If the total cost to repair the damage to your vehicle is $1,000 and you have a $500 deductible, you pay $500 of the $1,000.
It’s a good idea to report a claim even if you think the cost of your damages is lower than your deductible. Here’s why:
- Even if the damage appears to be minor, the repair costs may be more than you expect.
- If you have coverage for damage to your car, we can estimate how much repairs will cost. This estimate can be helpful when working with your repair shop.
Loan and Lease Coverage is an add-on policy option available in some states. It is designed to protect you by covering this potential discrepancy between a total loss value and the amount left on your loan or lease. It will cover the difference between the unpaid amount due on your loan or lease and the actual cash value of your totaled car.