Loan/Lease Payoff coverage
Auto Loan/Lease Payoff coverage protects you if your financed vehicle sustains a total loss. Loan/Lease coverage pays the remaining loan balance (subject to policy terms, conditions, and exclusions). You can purchase Loan/Lease Payoff coverage for vehicles that are leased or financed.
After your Comprehensive or Collision coverage has paid the actual cash value for your vehicle, less your deductible, your Loan/Lease Payoff coverage will pay the difference between the actual cash value and any additional amount you owe under the terms of your vehicle lease or loan. Your coverage limits, deductibles, and certain exclusions may apply.
Please read your Elephant Insurance Company policy for details.