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Posted by FINN on May 04, 2000 at 15:47:32:
In Reply to: Re: Theft coverage regarding lease car posted by Jack D. Rees on August 29, 1999 at 06:40:41:
: Since the rental or lease company would require that you carry insurance that extends to the vehicle....your own insurance carrier would cover the value of the vehicle if it were stolen.
: The only cost the client should incur would be his decuctible that he carries on his own vehicle.
: One caveat to watch for......some rental/lease company will hold you responsible for the lost rental/lease time. Make sure your policy covers that.
The only way you would owe money to the lienholder-would be if you owe more on your lease than the vehicle is actually worth. For example,
if you owe 10k in lease payments and your vehicle is worth only 8K-you are responsible for the additional 2k-this is also true-if your leased vehicle is deemed a total loss.
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