Newly Purchased Lease? Find Out Your Company's Specific Info Below!

Written By
Connor Thomson
Posted
August 25, 2022

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… this stuff was hard to find!) and typed it into an easy-to-read format.

Leasing Company

Insurance Requirements (Leased Vehicle)

General Motors

  • Bodily Injury: $100,000/$300,000
  • Property Damage: $50,000/$500,000
  • Collision, Fire, Theft, and Comprehensive: full
    • $1,000 maximum deductible

Subaru

  • Bodily Injury: $100,000/$300,000
  • Property Damage: $50,000
  • Collision, Fire, Theft, and Comprehensive: full
    • $500 maximum deductible

Nissan

  • Bodily Injury: $100,000/$300,000
  • Property Damage: $50,000/$500,000
  • Comprehensive and Collision: full
    • $1,000 maximum deductible

Honda

  • Minimum coverages required by the laws of the state in which you reside

Toyota

  • Minimum liability required by the state in which your leased vehicle is garaged
  • Physical damage for the full value of the vehicle
    • $1,000 maximum deductible

Kia

  • Refer to your Motor Vehicle Lease Agreement

but other sources say…

  • Bodily Injury: $100,000/$300,000
  • Property Damage: $50,000
  • Comprehensive and Collision: full
    • $1,000 maximum deductible

Ford

  • Comprehensive and Collision: full

Volkswagen

  • Whatever is listed on the back of your contract

Volvo

  • Liability: $100,000
  • Bodily Injury: $300,000
  • Property Damage: $50,000
  • Comprehensive and Collision: full
    • $1,000 maximum deductible

Mercedes-Benz

  • Bodily Injury Liability: $100,000/$300,000
  • Property Damage: $50,000
  • Comprehensive and Collision: ACV
    • $2,500 maximum deductible

Chrysler

  • Comprehensive and Collision: full

Hyundai

  • Refer to your Motor Vehicle Lease Agreement

but other sources say…

  • State-required bodily injury and physical damage

Mazda

  • Refer to your contract

If you are financing your vehicle, or if you want to read the aforementioned information straight from the horse’s mouth, scroll through the links and images below. 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!

Refer to the list below to find your company's requirements:

General Motors

Subaru

Nissan

Honda

Toyota

Kia

Ford

Volkswagon

Volvo

Mercedes-Benz

Chrysler

Hyundai

Mazda

About the Author
Connor Thomson
Freelance Writer
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