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For your newly acquired vehicle, loan / lease coverage on your auto insurance is important to consider if you have a loan or lease.   If you have comprehensive or collision coverage, most carriers pay you actual cash value less your deductible if the vehicle is totaled in a collision, fire, flood, vandalism, theft, etc.   It is not uncommon for your vehicle's actual cash value to be less than your loan or lease value.  When that happens, you will have a gap between what the carrier pays you (actual cash value minus deductible) and what you owe on your loan or lease so you would pay out of pocket.   This is why you may want to consider loan / lease coverage until the loan or lease is paid down.    Loan / Lease coverage is very affordable.    

If you would more information about loan / lease coverage please contact us.

 
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