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Auto Insurance Claims/What happens when a lease is totalled
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Question
Hello,
My car that I currently lease was involved in a roll over accident. I believe it will be considered totaled. Will I need to apply for a lease all over again. Or will they provide me with a car to finish out my current lease? thank you Melody
Hi Melody,
If your car is totaled, you will be paid a 'fair market value' for the vehicle. Unless you purchased 'GAP' insurance, you may still owe more on the leased vehicle than the amount paid by the insurance company.
You will then need to purchase or lease another vehicle.
Sincerely,
Bennie
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Answers by Expert:
Bennie719
Expertise
I have extensive knowledge in Personal Auto, Homeowners Insurance and Personal Umbrella coverage. I am also thoroughly familiar with claims handeling procedures. Will answer questions related to the above.
Experience
Experience in the area: Served as an expert at askme.com from 7/2000 thru 10/2002 in the catagories of general insurance, auto and home insurance. Answered 422 questions before that site closed. Licensed in California since 1961, first in Life and Health for 2 + years and as a Property/Casualty Agent/Broker since 1964. I sold my business and took early retirement in 1998. Still maintain a valid California Property/Casualty Agent/Broker license.
I have been a volunteer at allexperts.com since 2002. I can provide assistance in the following fields: Property and Casualty Insurance, Insurance Law, Auto Insurance Claims.
Education/Credentials
not applicable
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