Owning a leased car sounds fun as it is easier on the pocket. However, a totaled lease car can spell trouble due to the complex Nevada insurance laws and terms of the lease agreement.
For the uninitiated, the immediate reaction to a leased car crash is, my leased car was totaled now what? It is important to know the ramifications of the crash for the lessee.
This article takes you through the procedure a lessee needs to follow when his/her leased car is totaled.
Let us begin!
Leased Cars And Nevada Law
- Leased cars are cars rented on a long-term basis. It involves regular monthly payments over a period after the initial payment. The terms of use are specified in the lease agreement.
- The minimum insurance law of Nevada requires all motorists to have a minimum mandated insurance cover for personal injury and property damage.
- The lease agreements also mention a minimum insurance coverage to be opted by the lessee. The failure to do so results in the cancellation of the agreement and probably a lawsuit.
How To Deal With A Totaled Lease Car?
- The insurer needs to be notified of any accident immediately. The lessee should provide basic information details to the firm.
- Contact the leasing company soon. The accident and the damage should be notified to it.
- The leasing company might want to take a look at the car and estimate the cost of repair.
- You need to take the damaged car to a body shop and convey the estimates to your insurer.
- If the accident occurred due to your negligence, then you become ineligible for insurance claims.
- The insurer writes off the car as totaled when the cost of repair exceeds 65% of the car’s value.
- The lessee is also contractually obligated to pay the leasing company for the property damage.
- Gap coverage helps in covering the gap between the lease payment charges and the value of the vehicle.
- If you are not at fault for the accident, you can claim compensation from the negligent driver.
Thus, a totaled lease car stands at the intersection of liability issues and lease terms.
Can You Seek Legal Aid?
A Nevada car attorney can help you deal with your case of totaled lease car tactfully.
Professional legal aid helps in
- Understanding legal issues in the lease agreement
- Establish fault in the crash
- Negotiate with the insurer
- Get a fair compensation
Concluding Thoughts
A totaled leased car can frustrate the lessee due to its legal challenges. Seeking professional legal help helps the lessee avoid unfavorable situations.
