Owned Financed and Leased Vehicles
Key Takeaways
Pick the Option That Matches How You're Paying for the Car
Choose "financed" if you have a loan, "owned" if the vehicle is paid off, or "leased" if you signed a lease agreement. This determines the coverage requirements on your policy.
Shopping for a Car? Choose How You Plan to Buy It
If you're just getting a quote before purchasing, select the option you expect to use (e.g., financed) so the quote reflects the right coverage. The vehicle's registered owner must also be listed on your GEICO policy.
Ready to add a vehicle or get a quote? Sign into your account here to get started. If you've already started and need help, read on!
When adding a vehicle to your policy, we will ask if you finance, lease, or own the vehicle you want to add.
How do I know which option I should choose?
- Financed - Select financed if the vehicle you're adding has a loan that isn't fully paid off.
- Owned - Choose owned if you or someone else owns the vehicle free and clear (there is no loan on it).
- Leased - Select leased if you or someone on your policy signed a lease agreement for the vehicle (payments are made for a certain period of time and then the vehicle is returned).
What if I just want a quote?
If you’re still shopping for a vehicle, consider how you will purchase it. For example, if you will finance, choose financed. This ensures you are getting the right coverage. For help finding a vehicle, check out the GEICO Car Buying Service.
What if the loan or lease isn’t in my name?
Remember, the vehicle’s registered owner must be listed on your GEICO policy. If they are not, you should add them first, then add their vehicle. Learn more about when you should add someone to your policy here.
Check out other useful tips about adding vehicles here.
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