Car insurance: loaned, leased or owned

How does ownership affect the cost of car insurance?

Whether you own your car, lease it or have a loan on it will affect what you pay for car insurance. Typically, if your car is financed in one way or another (lease, loan) then your insurance quote will be more expensive.

Provider	Car loan	Car lease	Owns the car	Apply
	$1,332.19	$1,339.03	$1,319.35	Get quote
	$2,036.01	$2,036.01	$2,032.10	More info
	$2,305.41	$2,305.41	$2,010.30	More info
	$2,184.21	$2,184.21	$2,139.42	Get quote
	$1,170.05	$1,170.05	$1,115.23	Get quote

_{These quotes are accurate as of May 2025}

• How we got these quotes

  *Quotes were sourced on the following profile:

  • 30 years old, 5+ years licensed
  • Male
  • Private use
  • Adjusted excess to $850 where possible
  • Parked in a locked garage
  • Exclude drivers under 25

  • No additional driver
  • Start date of policy 12 May 2025
  • No discounts, no memberships, no add-ons
  • Drives 15,000km per year
  • Located in NSW, 2011
  • 2020 Silver Toyota Corolla Ascent Sports

Why is it more expensive to insure a financed car?

There doesn't seem to be a lot of rhyme or reason for this but it's usually based on the insurer's historical data. When we see pricing shifts like this, it's usually because the insurer has determined this specific factor to be riskier. It could be that of all the claims they've had to process, people with finance owing on their car tend to make more claims than people without finance on their car, and therefore the overall premium for financed cars is higher.

Don't own your car outright? Here's a few other ways to save on your insurance

Lying to your insurer isn't an option so you'll have to save on your premium in other ways. Lucky for you, there's a few options.

1. Increase your excess. The higher your excess, the lower your premium will be. Just do this responsibly — you need to be able to afford it in the event you actually have to pay it.
2. Get on the phone. Time and time again, I have been able to save hundreds by simply asking "Is there any flexibility on that price?". The worst they can do is say no. Usually though, they'll tweak the quote and you'll end up saving cash. I promise you, it's not as cringey as it seems.
3. Compare your options. You can't know if there's a better offer available if you never bother to check. There can be hundreds, even thousands of dollars difference between insurers for almost identical policies. Be sure to get at least 3-5 quotes so you've got an idea of what's out there.

Compare car insurance

Whether your car is financed with a car loan, a lease or you own it outright — it'll need insurance. Compare options below.

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Finder Score	Accidental damage	Roadside Assistance	Agreed or market value	Storm & Flood
Promoted Finder Score 9 Excellent Youi Comprehensive	Finder Score 9 Excellent			Agreed or Market		Summary: A great value policy with exceptional customer service. Youi won the 2024 Finder Award for Customer Satisfaction. It scored highly for features and benefits, customer service and reliability. It also automatically includes roadside assistance with comprehensive policies in its price - a feature that typically costs upwards of $90 per year.	Get Quote View details Compare product selection Compare	loading
Promoted Finder Score 8 Great ROLLiN' Comprehensive	Finder Score 8 Great			Agreed		Get 10% off the base premium for the first 2 consecutive monthly policies and up to a 15% potential monthly discount from your 3rd month for being a safer driver. Minimum premiums may apply. T&Cs apply.	Summary: One of the most cost-effective insurers for under 25s, according to Finder research, with no aged-based excess. Who it might be good for: Young drivers looking to keep costs down and anyone who’d like to get more flexibility from their car insurance.	Get Quote View details Compare product selection Compare	loading
Promoted Finder Score 9.9 Excellent Budget Direct Comprehensive	Finder Score 9.9 Excellent		Optional add-on	Agreed or Market		Receive 15% off your first year's premium when you purchase cover online. T&Cs apply.	Summary: Budget Direct Comprehensive is highly commended as a feature-packed car insurance. It's cheaper than most, plus you can lower costs by adding age restrictions. Who it might be good for: Anyone who wants a good value policy.	Get Quote View details Compare product selection Compare	loading
Finder Score 8.1 Great Bingle Comprehensive Finder Award	Finder Score 8.1 Great			Market		Summary: Our data shows it’s the cheapest comprehensive policy. It just covers the basics such as damage to your car, theft and storms – it doesn’t go in for add-ons and extras. Who it might be good for: Those wanting a low-cost, no-frills policy.	Get Quote View details Compare product selection Compare	loading
Finder Score 9.9 Excellent Coles Comprehensive Insurance Finder Award	Finder Score 9.9 Excellent		Optional add-on	Agreed or Market		Save 15% off your first year’s premium when you take out a new Coles Car Insurance policy online. T&Cs apply.	Summary: Coles Comprehensive Car Insurance includes the benefits you'd expect, plus features like grocery replacement (up to $200 if damaged or stolen. T&C's apply). Who it might be good for: Those who want great quality cover and more rewards with Flybuys.	Get Quote View details Compare product selection Compare	loading
Finder Score 8.9 Great Kogan Comprehensive	Finder Score 8.9 Great		Optional add-on	Agreed or Market		Up to 10% off your first year's premium when you apply online and $10 monthly Kogan credit (valid on $100+ purchases) for active policyholders. T&Cs apply.	Summary: Kogan comes with all the perks that most comprehensive car insurance policies include, but you’ll also be entitled to some benefits from its online store. This usually comes in the form of a gift voucher or discount if you buy online. Who it might be good for: Kogan shoppers and those after a good range of policy options.	Get Quote View details Compare product selection Compare	loading
Finder Score 7.6 Great QBE Comprehensive	Finder Score 7.6 Great			Agreed or Market		Save $75 when you purchase a new comprehensive policy online. T&Cs apply.	Who it might be good for: Those who want a trustworthy insurer and more cover than other brands, such as 3-year new car replacement (e.g. they'll give you money for a new car for up to 3 years if yours is written off).	Get Quote View details Compare product selection Compare	loading
Finder Score 9.9 Excellent Qantas Comprehensive	Finder Score 9.9 Excellent		Optional add-on	Agreed or Market		Earn up to 40,000 Qantas Points with every car insurance policy. Ends 28 Jan 2026. Plus save 15% on your 1st year’s premium when you purchase online. T&Cs apply.	Summary: You need car insurance so why not get one that lets you earn Qantas Points? It's good value too (it's underwritten by the same insurer as Budget Direct). Who it might be good for: People who want more bang for their buck with Qantas Points.	Get Quote View details Compare product selection Compare	loading
Finder Score 8.5 Great Australian Seniors Comprehensive	Finder Score 8.5 Great		Optional add-on	Agreed		Save 5% on your first year's car insurance premium by holding a valid Seniors Card. T&Cs apply.	Finder’s summary: Australian Seniors’ comprehensive policy includes complimentary hire car for a stolen car, up to $1,000 for a damaged trailer or caravan, up to $500 for emergency travel and accommodation cover. Who it might be good for: People over 50 years old looking for flexible cover options.	Get Quote View details Compare product selection Compare	loading
Finder Score 7.7 Great Real Comprehensive	Finder Score 7.7 Great		Optional add-on	Agreed		Summary: Real Comprehensive Car Insurance provides similar coverage to other insurers for the important stuff like looking after your car if it's stolen or you crash. It's also one of the few insurers who offer a Pay As You Drive policy, so you might be able to save big if you don't drive much. Who it might be good for: Those that don't drive much can take advantage of its Pay As You Drive policy.	Get Quote View details Compare product selection Compare	loading
Finder Score 9.2 Excellent ING Comprehensive	Finder Score 9.2 Excellent		Optional add-on	Agreed or Market		Save 15% on your first year’s premium when you buy a new ING comprehensive car insurance online. T&Cs apply.	Summary: A policy with high benefit limits included as standard with plenty of optional add-ons. Who it might be good for: Drivers who like the ability to tailor their cover with lots of optional extras like windscreen damage and roadside assistance.	Get Quote View details Compare product selection Compare	loading
Finder Score 8 Great Huddle Comprehensive	Finder Score 8 Great		Optional add-on	Agreed or Market		Summary: Huddle's comprehensive policy will cover you if your vehicle is damaged or lost as a result of a collision, a natural event, a malicious act, theft or fire. It also includes up to $500 for essential repairs. Who it might be good for: Someone who drives less than 15,000 km a year can opt for Pay As You Drive cover.	Get Quote View details Compare product selection Compare	loading

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FAQs

• Do I need car insurance to get a car loan?

  There's every chance that your bank will require you to have comprehensive car insurance to be able to get a car loan. This is because the bank wants assurances that you'll be able to pay them back, even if the car ends up ruined.

• Is car insurance cheaper if you own the car?

  Yes, your car insurance premium will be cheaper if you own the car outright. It will be more expensive if your car has a car loan or some other finance, like a lease, on it.

• Is insurance different on a leased car?

  Insurance isn't different on a leased car, there might just be some terms on the type of insurance required. For example, your car dealer may insist that you have to have comprehensive car insurance in order to lease the car. This is because they want assurances that you can pay the lease, even if the car is totalled. You may also find that insurance on a car that is leased is more expensive than it would be if you owned the car outright.

• Who pays the insurance on a leased car?

  You do. Getting insurance on your leased car is your responsibility and your dealership may not release the car to you until you can prove that you hold this insurance.

Written by

Peta Taylor

Publisher of Insurance

Peta Taylor is a publisher at Finder, working across all of insurance. She's been analysing product disclosure statements and publishing articles for over 2 years. Peta is passionate about demystifying complex insurance products to help users make well educated decisions with confidence. Peta is part of Finder's insurance awards team and works alongside editorial and insights experts to bring users the best insurance products every year. See full bio