What insurance coverage does a lender require on a financed car?

Lenders and leasing companies usually require comprehensive and collision coverage in addition to your state's required liability insurance, and they often set a maximum deductible. They will typically be listed on the policy as loss payee or lienholder. Leases may require higher liability limits. Check your loan or lease agreement for exact requirements and give your insurer the lender's details. GAP coverage is optional, though some leases already include it.