Best Auto Insurance for a Leased Vehicle in 2024 (Top 10 Companies)
State Farm, Progressive, and Allstate stand out as the best auto insurance for a leased vehicle, offering competitive rates with minimum coverage as low as $33 per month. These insurers prioritize customer satisfaction through comprehensive coverage options, user-friendly platforms, and innovative programs.
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Jeffrey Manola
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Jeffrey Manola is an experienced life insurance agent who founded TopQuoteLifeInsurance.com and NoMedicalExamQuotes.com. His mission when creating these sites was to provide online consumers searching for life insurance with the most affordable term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide consumers with t...
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UPDATED: May 19, 2024
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Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above 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: May 19, 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 insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
13,128 reviewsCompany Facts
Full Coverage for Leased Vehicle
A.M. Best Rating
Complaint Level
Pros & Cons
13,128 reviews
11,413 reviewsCompany Facts
Full Coverage for Leased Vehicle
A.M. Best Rating
Complaint Level
Pros & Cons
11,413 reviewsThe top picks for the best auto insurance for a leased vehicle are State Farm, Progressive, and Allstate. Factors like credit score, mileage, coverage level, and driving record significantly affect insurance rates, and these three providers offer tailored solutions for diverse needs.
| Company | Rank | Gap Discount | New Car Discount | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | 10% | 15% | Comprehensive Coverage | State Farm |
 | #2 | 8% | 12% | Local Agents | Progressive |
 | #3 | 12% | 18% | Policy Options | Allstate |
 | #4 | 10% | 14% | Online Convenience | Nationwide |
 | #5 | 9% | 13% | 24/7 Support | Liberty Mutual |
 | #6 | 7% | 10% | Vanishing Deductible | Farmers |
 | #7 | 8% | 11% | Safe-Driving Discounts | AAA |
 | #8 | 6% | 9% | Multi-Policy Discounts | Travelers |
 | #9 | 9% | 12% | Bundle Discounts | Esurance |
 | #10 | 8% | 11% | Customizable Policies | Safeco |
Some may also mandate gap insurance to cover the difference between the car’s value and lease amount in case of a total loss. It’s important to understand these requirements and consult with your insurance provider to ensure adequate coverage.
#1 – State Farm: Top Overall Pick
Pros
- Trusted Legacy: State Farm has a long-standing reputation and a history of reliability. Explore further insights about the company in our State Farm auto insurance review.
- Comprehensive Coverage Options: State Farm offers a wide range of coverage options to meet various needs.
- Personalized Service: They provide personalized assistance and tailored insurance plans for their customers.
Cons
- Potentially Higher Premiums: While State Farm offers comprehensive coverage, their premiums may be higher compared to some competitors.
- Limited Availability: State Farm’s services may not be available in all locations, limiting options for some customers.
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#2 – Progressive: Best for Local Expertise
Pros
- Competitive Rates: Progressive is known for offering competitive rates, making it an attractive option for budget-conscious customers.
- Local Expertise: They provide localized service and have agents available to assist customers in person.
- Innovative Programs: Progressive offers innovative programs like Snapshot, which rewards safe driving habits.
Cons
- Customer Service Concerns: Some customers have reported issues with Progressive’s customer service, including delays in claim processing.
- Limited Coverage Options: While Progressive offers competitive rates, their coverage options may be more limited compared to other insurers.
Read more: Progressive Classic Insurance Company.
#3 – Allstate: Best for Versatile Policies
Pros
- Versatile Policies: Allstate offers a wide range of policy options, allowing customers to customize coverage to fit their needs. Delve into the company’s specifics in our Allstate auto insurance review.
- Extensive Options: They provide comprehensive coverage options, including additional benefits like roadside assistance and rental car reimbursement.
- Strong financial Stability: Allstate has a strong financial standing, providing reassurance to customers about their ability to fulfill claims.
Cons
#4 – Nationwide: Best for Online Ease
Pros
- Online Ease: Nationwide offers an easy-to-use online platform for managing policies and claims.
- Nationwide Reach: As the name suggests, Nationwide provides coverage across the country, making it accessible to a wide range of customers.
- Bundle Discounts: Nationwide offers discounts for bundling multiple insurance policies, helping customers save money on premiums.
Cons
- Limited Coverage Options: Nationwide may offer fewer coverage options compared to some competitors, potentially limiting customization for certain policyholders.
- Pricing: While competitive, Nationwide’s premiums may be slightly higher for some customers compared to other insurers.
Read more: Nationwide Mutual Insurance Company
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#5 – Liberty Mutual: Best for Support Around the Clock
Pros
- Support Around the Clock: Liberty Mutual provides 24/7 customer support, ensuring assistance is available whenever needed.
- Customer Savings: They offer various discounts and savings opportunities for policyholders, helping to reduce insurance costs. Get a closer look at the company details in our Liberty Mutual insurance company review.
- Online Convenience: Liberty Mutual offers online tools and resources for managing policies and filing claims, providing convenience for customers.
Cons
- Higher Premiums: Liberty Mutual’s comprehensive coverage and support may come with higher premiums compared to some competitors.
- Mixed Customer Reviews: While many customers are satisfied with Liberty Mutual, some have reported issues with claims processing and communication.
#6 – Farmers: Best for Deductible Rewards
Pros
- Deductible Rewards: Farmers offers deductible rewards programs that allow policyholders to earn discounts for every claim-free policy period.
- Customer Savings: They provide various discounts and savings opportunities for policyholders, helping to lower insurance costs.
- Local Agents: Farmers has a network of local agents who can provide personalized assistance and guidance. Learn more about the company’s background in our Farmers auto insurance review.
Cons
- Limited Availability: Farmers’ services may not be available in all locations, limiting options for some customers.
- Potential for Higher Premiums: While Farmers offers comprehensive coverage, their premiums may be higher compared to some competitors.
#7 – AAA: Best for Safety First
Pros
- Safety First: AAA prioritizes safety and offers various discounts for policyholders with safety features installed in their vehicles.
- Generous Discounts: They provide a wide range of discounts for members, including multi-policy discounts and loyalty rewards.
- Established Reputation: AAA has a long-standing reputation for reliability and customer satisfaction. Uncover more about the company in our detailed AAA auto insurance review.
Cons
- Membership Requirement: AAA requires membership for access to their insurance services, which may not be suitable for all customers.
- Limited Availability: AAA’s insurance services may not be available in all areas, limiting options for some customers.
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#8 – Travelers: Best for Policy Variety
Pros
- Policy Variety: Travelers offers a wide range of policy options, allowing customers to tailor coverage to their specific needs. Discover in-depth information about the company in our Travelers auto insurance review.
- Savings Synergy: They provide various discounts and savings opportunities, including multi-policy discounts and safe driver discounts.
- Financial stability: Travelers has a strong financial standing, providing reassurance to customers about their ability to fulfill claims.
Cons
- Limited Availability: Travelers may have limited availability in some regions, restricting options for potential customers.
- Mixed Customer Reviews: While many customers are satisfied with Travelers, some have reported issues with claims processing and customer service.
#9 – Esurance: Best for Innovative Solutions
Pros
- Innovative Solutions: Esurance offers innovative tools and resources for managing policies and filing claims online. Gain a deeper understanding of the company through our Esurance auto insurance review.
- Bundle Bonanza: They offer discounts for bundling multiple insurance policies, helping customers save money on premiums.
- Financial Stability: Esurance is backed by Allstate, providing customers with the reassurance of a financially stable parent company.
Cons
- Limited Coverage Options: Esurance’s coverage options may be more limited compared to some competitors, potentially restricting choices for customers.
- Customer Service Concerns: Some customers have reported issues with Esurance’s customer service, including difficulty reaching representatives and delays in claim processing.
#10 – Safeco: Best for Tailored Protection
Pros
- Tailored Protection: Safeco offers personalized coverage options, allowing customers to customize policies to their unique needs.
- Premium Flexibility: They provide flexible payment options and deductible choices, giving customers control over their insurance costs.
- Established Reputation: Safeco has a long history in the insurance industry and is known for reliability and customer satisfaction.
Cons
Read more:
- Safeco Insurance Company of Indiana
- Safeco Insurance Company of Indiana: Customer Ratings & Reviews
- Safeco National Insurance Company Review
- Safeco Surplus Lines Insurance Company Review
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Best Auto Insurance Coverage Rates for Leased Vehicles
The table above provides a snapshot of the average monthly auto insurance rates for leased vehicles offered by various insurance companies. These rates encompass both full coverage and minimum coverage options, allowing consumers to compare and choose the most suitable insurance plan for their needs.
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| AAA | $32 | $86 |
| Allstate | $61 | $160 |
| Esurance | $46 | $114 |
| Farmers | $44 | $139 |
| Liberty Mutual | $68 | $174 |
| Nationwide | $44 | $115 |
| Progressive | $39 | $105 |
| Safeco | $27 | $71 |
| State Farm | $33 | $86 |
| Travelers | $37 | $99 |
From State Farm and AAA offering competitive rates starting at $33 and $32 respectively for minimum coverage, to Liberty Mutual and Allstate providing full coverage at $174 and $160 respectively, there’s a wide range of options available to fit different budgets and preferences.
Understanding Auto Insurance for Leased Vehicles
What is Auto Insurance for Leased Vehicles
Auto insurance for leased vehicles is a type of coverage that provides financial protection to both you and the leasing company. It typically includes liability coverage, which pays for injuries or damages you cause to others in an accident, as well as comprehensive and collision coverage, which pay for damages to the leased vehicle.
Why is it Different from Regular Auto Insurance
When it comes to choosing the best auto insurance for a leased vehicle, there are a few key factors to consider. These factors can help you make an informed decision and ensure that you have the right coverage in place.
- Coverage Requirements: Prior to leasing a vehicle, it’s crucial to review the leasing agreement for coverage requirements set by the leasing company. These typically include comprehensive, collision, and liability coverage. Meeting these requirements is vital to safeguard the leased vehicle and avoid penalties or financial liabilities.
- Cost of Premiums: When choosing insurance, weigh premiums against coverage. Get quotes from different providers to balance affordability and protection. Consider deductibles—higher ones may lower premiums but raise out-of-pocket costs. Look for discounts, such as safe driving or bundled policies, to cut expenses further.
- Customer Service and Claim Handling: Choose auto insurance for a leased vehicle with excellent customer service and quick claim handling. Pick companies with good reviews and financial stability. Compare coverage, premiums, and terms for comprehensive protection at competitive rates, ensuring peace of mind throughout your lease.
When selecting insurance for a leased vehicle, it’s crucial to find coverage that meets the lessor’s requirements while offering you adequate protection. State Farm is the best auto insurance for leased vehicles due to its comprehensive coverage options, competitive rates, and exceptional customer service.
Before leasing, check the coverage requirements in the agreement, consider insurance costs and deductibles, and choose a reputable insurer with good customer service and claim handling.
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Best Auto Insurance Companies for Leased Vehicles
When it comes to leasing a vehicle, choosing the right auto insurance is crucial. Not only does it protect your investment, but it also ensures that you are adequately covered in case of any unforeseen circumstances. To help you make an informed decision, let’s take a closer look at some of the top insurance companies that specialize in coverage for leased vehicles.
#1 – State Farm
Tips for Saving Money on Auto Insurance for Leased Vehicles
Case Studies: Leased Vehicle Insurance Success Stories
Finding the right insurance for a leased vehicle is crucial for financial security and peace of mind. Three case studies highlight success stories with top providers like State Farm, Progressive, and Allstate, emphasizing the importance of choosing the right insurance partner.
- Case Study #1 – Mary’s Smooth Lease Experience with State Farm: Mary, a proud lessee of a new sedan, opted for State Farm insurance. With personalized coverage and features like Snapshot and Drivewise, she enjoys peace of mind. When she had a minor accident, State Farm quickly resolved it, and their lease gap insurance discount covered the remaining balance.
- Case Study #2 – John’s Reliable Lease Coverage with Progressive: John leased an SUV and chose Progressive for insurance. Despite higher premiums, he valued their personalized assistance, customizable coverage, and quick response to a hailstorm. Progressive’s lease gap insurance proved invaluable, ensuring peace of mind and justifying his choice.
- Case Study #3 – Alex’s Secure Lease with Allstate’s Tailored Coverage: Alex leased a sports car and chose Allstate for comprehensive coverage, tailored to the car’s needs. With discounts like new car replacement and lease gap insurance, despite a higher premium, Alex valued Allstate’s online convenience and versatility.
Selecting the right insurance for a leased vehicle is crucial for financial security and peace of mind. Through case studies with State Farm, Progressive, and Allstate, we see how tailored solutions ensure protection. These stories underscore the significance of choosing the ideal insurance partner for your leased vehicle.
For additional information, read our “Standard vs. Non-Standard Auto Insurance: What you Need to Know”
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Bottom Line: Navigating Auto Insurance for Leased Vehicles
Frequently Asked Questions
What is auto insurance for leased vehicles, and why is it important?
Auto insurance for leased vehicles is coverage designed specifically for vehicles under a lease agreement. It’s crucial to protect both the driver and the leasing company from potential financial losses in case of accidents, damage, or theft.
What factors affect the cost of auto insurance for leased cars?
Factors such as the driver’s age, driving record, the type of vehicle being leased, and the coverage options selected can all affect the cost of auto insurance for leased cars.
Learn more here in our “Average Auto Insurance Rates by Age and Gender”.
Who insures a leased car?
Typically, the lessee is responsible for obtaining auto insurance for a leased car. However, the leasing company may have specific requirements and may be listed as an additional insured party on the policy.
What does leased car insurance coverage typically include?
Leased car insurance coverage typically includes liability coverage, which pays for injuries or damages caused by the leased vehicle, as well as comprehensive and collision coverage, which cover damages to the leased vehicle itself.
Affordable car insurance rates are just a click away. Enter your ZIP code into our free quote tool to find the best policy for you.
How can I find the best auto insurance for leased cars?
To find the best auto insurance for leased cars, consider factors such as coverage options, cost, customer service reputation, and any discounts available for leased vehicles.
Are there any discounts available for auto insurance for leased vehicles?
Yes, many insurance providers offer discounts for leased vehicles, such as bundling policies, safe driving discounts, and discounts for certain safety features on the leased vehicle.
For additional information, read our “Auto Insurance Discounts: The Best Ways to Save Money”.
How can I get cheap auto insurance for leased cars?
To get cheap auto insurance for leased cars, compare quotes from multiple insurance providers, consider higher deductibles, explore available discounts, and maintain a clean driving record.
Affordable car insurance rates are just a click away. Enter your ZIP code into our free quote tool to find the best policy for you.
What is the cheapest insurance for leased cars?
The cheapest insurance for leased cars will vary depending on factors such as the driver’s profile, the type of vehicle, and the coverage options selected. It’s essential to compare quotes from different providers to find the most affordable option.
Can I get lease car insurance quotes online?
Yes, many insurance providers offer the option to get lease car insurance quotes online. You can typically obtain quotes by visiting the insurance company’s website or using online comparison tools.
What should I do if I’m involved in an accident with my leased car?
If you’re involved in an accident with your leased car, it’s essential to report the incident to your insurance provider and the leasing company as soon as possible. Follow their instructions for filing a claim and obtaining repairs for the vehicle.
Discover further information in our “At-fault accident: what is it and how is fault determined?”
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Jeffrey Manola
Licensed Insurance Agent
Jeffrey Manola is an experienced life insurance agent who founded TopQuoteLifeInsurance.com and NoMedicalExamQuotes.com. His mission when creating these sites was to provide online consumers searching for life insurance with the most affordable term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide consumers with t...
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.
