Insurance Advice : Buying vs Leasing a Car

Almost every state requires auto insurance. And there are certain amounts of coverage that some drivers prefer when choosing to buy or lease their car.

If you’re looking for coverage, here’s what you need to know about protecting your new vehicle:

Liability Coverage

All states (except New Hampshire) require drivers to carry liability coverage. This type of insurance will help you pay for damages in case of an accident.

Buying a Car: Required (except in NH)

Leasing a Car: Required (except in NH)

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Comprehensive Coverage

Comprehensive coverage helps pay to replace or repair your car if it’s stolen or damaged in an incident that’s not a collision.

This insurance typically covers damage from fire, vandalism, theft or falling objects (like trees).

Beware. While comprehensive coverage can provide extremely valuable protection for your car, protection for other personal property is not usually included.

Buying a Car: Optional

Leasing a Car: May be required, check your lease agreement.

Collision Coverage

If your car is damaged in an accident with another vehicle or object (such as a tree), collision coverage can help pay for repairs. However, this type of insurance may not cover the full cost of a totaled vehicle. But gap insurance can cover the difference between what you owe and what the insurance company pays. Check with your leasing company to see if they offer gap insurance, and make sure you have the coverage your vehicle needs.

Buying a Car: Optional

Leasing a Car: May be required, check your lease agreement.

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Uninsured and Underinsured Motorist Coverage

Uninsured Motorist coverage protects you if you’re in an accident with a driver who doesn’t carry liability insurance. Underinsured Motorist coverage also kicks in when you’re in an accident with a driver whose liability limits are too low to cover damages.

Buying a Car: May be required, depending on where you live. Check your state laws.

Leasing a Car: May be required, depending on where you live. Check your state laws.

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