Insurance Pay Out

gollum

Legacy Member
Does anyone know if and what I should expect as a payout from insurance for my stolen car. It was leased, and I didn't have any replacement value. The adjuster is wishy washy with how much I can potentially get. My sales guy said I should be getting the difference.

Does anyone know how payouts work for a lease?

I'm getting the impression that I get the difference.

Insurance is paying out Toyota Canada more than what the buy back currently is, it's pretty much paying out what the cash price was 15 months ago when we leased it.

Does anyone know if I'll actually see that difference between the payout and the buy back?

Matket values have of course increased so will I benefit?
 
I was under the assumption that for a lease you don’t receive anything, the insurer reimburse the credit company and you get nothing.

For a buy this would be completely different.
 
That's what I assumed but I'm being told by insurance and Toyota dealer that I should see something but no one seems 100% certain. They're saying the money would come from Toyota Canada after they get paid out. Buy out is $39,000 and insurance told me the amount they are offering Toyota is $48,000.
 
If you dont have valeur à neuf you wont get shit

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The car was barely 16 months old.
Why should Toyota Canada get $48,000 for a car that was priced that much 16 months ago.
 
Turn the situation around, what if they only gave Toyota Canada $10k for the car? Would you pay the difference?

I think leasing contracts are quite clear on the matter unless you have additional and separate insurance for valeur à neuf.
 
That's what I assumed but I'm being told by insurance and Toyota dealer that I should see something but no one seems 100% certain. They're saying the money would come from Toyota Canada after they get paid out. Buy out is $39,000 and insurance told me the amount they are offering Toyota is $48,000.

This
Been there
 
The car was barely 16 months old.
Why should Toyota Canada get $48,000 for a car that was priced that much 16 months ago.
Car is not yours.
If you look at your papier your name isnt even there.

You wont get anything. They will just pay the rest of the lease and thats it

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Car is not yours.
If you look at your papier your name isnt even there.

You wont get anything. They will just pay the rest of the lease and thats it

Envoyé de mon SM-G998W en utilisant Tapatalk

Look again :) Your name is there.
 
Car is not yours.
If you look at your papier your name isnt even there.

You wont get anything. They will just pay the rest of the lease and thats it

Envoyé de mon SM-G998W en utilisant Tapatalk

That's what I originally assumed but both Toyota and the insurance is telling me that I should be getting something back due to the increased value of used cars. I'm just curious as to if I will get the entire difference. I'll let you guys know what happened in the coming days.
 
That's what I originally assumed but both Toyota and the insurance is telling me that I should be getting something back due to the increased value of used cars. I'm just curious as to if I will get the entire difference. I'll let you guys know what happened in the coming days.

Well let's see, that would be a first ...
 
The contract at that point would be terminated so you're not on the hook to pay whatever is left on the contract, you basically walk away from it. The only thing I'm wondering is if you had a security deposit. If you had a downpayment then that is lost but a refundable security deposit, not sure.
 
The contract at that point would be terminated so you're not on the hook to pay whatever is left on the contract, you basically walk away from it. The only thing I'm wondering is if you had a security deposit. If you had a downpayment then that is lost but a refundable security deposit, not sure.

downpayment tu es fourré, surtout si le sinistre est en début de bail, mais le downpayment tu as eu une économie mensuelle en payant moins chaque mois donc l'impact se résorbe un peu si ton sinistre arrive à l'an 2-3-4. Pour cette raison qu'on devrait jamais mettre plus que 5 000 $ en downpayment sur un bail, sinon tu prend valeur à neuf pour sécuriser ton cashdown.

Security deposit,il est remboursable à partir du moment que la compagnie de crédit est indemnisée par l'assureur à hauteur du solde dû au moment du sinistre.
 
I just spoke to the finance manager at my Toyota dealer, he said Toyota Canada will take what is owed and will send you the balance. They are not allowed to keep anything more than the buyout amount. My mechanic said the same thing, they have no right to the extra cash.
 
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