Leasing Cars With Minimal Insurance Can Be Cheaper Than Purchasing It:

Insurance for Leased Cars: 

Why Does It Cost More? If you're shopping for a new car, the cost of insurance may be a concern in what you choose. Although you don't own a vehicle you lease, the Insurance Information Institute recommends that you have your policy on it so that you are covered in the case of any accidents or thefts.
"The higher the automobile you lease, then obviously the more significant it is to get the right amount of insurance," says Mike Geary, an agent with the National Automobile Dealers Association. "I would recommend that anyone who's considering buying a leased vehicle consult with an insurance expert." "The main reason leases are considered such is that many people don't want to make the upfront investment required to buy their vehicle. Since leasing doesn't require the purchase of a vehicle, this makes the automobile insurance rates cheaper."

Most states require you to purchase insurance before you lease a vehicle. Some states require you to have it as part of the finance agreement, says Geary. For example, in Michigan, you must buy auto insurance as part of the deal when you lease a vehicle through a lender, says the Michigan Department of Financial Services. So that's why many people opt to use a car mobile coverage provider to cover any insurance requirements.
Many of the factors that drive the cost of insurance for automobiles, including driving record and age, are controlled by state law. That's why vehicle mobile coverage companies often offer different rates to people who have different histories, Geary says. The rate for a person with a clean driving record may be lower than the rate for someone who has numerous speeding tickets or has a DUI on his or her record. That's why it's essential to do your research and find out what the average rate for your area is, Geary says. "This will allow you to negotiate a reasonable rate with the company" - assuming you can negotiate a reasonable rate.

Ways you can get the best rates on your insurance for automobiles:

There are specific ways you can get the best rates on your insurance for automobiles through leasing agencies. For example, many leasing agencies use affiliations with major auto insurance providers. These affiliations provide the leasing agency with a privileged connection that allows them to offer lower rates to clients. Additionally, they may use their link to partner with auto insurance providers who may pay the leasing agency a fee for carrying them forward, says Geary. So by partnering with these insurance providers, you could end up with lower rates than you would without their help.
Leasing is not the only way to get a reasonable rate on automobile insurance. You can also use a credit card, says Geary. The idea is that by paying off your lease payments early, you can extend the length of time your automobile is leased. By doing so, you will have "stretched out" your automobile's contract by several months, Geary says. This way, you can save a significant amount of money on insurance premiums.

Car insurance for automobiles leased through a leasing organization can be expensive. However, the good news is that you can still find good coverage insurance for autos at a reasonable price, according to several insurance experts. For example, some vehicle leasing organizations require all leases to cover collision and comprehensive coverage. This coverage may be a bit more pricey than customary coverage insurance, but it is available. In addition, you will have to pay for this coverage separately, via way of an additional premium.
You'll want to look into your leasing agreement closely, especially if you don't have a dealership-based insurance contract with the company you're leasing from. Many companies will require you to purchase collision and comprehensive insurance "via way," via way of an addendum to the contract. This is why it's imperative to read your entire vehicle rental/lease agreement very carefully before you sign it. You'll want to make sure that you understand what coverage you're receiving, as well as what the company is charging you for that coverage. While purchasing insurance for your leased car through a leasing organization can be very costly, there are ways to reduce the cost - including the options mentioned above.