Auto insurance helps cover large financial expenses that result from serious damages or car crashes. When you’re in a car accident, what financial repercussions should you expect, even with good insurance coverage? More specifically, what happens if you total a leased car in Arizona? It’s important to know what to expect and what to do in this situation because it can have a major impact on your financial future.
What Happens if You Total a Leased Car: Understanding the Outcomes
Any type of vehicle damage can be serious, but when a car is totaled, it will likely alter your next steps. It’s helpful to understand this process, especially if you already lease a car or are planning to in the future. For a car to be considered totaled, the cost to repair it must be higher than the current value of the car.
Many people understand that when they own a vehicle, they are financially responsible for most major expenses. However, what happens if you total a leased car that you do not actually own? The financial obligation still rests on you to pay for it. Even though the vehicle is considered “beyond repair” in terms of value, you still have an obligation to finish your leasing contract.
Other costs or payments may be required since the car is no longer operable and therefore cannot be leased out to another client in the future. Depending on your insurance coverage, you may be on the hook for thousands of dollars with nothing to show for it.
Steps to Take After an Accident in a Leased Car
Car crashes in Arizona are common; over 121,300 occurred in the year 2021 alone. If you lease your car and are involved in a serious accident that has likely totaled your vehicle, follow these important steps.
1. Start With Scene Safety
Your health and safety and that of the other people involved are the top priority. Make sure you are in a safe place and attend to any medical issues. Contact emergency services if you or another person suffered a confirmed or suspected serious injury.
2. Gather the Pertinent Information
Take note of the exact time and take detailed photos and notes as soon as possible. Get names, license plate numbers, phone numbers, and insurance information from others involved in the accident. Be sure to write down anything of significance that may be related to the crash.
3. Contact a Lawyer
You need to let your auto insurance company and your leasing company know about the accident, but it would be prudent to contact a Phoenix car accident lawyer first. They can help make these contacts for you to ensure that the entire process is carried out with your interests in mind. Whether you are at fault or not, it’s wise to get legal support any time you’re in an automobile accident, especially when a leased vehicle is involved.
Get Help From Sargon Law Group
If you’re wondering what happens if you total a leased car and how it will affect your future, contact us today at Sargon Law Group. Our team of Phoenix personal injury lawyers help clients in the Maricopa County area during the aftermath of a crash get the support they need to get back to everyday life.