bodily injury insurance for the injuries of one person, up to $300,000 for two or more persons per accident, and up to $50,000 for property damage). Note: The maximum deductible amounts and the coverage limits are designated in the lease agreement but you can have lower deductibles or buy more liability and collision cover
A. The type of insurance coverage and the insurance rates are not different for leased or purchased vehicles, except that there may be a small charge for you to request that the lessor be an “additional insured.” In this way, your insurance would also cover the lessor. But the lessor may require a higher amount of insurance than you normally carry.
