Best Auto Insurance for Leased Vehicles in 2024 (Your Guide to the Top 10 Providers)
Allstate, State Farm, and Geico have the best auto insurance for leased vehicles, with Allstate rates starting at $61 monthly. The auto insurance requirements are the same regardless of whether you own or lease your vehicle. However, leasing companies can sometimes require additional car insurance on a lease.
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Heidi Mertlich
Licensed Insurance Agent
Heidi works with top-rated insurance carriers to bring her clients the highest quality protection at the most competitive prices. She founded NoPhysicalTermLife.com, specializing in life insurance that doesn’t require a medical exam. Heidi is a regular contributor to several insurance websites, including FinanceBuzz.com, Insurist.com, and Forbes. As a parent herself, she understands the need ...
Licensed Insurance Agent
UPDATED: Oct 25, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Oct 25, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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Allstate offers the best auto insurance for leased vehicles because of its safe-driving discounts, comprehensive coverage options, and excellent customer service. Other top contenders include Geico and State Farm, which offer competitive rates and discounts for multiple vehicles.
Because accidents aren’t uncommon, insurance is important when you’re leasing a car. In most states, drivers of all vehicles, whether leased or owned, must carry a minimum amount of auto insurance.
Before signing a lease, it’s important to understand your legal and insurance obligations, as they can vary widely.
Always check to see your state’s minimum auto insurance coverage requirements before insuring your vehicle.
Our Top 10 Company Picks: Best Auto Insurance for Leased Vehicles
| Company | Rank | Multi-Vehicle Discount | A.M. Best | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | 15% | A+ | Safe-Driving Discounts | Allstate |
 | #2 | 20% | A++ | Business Owners | State Farm |
 | #3 | 18% | A++ | Low Rates | Geico |
 | #4 | 17% | A+ | Loyalty Rewards | Progressive |
 | #5 | 16% | A+ | Deductible Savings | Nationwide |
 | #6 | 15% | A | Group Discounts | Farmers |
 | #7 | 14% | A | Accident Forgiveness | Liberty Mutual |
 | #8 | 16% | A++ | Customer Service | USAA |
 | #9 | 15% | A++ | Comprehensive Coverage | Travelers |
 | #10 | 13% | A+ | Personalized Policies | Erie |
Let’s explore the lease car insurance requirements every lessee should know before driving it off the lot.
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- Allstate, State Farm, and Geico offer the best auto insurance for leased vehicles
- Minimum insurance is mandatory for drivers in most states
- Leasing companies may require auto insurance beyond state minimums
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#1 – Allstate: Top Pick Overall
Pros
- Multiple Discounts Available: Allstate tops our list of best car insurance for leased vehicles because it offers various discounts, such as multi-policy, safe driver, and anti-theft device discounts. Read our expert Allstate auto insurance review to find out which discounts you qualify for.
- Wide Range of Coverage Options: Allstate offers a wide range of coverage options for leased vehicles, including liability, collision, comprehensive, and gap insurance.
- User-Friendly Website and Mobile App: Allstate’s website and mobile app are easy to navigate, making it convenient for customers to manage their policies and file claims.
Cons
- Higher Premiums Than Competitors: Allstate’s average premium for leased vehicles is $160, which is higher than the industry average.
- Limited Availability of Agents: Some customers have reported difficulty in finding an available agent when they needed assistance.
#2 – State Farm: Best for Business Owners
Pros
- Affordable Premiums: State Farm’s average premium for leased vehicles is $86, making it one of the most affordable options in the market.
- Excellent Customer Service: State Farm is known for its excellent customer service, with quick response times and helpful representatives.
- Numerous Coverage Options: Similar to Allstate, State Farm also offers a variety of coverage options for leased vehicles. Learn more in our State Farm auto insurance review.
Cons
- Doesn’t Offer Gap Insurance: State Farm does not offer gap insurance.
- Mixed Reviews: While State Farm has a generally positive reputation, there are some mixed reviews regarding their claims process and rates.
#3 – Geico: Best for Low Rates
Pros
- Lowest Average Premium: Geico has the lowest average premium for leased vehicles at $80.
- Simple Claims Process: Customers have reported a smooth and easy claims process with Geico. Read more about Geico’s claims process in our Geico auto insurance review.
- Multiple Discounts Available: Geico offers various discounts, such as safe driver and multiple vehicle discounts, which can help lower the overall premium.
Cons
- Limited Coverage for Specific Needs: Geico does not offer gap insurance, new car replacement, or a vanishing deductible. Learn how vanishing or disappearing deductibles work.
- Higher Premiums Post-DUI: Drivers with a DUI on their record may face higher than average insurance rates with Geico.
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#4 – Progressive: Best for Loyalty Rewards
Pros
- Loyalty Rewards: Progressive offers various loyalty rewards, such as accident forgiveness and deductible savings, for long-term customers.
- Mobile App Features: Progressive’s mobile app allows customers to easily manage their policies and file claims on-the-go.
- Competitive Rates for High-Risk Drivers: Customers with a less-than-perfect driving record may find competitive rates with Progressive. Read more in our Progressive auto insurance review.
Cons
- Snapshot Program Can Raise Rates for Some Drivers: Progressive’s Snapshot program, which tracks driving behavior, may increase rates for some drivers if deemed high-risk.
- Mixed Reviews on Customer Service: There have been some mixed reviews on their customer service and claims process.
#5 – Nationwide: Best for Deductible Savings
Pros
- Vanishing Deductible: Nationwide offers a vanishing deductible program, where the deductible can decrease over time if no accidents occur.
- Accident Forgiveness: Customers can add accident forgiveness to their policy, which means their rates will not increase after their first at-fault accident. We’ve explored about this in our Nationwide auto insurance review.
- Plenty of Discounts Available: Nationwide offers various discounts, such as multi-policy, good student, and anti-theft device discounts.
Cons
- Limited Availability: Nationwide is not available in all states.
- Higher Premiums for Young Drivers: Young drivers may face higher premiums with Nationwide.
#6 – Farmers: Best for Group Discounts
Pros
- Group Discounts for Affiliations: Farmers auto insurance offers discounts for being a member of certain groups, such as alumni associations or professional organizations.
- Teen Driver Discount: Customers with teenage drivers can receive a discount if their child completes an approved driver education course.
- Customizable Policies: Farmers allows customers to customize their policies by choosing coverage options and limits that best fit their needs. Learn more in our Farmers auto insurance review.
Cons
- Higher Premiums: Farmers’ premiums may be higher than other insurance companies.
- Multiple BBB Complaints: Multiple complaints have been filed against Farmers with the Better Business Bureau, mainly concerning claims and customer service.
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#7 – Liberty Mutual: Best for Accident Forgiveness
Pros
- Accident Forgiveness: Liberty Mutual offers accident forgiveness for drivers who have been accident-free for five years or more.
- Large Network of Agents: Liberty Mutual has a large network of agents, making it easy for customers to receive in-person assistance with their policies.
- 24/7 Claims Service: Customers can access 24/7 claims service, making it easier to file a claim at any time.
Cons
- Higher Premiums: Liberty Mutual’s rates may be higher than those of other insurance companies.
- Limited Discounts: The number of discounts offered by Liberty Mutual is limited compared to other insurance companies. Discover the current discounts offered in our Liberty Mutual auto insurance review.
#8 – USAA: Best for Customer Service
Pros
- Top-Rated Customer Service: USAA consistently receives high marks for its customer service, making it a reliable choice for customers.
- Wide Range of Coverage Options: USAA offers a wide range of coverage options which you can learn about in our USAA auto insurance review.
- Variety of Discounts: Customers can take advantage of various discounts, such as multi-policy and safe driver discounts.
Cons
- Eligibility Requirements: USAA is only available to military members, veterans, and their families.
- Limited Availability: USAA is not available in all states.
#9 – Travelers: Best for Comprehensive Coverage
Pros
- Comprehensive Coverage Options: Travelers offers a wide range of coverage options, including comprehensive coverage for accidents, theft, and natural disasters.
- Discounts Available: Customers can take advantage of various discounts to save on their premiums.
- Strong Financial Ratings: Travelers has strong financial ratings which we have explored in our Travelers auto insurance review.
Cons
- Higher Premiums: Travelers’ rates may be higher than other insurance companies.
- Limited Online Services: The company’s online services are limited.
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#10 –Erie: Best for Personalized Policies
Pros
- Personalized Policies: Erie allows customers to personalize their policies based on their specific needs.
- Lower-Than-Average Rates for Older Drivers: Drivers in their 60s and 70s can benefit from lower-than-average rates. Learn more in our Erie auto insurance review.
- Rate Lock Program: Erie’s Rate Lock program guarantees that rates won’t increase unless certain changes are made to the policy.
Cons
- Limited Geographic Coverage: Erie’s insurance coverage is only available in 12 states and Washington, D.C.
- Higher Rates for Drivers With Poor Credit: Drivers with poor credit face higher average rates.
Cost of Insurance for Leased Cars
As the driver of a leased vehicle, you might wonder, “Is insurance cheaper on a lease?” The short answer is — it’s complicated.
Although the cost of insuring a vehicle isn’t dependent on whether or not you own or lease it, your rates can be impacted by factors such as higher coverage limits or additional coverage that your lessor might require.Michelle Robbins Licensed Insurance Agent
The table below shows the average monthly car insurance rates:
Auto Insurance Monthly Rates for Leased Vehicles by Coverage Level
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| Allstate | $61 | $160 |
| Erie | $22 | $58 |
| Farmers | $53 | $139 |
| Geico | $30 | $80 |
| Liberty Mutual | $68 | $174 |
| Nationwide | $44 | $115 |
| Progressive | $39 | $105 |
| State Farm | $33 | $86 |
| Travelers | $37 | $99 |
| USAA | $22 | $59 |
Maximum deductible restrictions, or limits on the amount of money you must pay out of pocket before your insurance applies, are sometimes also required by lessors. Unfortunately, these restrictions can lead to an increase in your monthly auto insurance rates.
Your Leased Vehicle Won’t Come With Insurance
If you’re asking yourself, “Will my leased vehicle come with insurance?” Unfortunately, leased vehicles don’t automatically come with insurance. Instead, it’s up to the lessee to purchase insurance for their leased vehicle. Your coverage should comply with the laws of the state where your vehicle is registered and meet the requirements of your lease agreement.
When you lease a vehicle, the leasing company will require that the vehicle is insured before allowing you to drive it off the lot.
However, the minimum amount of coverage you’ll have to purchase when leasing a vehicle will depend on the laws of the state where it’s registered.
In addition to complying with state laws, your lessor might have additional coverage requirements for insuring a leased vehicle. Keep reading to compare the types of car insurance you need for leased cars.
State Insurance Requirements
Although the laws governing auto insurance requirements vary between states, most require drivers to carry a minimum amount of insurance coverage. This typically includes liability insurance, which is usually offered in two primary forms:
- Property Damage Liability Coverage: Pays for damage to other people’s property if you’re in an accident. Find the best property damage liability auto insurance companies.
- Bodily Injury Liability Coverage: Pays for medical expenses for other people you injure in an accident.
Although it’s less common, some states also require drivers to carry uninsured/underinsured motorist coverage and personal injury protection (PIP) coverage.
It’s important to remember that even when your insurance coverage meets the state-mandated minimum coverage, it might not be enough to cover all damages if you’re in an accident. Because of that, it can be a good idea to consider opting for higher liability limits.
Lease Car Insurance Requirements
What are the insurance requirements for leased cars?
Well, in addition to state-mandated auto insurance requirements, drivers of leased vehicles must also comply with their lessor’s insurance requirements.
Because leasing companies want to make sure their vehicles are protected, they often impose their own insurance requirements on lessees that can sometimes exceed state requirements.
Typically, this includes the following types of insurance coverage:
- Collision Insurance Coverage: Pays for repairs related to damage to your vehicle caused by a collision with another vehicle or object.
- Comprehensive Insurance Coverage: Pays for other types of vehicle damage that aren’t a result of an accident, such as theft, falling objects, bad weather, and natural disasters.
Beyond extra coverage, lessors sometimes also require that lessees purchase insurance liability limits that are higher than those mandated by state law.
Gap Insurance for a Leased Car
You’re probably asking yourself, “Do I need gap insurance on a leased vehicle?” Well, because gap insurance covers the difference between a financed vehicle’s actual value and the amount of money still owed on the vehicle, lessors sometimes require it.
Gap insurance can be helpful when leasing a new vehicle that will quickly depreciate after driving it off the lot, but it makes less sense when leasing a used vehicle that isn’t worth more than the amount owed on a lease.
Read more: Guaranteed Auto Protection (Gap) Insurance
When the lessor offers gap insurance, it is usually in the form of an additional monthly fee or a one-time upfront charge at the time of signing the lease. Some auto insurance companies also offer gap insurance and typically add the cost to your monthly insurance premium.
However, it’s important to remember that there are often limits to gap insurance benefits, so it’s best to check your gap policy to ensure that it meets your lessor’s requirements.
Read our article to find out more about gap insurance on a financed car.
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Insurance Is Required for Leased Cars
Do you pay insurance on a leased car? Well, when you lease a vehicle, it’s your responsibility to pay the car insurance for leased cars. Your lease car insurance rates are based on various factors and can vary widely between insurers.
To ensure you get the best rates, shop around and compare quotes from different insurers in your coverage area.
Auto Insurance Monthly Rates by State & Coverage Level
| State | Minimum Coverage | Full Coverage |
|---|---|---|
| Alabama | $33 | $72 |
| Alaska | $45 | $86 |
| Arizona | $42 | $81 |
| Arkansas | $33 | $76 |
| California | $41 | $82 |
| Colorado | $43 | $82 |
| Connecticut | $54 | $96 |
| Delaware | $67 | $103 |
| Florida | $71 | $105 |
| Georgia | $46 | $87 |
| Hawaii | $38 | $73 |
| Idaho | $29 | $57 |
| Illinois | $37 | $74 |
| Indiana | $32 | $63 |
| Iowa | $25 | $59 |
| Kansas | $30 | $72 |
| Kentucky | $44 | $78 |
| Louisiana | $65 | $117 |
| Maine | $28 | $59 |
| Maryland | $51 | $93 |
| Massachusetts | $51 | $94 |
| Michigan | $66 | $114 |
| Minnesota | $38 | $73 |
| Mississippi | $38 | $83 |
| Missouri | $35 | $73 |
| Montana | $32 | $72 |
| Nebraska | $30 | $69 |
| Nevada | $57 | $92 |
| New Hampshire | $33 | $68 |
| New Jersey | $72 | $115 |
| New Mexico | $41 | $78 |
| New York | $67 | $113 |
| North Carolina | $30 | $66 |
| North Dakota | $25 | $64 |
| Ohio | $33 | $66 |
| Oklahoma | $38 | $84 |
| Oregon | $49 | $75 |
| Pennsylvania | $42 | $81 |
| Rhode Island | $63 | $109 |
| South Carolina | $44 | $81 |
| South Dakota | $25 | $64 |
| Tennessee | $34 | $73 |
| Texas | $44 | $92 |
| Utah | $41 | $73 |
| Vermont | $29 | $64 |
| Virginia | $35 | $70 |
| Washington | $50 | $81 |
| Washington, D.C. | $52 | $111 |
| West Virginia | $41 | $85 |
| Wisconsin | $31 | $61 |
| Wyoming | $27 | $71 |
| U.S. Average | $45 | $84 |
Learn more about what factors affect your car insurance rates.
How to Get Auto Insurance for Leased Cars
Follow the steps below to show proof of insurance on a leased car to your lessor:
- Ask the leasing company what the minimum insurance requirements are for the vehicle you’d like to lease.
- Determine whether you want to add additional coverage, like gap insurance, to your policy.
- Shop around and compare quotes for car insurance.
- Purchase your preferred policy and ask the insurer to fax or email proof of insurance to you or the leasing company.
- Provide the leasing company with proof of insurance, sign the lease, and enjoy your new vehicle.
For drivers seeking alternatives to leasing a car, vehicle subscription services can be an excellent alternative.
Offered by several major car dealers, including Canvas (Ford), Care (Volvo), and Book (Cadillac), car subscription services allow drivers monthly access to an insured vehicle with maintenance costs included in a monthly subscription fee without long-term commitments.
Read more: Volvo Auto Insurance
The Bottom Line on Insuring Leased Vehicles
Car insurance is required to drive a car in most states, regardless of whether you own or lease your vehicle. Although car insurance rates aren’t based on the ownership status of your car, the coverage requirements mandated by leasing companies, which sometimes exceed state insurance minimums, can lead to higher premiums.
Because insurance requirements and rates for leased vehicles can vary widely, it’s important to shop around and compare quotes before signing a lease. Use our free comparison tool below to get auto insurance quotes from local companies.
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Frequently Asked Questions
Am I required to insure a leased or financed vehicle?
According to the Insurance Information Institute (III), if you lease a vehicle or owe money toward a car loan, your lessor or lender will likely require you to insure your vehicle. These requirements can include meeting state-mandated insurance requirements and any other additional insurance, like collision or comprehensive coverage. You might also be required to name your lessor or lender on your insurance policy. Find out what documents you need to get auto insurance.
To find out the insurance requirements associated with your leased or financed vehicle, check with your lender or leasing company.
Is it more expensive to insure a leased car?
Is lease car insurance more expensive? Not necessarily. It’s important to point out that auto insurance rates aren’t based on the ownership status of a vehicle. However, lessor-imposed requirements, such as higher coverage limits or deductible restrictions, can result in higher quotes.
How much does insurance cost for a leased vehicle?
The average insurance cost for leased car depends on various factors, including age, location, vehicle make and model, and level of coverage. To find the best rates for your coverage needs, shop around and compare quotes from several insurers before making a decision.
Where can I find cheap car insurance for leased vehicles?
There are a few options for finding cheap insurance for leased cars. You can start by comparing quotes from different insurance companies to see which one offers the best rates for your specific lease agreement and driving history. Learn how to get an instant auto insurance quote comparison.
How does auto insurance for a leased car differ from regular auto insurance?
Auto insurance for leased vehicles is similar to regular auto insurance in terms of coverage options and the types of risks it protects against. However, there may be additional requirements and considerations specific to leased vehicles, such as the need for gap insurance and the obligation to name the leasing company as an additional insured party.
What happens if I don’t have insurance for my leased vehicle?
If you don’t have insurance for your leased vehicle, you may be in violation of your lease agreement and may face legal and financial consequences. The leasing company could impose penalties, terminate the lease agreement, or even repossess the vehicle. Additionally, driving a leased car without insurance is illegal in many jurisdictions and could result in fines, license suspension, or other legal penalties.
Can I choose my own insurance provider for a leased vehicle?
Generally, you have the freedom to choose your own insurance provider for a leased vehicle. However, some leasing companies may have a list of preferred insurance providers or may require you to obtain insurance through their designated provider. It’s essential to check the terms and conditions of your lease agreement to understand any specific requirements. Learn how to choose an auto insurance company.
How do I get insurance quotes for a leased car?
To get insurance quotes for a leased car, you can contact your current insurance provider or shop around for quotes from other insurance companies. It is important to provide accurate information about the leased vehicle, such as the make and model, year, and VIN. It’s important to mention that the car is leased to get an accurate quote for required coverage.
Can I use my existing auto insurance policy for a leased vehicle?
In many cases, your existing auto insurance policy may be sufficient for a leased vehicle, provided it meets the minimum requirements set by the leasing company. However, it’s important to review your policy and consult with your insurance provider to ensure you have the necessary coverage.
What are the insurance requirements for leasing a car in Florida?
In Florida, the insurance requirements for car leasing are more stringent than those for purchasing a car outright. Leasing companies typically mandate higher liability insurance coverage.
According to the Florida Department of Highway Safety and Motor Vehicles (FLHSMV), all drivers must carry a minimum of $10,000 in personal injury protection (PIP) and $10,000 in property damage liability (PDL) as standard. However, most leasing companies in Florida will require you to carry what is often termed “full coverage” insurance. We have explored more about Florida in our Florida auto insurance guide.
Is auto insurance mandatory for leased vehicles?
Do you need car insurance when leasing a car? The answer is yes. Auto insurance is mandatory for leased vehicles in most jurisdictions. Leasing companies typically require lessees to carry a certain level of insurance coverage to protect their investment in the vehicle. The specific insurance requirements may vary depending on the leasing agreement and local regulations.
What is auto insurance for leased vehicles?
Auto insurance for leased vehicles is a type of insurance coverage specifically designed for vehicles that are leased rather than owned outright. It provides financial protection for the leased vehicle and the driver in the event of accidents, theft, or damage.
What types of coverage are typically required for leased vehicles?
The types of coverage required for leased vehicles can vary, but the most common requirements include:
- Liability Insurance. This covers bodily injury and property damage liability for accidents caused by the driver of the leased vehicle.
- Collision Insurance. This covers damage to the leased vehicle resulting from collisions with other vehicles or objects.
- Comprehensive Insurance. This covers damage to the leased vehicle from non-collision incidents, such as theft, vandalism, fire, or natural disasters.
- Gap Insurance. This optional coverage pays the difference between the outstanding lease balance and the actual cash value of the vehicle in the event of a total loss.
Find out whether full coverage auto insurance is required to lease a car.
Do leased cars come with insurance?
No, leased cars do not come with insurance. However, most leasing companies require lessees to have their own insurance coverage for the duration of the lease agreement. This is to protect both the lessee and the leasing company in case of accidents or damages.
What are the insurance requirements for leasing an Acura?
When leasing an Acura, you are required to have a minimum of $1,000,000 in third-party liability insurance coverage to meet the terms of your vehicle lease agreement. You can increase your third-party liability coverage beyond the minimum requirement to better suit your personal needs.
What options are available for car leasing with insurance included?
Unfortunately, there are no options for car leasing that include insurance coverage as part of the lease agreement. The lessee is responsible for obtaining their own insurance coverage and ensuring that it meets the requirements set by the leasing company and state.
Does it cost more to insure a leased car?
Insuring a leased car may cost more than insuring a purchased car, but it ultimately depends on your individual insurance policy and coverage. Leased cars typically require higher levels of coverage such as comprehensive and collision insurance, which can increase the overall cost of insurance. Read our guide on how to find affordable auto insurance rates online to learn more.
Who pays the insurance on a leased car?
The lessee is responsible for paying the insurance on a leased car. This is because the lessee is considered the owner of the vehicle during the lease term and therefore, responsible for any damages or accidents that may occur.
Is insurance cheaper when you buy or lease?
Insurance requirements do not drastically differ when leasing versus buying a new vehicle. In both scenarios, you are mandated to have the state’s minimum required coverage to legally operate the car. Additionally, if you have an auto loan or lease, you will need to adhere to the coverage specifications outlined in your contract. Find the best auto insurance for leased cars by entering your ZIP code into our free comparison tool below today
Free Auto Insurance Comparison
Enter your ZIP code below to view companies that have cheap auto insurance rates.
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Heidi Mertlich
Licensed Insurance Agent
Heidi works with top-rated insurance carriers to bring her clients the highest quality protection at the most competitive prices. She founded NoPhysicalTermLife.com, specializing in life insurance that doesn’t require a medical exam. Heidi is a regular contributor to several insurance websites, including FinanceBuzz.com, Insurist.com, and Forbes. As a parent herself, she understands the need ...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.