Loan/Lease Payoff
To purchase Loan / Lease Coverage, your vehicle must be financed or leased, and have a lienholder. This coverage cannot be purchased without collision and comprehensive coverage.
What does this cover?
Loan/Lease Payoff Coverage covers the difference between what your vehicle is actually worth and what the outstanding loan or lease balance is in the event of a total loss.
What does this pay?
Loan/Lease Payoff coverage pays you the difference between the Actual Cash Value (ACV) of your vehicle at the time of loss, less the applicable deductible and the vehicle's salvage value (if retained by the owner or insured), and any greater amount owed on the vehicle at the time of the loss, less any unpaid finance charges, excess mileage or wear and tear charges, any other charges or expenses associated with the loan or lease, and by the vehicle's salvage value (if retained by the owner or insured).