Are minimum insurance requirements different from a leased vrs a bought car?

Question

as far as the dealer letting you take it off the floor?

Answer 1

There is no difference in a lease vs. financed vehicle. You only have to satisfy the state required minimum limits coverage per the state. You will need to carry comprehensive and collision coverage. It's always best to buy the most coverage you can afford.

Answer 2

I think you have to carry more liability on a leased car because the leasing company actually still owns the car, so they could probably be held liable if you run over somebody.

If you're the only owner of the car, it's up to you if you only want to carry the state minimums, because you're the only person who's going to get sued.

Answer 3

lease companies want to make sure they get their car back, concider "gap" insurance. it's different and extra than regular insurance. my friend bought a new car and a month later, totalled it. rather than getting a check for the depreciated value, she got a new car. when she turned in the car 2 years later, imagine how much happier the lease company was. but, as long as you have "full" coverage, there shouldn't be a difference.

Answer 4

Leasing generaly requires a high limit for the accidents. I think it varies by state. financing the car usually is about the same
My lease insurance is:
Bodily Injury 100k per person/300k per accident
Property damage is 100k each accident
Uninsured motorist is 100k per person/300k per accident
Underinsured motorist is 100k per person/300k per accident.

Those amounts are the minimum allowed by my state on a lease, NE.

Answer 5

depends on if the "bought car" is actually paid in full. if the "bought car" has a loan on it then the insurance would most likely be the same.