In the event that your vehicle is stolen or accidentally damaged beyond repair, your insurance company pays the actual cash value of the vehicle at the time of loss - not what the vehicle’s really worth to you!
You remain liable for payment of the difference between your insurance company’s settlement and the balance of your loan/lease.
This deficiency, added to the amount of your deductible, and other expenses, can easily be thousands of dollars, dollars that come out of your pocket!
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