Also called Gap Insurance, Loan/Lease Payoff Coverage covers the difference between how much an insurer will pay on a lost, stolen, or totalled vehicle, and how much the insured person still owes on the vehicle.
More On This Topic
Link to This Definition
Did you find this definition of Loan/Lease Payoff Coverage helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary