Financed and leased vehicles usually require more than state minimum liability. Lenders commonly require comprehensive and collision coverage until the loan or lease is satisfied.
Coverage to review
- Comprehensive coverage for theft, weather, glass, animal strikes, and non-collision losses.
- Collision coverage for damage from an accident.
- Deductibles that meet lender requirements and fit your budget.
- Gap coverage if the loan balance may exceed the vehicle value.
Why price varies
- Vehicle repair costs and safety features.
- Loan or lease requirements.
- Driver history and garaging ZIP code.
- Deductible choices and optional coverages.
Shopping tip
If a quote seems unusually cheap for a financed vehicle, confirm that comprehensive and collision are included and that deductibles meet lender requirements.
Common questions
Do financed cars need full coverage?
Lenders commonly require comprehensive and collision coverage, though requirements can vary by loan or lease agreement.
What deductible should I choose for a financed car?
Choose a deductible that meets lender rules and that you could realistically pay after a claim.
Should I ask about gap coverage?
Yes, especially if the loan balance may be higher than the vehicle value after a total loss.
How QuoteAgents helps
QuoteAgents helps shoppers organize the details needed to request auto insurance options. The process is free, and there is no obligation to purchase a policy.