Updated: Dec 13, 2022
If you are currently in the process of looking for a car, you are probably facing the age old question of should I lease or buy? Leasing is a better option for those who like driving new vehicles and having lower payments but there ‘s some things you should know first. All cars need insurance but there are certain specifications as to what is required based on whether you lease or buy.
What insurance coverage am I required to have if I lease a car?
Typically speaking, leasing companies require you to have comprehensive and collision coverages. Parts of your insurance such as your bodily injury limits may be set higher, to plans such as $100,000 per individual -$300,000 per accident coverage. You also have to set up property damage liability coverage along with those previous insurances.