A bit confused here. My lease of a 2019 GM Equinox says the insurance requires no less than $1000 deductible for Collision and Comprehensive. Is this $1000 each or $1000 combined (500/500)? The contract is poorly written, and when I call GM Financial, I received both answers from two different people. Any help would be appreciated here. Thanks.
I’m 99% certain it’s $1000 each and not combined
I’m 100% sure it’s for each, not total.
Thanks guys! I did note that in my lease, under the $1000 section, there is a sentence which reads “You confirm that insurance policies that meet the requirements described in this lease are in force on the date of this lease as follows”
And it shows my insurance policy at the time I took the lease which had 500/500. However, I assume this has nothing to do with the 500/500 being the maximum I need to carry, correct? It just means that I had a policy in place which met the minimum at the time of lease? Im pretty sure about this, but I figure I would ask the experts.
The 500/500 is what your coverage was on day 1. These are your deductibles, not your max limits. You’re required to Have 1000/1000, so your coverage is better than the minimums allowed by the contract
Understood. Thanks for your help!