When you make the choice to lease a vehicle rather than buy, you still need car insurance when you get behind the wheel. But does leasing a car instead of buying or financing affect your insurance rates? The team at BestRate Auto Insurance in Statesboro and Vidalia, GA, has your answers.

A leased vehicle will always have higher car insurance rates. This is because leased cars are often required to carry higher policy limits, in addition to requiring more coverage in the first place. The combination of collision and comprehensive insurance, as well as higher liability coverage, will naturally increase your rates. These requirements are dictated by the company leasing the car, and if you want to be able to drive the vehicle off the lot, you’ll need to get a policy that offers the appropriate level of coverage.

The type of vehicle you are planning to lease, your driving record, and your leasing history will all affect your coverage rates. As with a standard auto policy, maintaining a good driving record and credit score can help lower your costs.

In short, car insurance rates will almost always be higher with a leased vehicle than they would with a financed car or a vehicle you own yourself. While making a down payment to buy a car is more expensive upfront, it can help you save more in the long run. By carefully evaluating your driving needs and your budget, you can determine if leasing or buying is best for you.

From car insurance to boat insurance, BestRate Auto Insurance can provide affordable coverage for the things that matter most in life. With customer assistance available in both English and Spanish, they’ll help you find affordable policies that meet your needs. To learn more about their services or to request auto insurance quotes, visit them online or call (912) 489-5942.