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.