Definition
A type of insurance that covers the difference between the amount an insurance company pays out for a stolen or written-off vehicle and the amount owed on the finance agreement (lease or loan).
Why it matters (in Poovi’s context)
Discussed in relation to leasing a Tesla Model 3, highlighting its importance for leased vehicles and offering a specific deal.
Key properties or components
- Covers finance shortfall
- Often offered for leased or financed vehicles
- Can cover excess payments
- Can cover monthly payments
Contradictions or debates
None.