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.

1 - 11 of 35

Updated regularly

Sort by:Please select

Finder Score (low-high)Finder Score (high-low)

Product	Finder Score	Accidental damage	Roadside Assistance	Agreed or market value	Storm & Flood
Promoted Youi Comprehensive	Finder Score 8.5 Great			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 in its price - a feature that typically costs upwards of $90 per year.	Get QuoteView details Compare	loading Fetching your data...
Promoted ROLLiN' Comprehensive	Finder Score 9 Excellent			Agreed		Summary: One of the most cost-effective insurers for under 25s, according to Finder research, with no aged-based excess. ⭐ Current offer: 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. Learn More. 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 QuoteView details Compare	loading Fetching your data...
Promoted Budget Direct Comprehensive	Finder Score 9.1 Excellent		Optional add-on	Agreed or Market		Summary: The 2024 winner of our Best Value Car Insurance award. It's cheaper than most, plus you can lower costs by adding age restrictions. ⭐ Current offer: 15% off your first year's premium when you take out a policy online. T&Cs apply. Who it might be good for: Anyone who wants a good value policy.	Get QuoteView details Compare	loading Fetching your data...
Qantas Comprehensive	Finder Score 9.1 Excellent		Optional add-on	Agreed or Market		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). ⭐ Current offer: Earn up to 40,000 Qantas Points with every car insured by 28 May. Plus save 15% on your 1st year’s premium when you purchase online. T&Cs apply. Who it might be good for: People who want more bang for their buck with Qantas Points.	Get QuoteView details Compare	loading Fetching your data...
Coles Comprehensive Insurance Finder Award	Finder Score 9.1 Excellent		Optional add-on	Agreed or Market		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). ⭐ Current offer: Get up to $50 off a Coles shop every month for 12 months with free Coles Plus Saver when you take out a new Comprehensive Car Insurance Policy & link your Flybuys. Offer ends 31.08.25. Who it might be good for: Those who want great quality cover and more rewards with Flybuys.	Get QuoteView details Compare	loading Fetching your data...
QBE Comprehensive Green Company	Finder Score 5.9 Standard			Agreed or Market		Summary: Finder's best-rated Car Insurer for Customer Satisfaction in 2021/2022 and Green Insurer for the last 3 years. ⭐ Current offer: 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 QuoteView details Compare	loading Fetching your data...
Huddle Black Comprehensive	Finder Score 8 Great			Agreed or Market		Summary: This goes further than most insurers. You get up to 2k for stolen keys, roadside assistance and rental car excess cover (for car rentals in Australia). Who it might be good for: Those who want top cover for their car.	Get QuoteView details Compare	loading Fetching your data...
Bingle Comprehensive Finder Award	Finder Score 8.9 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 QuoteView details Compare	loading Fetching your data...
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 QuoteView details Compare	loading Fetching your data...
Real Comprehensive	Finder Score 8 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 QuoteView details Compare	loading Fetching your data...
Australian Seniors Comprehensive	Finder Score Not yet rated		Optional add-on	Agreed		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. ⭐ Current offers: Save 5% on your first year's car insurance premium by holding a valid Seniors Card. T&Cs apply. Who it might be good for: People over 50 years old looking for flexible cover options.	Get QuoteView details Compare	loading Fetching your data...

loading

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