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Based on experience, if the vehicles are financed through the manufacturer and or a third party bank they use, there should be a statement on the contract that says the chicle must be insured with full coverages. Different banks have different limits. Usually there is a lien which is attached to the vehicle. When there is an accident, I believe icbc also does a lien check and pays out to them first ?
Lease vehicles are similar from a insurance perspective and the vehicle requires full coverage. Some small in house leasing companies may also required the lesser to purchase replacement cost if the vehicle is eligible for it.
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REVscene.net
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