Leased Vehicles
If you lease a vehicle, you'll still need to purchase your own auto insurance policy. Typical coverage will include at least the state minimum, along with collision and comprehensive, although most leasing companies have set their own minimums higher than the state minimums.
The leasing company may also require Gap insurance and will probably add this in to your monthly payments. Gap insurance is the difference, or Gap, between what your car's book value might be and what you owe. You have probably heard the expression that "a new car loses 20% of it's value the minute it's driven off the showroom floor". Well, if you crack it up, you still owe the full amount, but your insurance won't pay you the 20% that the car has depreciated. Gap insurance covers the difference.