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The most important question you must have right now will be, what happens if your leased car is totaled? After an accident, if the expert at the shop spelled the dreaded words that the vehicle is totaled, here is what you can do!
What do you mean by totaling a car?
When the car’s repair requires more than 65% of the car’s value, the insurance companies say that the vehicle is totaled. The situation is dangerous when it is a lease car.
In the case of leased cars, the person has to pay the lessor the amount agreed as per the lease agreement. This is besides the car repair cost that the person had to bear.
So, if you wreck a leased car, you will end up paying more than what a car owner will pay if that person totaled the car.
If you are the at-fault party with both your car and the victim’s car suffering damage, your insurance will cover the compensation of the other car.
However, if the other vehicle’s damage is beyond your insurance coverage sum, you will have to pay for the remaining.
Can gap coverage help?
Gap coverage is the difference between your car’s value and the amount you must pay under the lease agreement. You can buy the totaled car and pay the lessor the remaining amount as per the agreement.
What if you did not total the car and the accident is not your fault?
If you are a car accident victim, then the driver responsible for the accident has to compensate you. But, you will have to inform the lessor about the accident.
The lessor might come to have a look at the vehicle’s condition. Since you are not at fault and the car is not totaled, you can sigh with relief! You may not have to pay for the damages, and your hospital bills, loss of pay, etc. will also be compensated.
Concluding thoughts
Crashing a leased car is a complete nightmare! Being at fault and totaling the car is a total horror story!
Regardless of the situation, if you crashed your leased car, contact an attorney today itself. Take special care to hire a lawyer who has experience dealing with leased car crashes.
Since it is fairly common to see leased car crashes in Las Vegas, with a little bit of research, you would not find it too difficult to get an experienced attorney to handle the situation.
