Even though you don't "own" a leased car, you're still required to carry your own insurance on the vehicle, according to the Insurance Information Institute (III). Here are a few coverages to consider for a leased vehicle.

Car insurance coverages required by law

Liability coverage:
Most states require drivers to carry a minimum amount of liability coverage. Liability coverage helps pay for someone else's expenses if you cause a car accident that injures them or damages their property.
Uninsured and underinsured motorist coverage:
Depending on where you live, you may be legally required to have this coverage on your car insurance policy. If you're hit by a driver who doesn't have car insurance, uninsured motorist coverage may help pay for your medical bills. Underinsured motorist coverage works similarly if you're hit by an underinsured driver, whose liability coverage limits aren't high enough to pay for your medical bills that result from an accident they cause. In some states, you may be required to have personal injury protection instead of, or in addition to, uninsured and underinsured motorist coverage.

Insurance coverages required by your lease holder

The company that finances your leased car owns it. To help protect its financial interest in the car, the finance company will likely require you to carry collision coverage and comprehensive coverage as part of your auto policy, says the III.

Collision coverage:
Helps pay to repair the car if you hit another vehicle or another object, regardless of fault.
Comprehensive coverage:
Helps pay to repair the car if it's damaged by something other than a collision, like theft, vandalism or a falling object.

Insurance coverages may be included with your car lease

Many leasing companies automatically include gap coverage in your lease payments, says the III. Gap insurance helps pay off your auto loan if you're "under water" on the loan and the car you're leasing is totaled. Be sure to ask your leasing company if they include loan or lease gap coverage as part of your contract, the III says. If not, you may be able to purchase coverage from your insurer as part of your car insurance policy.