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Financial Answer Center

Automobile Insurance

Required Insurance Coverage for Leased Autos

You will not have much of a choice when it comes to deductibles and liability limits on a leased vehicle. Leasing companies permit certain maximum deductibles and require minimum liability limits on their vehicles. The typical requirements are as follows, but may differ among leasing companies:

  • Liability coverage. Minimum $100,000/$300,000/$500,000
  • Collision deductible. Between $250 and $500
  • Comprehensive deductible. Between $250 and $500

Also, be aware that insurance premiums are your responsibility and are not included in the monthly lease payment. Check your lease agreement for the insurance requirements that apply to you.

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Securities and insurance products are offered through Osaic Institutions, INC., Member FINRA/SIPC. Osaic Institutions, INC. and FB Wealth Management, a division of First Bank, are not affiliated. We do not provide tax advice. Consult your tax advisor. NOT Bank Deposits NOT FDIC-Insured HAVE NO Bank Guarantee NOT Insured by any Federal Government Agency May Go Down in Value