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Leasing will require you to carry comprehensive and collision insurance. With a fully owned car like mine, I carry only the liability insurance. This in practice more than halves my insurance premium payments. The reduction in insurance premium more than offsets any financial benefit of a lease with an artificially high residual value. (Leases are only beneficial because the residual value does not match reality.)

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Interestingly, in the UK, comprehensive insurance is now generally cheaper than "third party only" or "third party, fire & theft" cover

The reason is because the insurance companies want you to care about the car as an asset, on the basis that statistically they are driven more carefully (and therefore cause less third party property damage, bodily injury, etc.)

I don't know about the UK but comprehensive insurance here means fire and theft.

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