03-14-2019, 02:59 PM
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#477
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Senior Member
Join Date: Jul 2014
Drives: 2020 Hakone
Location: London, Ont
Posts: 69,841
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Quote:
Originally Posted by Frost
Insurance only pays for value of the car at the time of accident. Leases are meant to just cover for depreciation of the car (mostly) so what you paid for is likely never coming back.
Remember, a lease is a glorified loan. You don't have direct ownership.
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Quote:
Originally Posted by James H
If your is leased, the beneficiary on the insurance should be the bank or whoever you leased it from. The insurance company will deal directly with them and paid them. Unfortunately your lease payment is deemed to be rent paid for usage. Here is an article on the subject.
There may also be a settlement if the payout is less than the residual value depending on your lease agreement.
https://www.theglobeandmail.com/glob...ticle35005749/ |
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