How car ownership affects your insurance costs and coverage

Evan Ullman for CheapInsurance.com

How car ownership affects your insurance costs and coverage

Whether you own, finance, or lease your car significantly affects insurance costs. Lenders require “full coverage” on financed or leased cars, which drives premiums higher. If you own your car outright, you have the option to carry just minimum liability coverage instead, a choice that can save you hundreds of dollars a year. CheapInsurance.com breaks down how ownership type impacts premiums, why lender requirements matter, and what steps you can take to avoid overpaying for coverage.

The hidden cost impact of vehicle acquisition

How you get your car (buying, financing, or leasing) has a big impact on insurance costs. According to Technavio , leasing is on the rise. Ownership structure ma