Leased Vehicle Total Loss

When a leased vehicle is totaled, the settlement goes to the leasing company (the titled owner), not to you. You may still owe the difference between the insurance payout and the lease payoff unless you have GAP coverage.

Related terms

GAP Insurance

GAP Insurance (Guaranteed Asset Protection) covers the difference between what your auto insurance pays for a totaled vehicle and what you still owe on the loan or lease. It matters most when the vehicle has depreciated faster than the loan balance has been paid down.

Actual Cash Value (ACV)

Actual Cash Value is the dollar amount your insurance company is required to pay you for a totaled vehicle. ACV represents the price you would pay to buy a comparable used vehicle of the same make, model, year, mileage, and condition in your local market — not the vehicle's original price, replacement cost, or what you still owe on a loan.

Free review first

Need help with a real total-loss claim?

Your consultation and offer review are free. The Appointed Appraiser Service is $495. It includes the Appraisal Research, our appointment as your appraiser under your insurance policy's appraisal clause, determining the amount of loss with your insurer's appraiser, and the appraisal award letter.

At least $1,000 more, or your fee is waived. This applies once we accept your consultation and serve as your appraiser. The starting point is your insurer's offer on the day we accept. If the appraisal award, or a higher offer your insurer makes instead, is less than $1,000 above it, we waive our $495 Appointed Appraiser Service fee. If an umpire is needed, the umpire's fee is separate. We pre-authorize your card only after we accept your consultation, so there's no upfront payment.

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