Loan/Lease Payoff coverage requires Comprehensive and Collision coverage and a lien holder. Loan/Lease Payoff coverage protects you if your vehicle sustains a total loss, and will pay you the difference between (1) the actual cash value (ACV) of your vehicle at the time of the loss, less the applicable deductible and the vehicle's salvage value (if retained by the owner or insured), and (2) any greater amount owed on the vehicle at the time of the loss, less any unpaid finance charges, excess mileage or wear and tear charges, any other charges or expenses associated with the loan or lease, and by the vehicle's salvage value (if retained by the owner or insured). However, any payment under this coverage will not exceed 25% of the ACV of the vehicle at the time of the loss. This coverage protects you if your vehicle is a total loss.
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