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Loan/Lease Coverage*

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Loan/Lease Coverage*

Published Friday, September 8, 2017

 

When you purchase or lease your next vehicle…

If you buy or lease a new car, consider adding loan/lease coverage to your auto policy.  This coverage pays the difference between the book value of a vehicle and the amount still owed on a lease or loan in the event of a total loss.

Ordinarily, your physical damage coverage provides you with actual cash value settlement (cost of the vehicle minus depreciation) in the event of a loss.  By having loan/lease coverage, you avoid the out-of-pocket expense that would occur due to a “gap” between the vehicle’s actual cash value and the lease or loan amount.  Coverage applies only to the original lease or loan agreement and must be requested within a specific frame of time from the date the agreement is signed.  Check with your independent agent for details.  The coverage does not apply to overdue payments, previously unrepaired damage, or the transfer of lease or loan balances to other vehicles.

*This coverage is included in Wespak and Wespak Estate package policies.

 

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