At Progressive, you can add loan/lease payoff coverage to your policy when you carry both comprehensive and collision coverage. Example: Your vehicle is worth $12,000 and is totaled in an accident, but you owe $14,000 on your loan., Pros and cons of leasing vs. renting a car . If you're looking to drive the same car for a couple years without buying it, a lease may make more sense than renting. Keep in mind that entering a lease involves a down payment followed by monthly payments for the lease term. Consider these pros and cons of leasing a car: Pros of leasing, Our leasing vs. buying car calculator can help you easily compare the costs of both options. Other things to consider when leasing or buying a car. Leasing companies may require more insurance coverages or higher limits than lenders, so you may pay more for insurance for a leased car versus a car you bought. You might also face penalties if you , Progressive is not affiliated with Upstart or its lending partners. Progressive is not a licensed lender, does not originate or arrange personal loans, and does not endorse and is not responsible for Upstart's products or services, the content or operation of Upstart’s website, or how Upstart handles or uses your information., While leasing a motorcycle is possible, consider all the pros and cons of leasing vs. buying before you decide. Due to the lower cost and rapid depreciation of motorcycles, buying a used motorcycle model might be the better choice for someone on a limited budget who wants to begin riding., Leasing companies will typically require you to carry physical damage coverage for your leased vehicle, commonly known as comprehensive and collision coverage. Many lessors will also require you to carry higher bodily injury liability limits, such as $100,000 per person and $300,000 per accident..