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16. LOAN / LEASE GAP COVERAGE (Not Applicable In New York) <br />A. Paragraph C. Limit Of Insurance of SECTION III - PHYSICAL DAMAGE COVERAGE is amended by <br />adding the following: <br />The most we will pay for a "total loss" to a covered "auto" owned by or leased to you in any one <br />"accident" is the greater of the: <br />1. Balance due under the terms of the loan or lease to which the damaged covered "auto" is <br />subject at the time of the "loss" less the amount of: <br />a. Overdue payments and financial penalties associated with those payments as of the date <br />of the "loss"; <br />b. Financial penalties imposed under a lease due to high mileage, excessive use or abnormal <br />wear and tear; <br />e c. Costs for extended warranties, Credit Life Insurance, Health, Accident or Disability Insur- <br />ance purchased with the loan or lease, <br />d. Transfer or rollover balances from previous loans or leases; <br />e. Final payment due under a "Balloon Loan"; <br />I. The dollar amount of any unrepaired damage which occurred prior to the "total loss" of a <br />covered "auto"; <br />g. Security deposits not refunded by a lessor, <br />h. All refunds payable or paid to you as a result of the early termination of a lease agreement <br />or as a result of the early termination of any warranty or extended service agreement on a <br />covered "auto"; <br />i. Any amount representing taxes; <br />j. Loan or lease termination fees; or <br />2. The actual cash value of the damage or stolen property as of the time of the "loss". <br />An adjustment for depreciation and physical condition will be made in determining the actual <br />cash value at the time of the "loss". This adjustment is not applicable in Texas. <br />B. Additional Conditions <br />This coverage applies only to the original loan for which the covered "auto" that incurred the <br />"loss" serves as collateral, or lease written on the covered "auto" that incurred the "loss". <br />C. SECTION V - DEFINITIONS is changed by adding the following: <br />As used in this endorsement provision, the following definitions apply: <br />"Total loss" means a "loss" in which the cost of repairs plus the salvage value exceeds the actual <br />cash value. <br />A "balloon loan" is one with periodic payments that are insufficient to repay the balance over the <br />term of the loan, thereby requiring a large final payment. <br />16. GLASS REPAIR- WAIVER OF DEDUCTIBLE <br />Paragraph D. Deductible of SECTION III - PHYSICAL DAMAGE COVERAGE is amended by the addition <br />of the following: <br />No deductible applies to glass damage if the glass is repaired rather than replaced. <br />17. PARKED AUTO COLLISION COVERAGE (WAIVER OF DEDUCTIBLE) <br />Paragraph D. Deductible of SECTION III - PHYSICAL DAMAGE COVERAGE is amended by the addition <br />of the following: <br />The deductible does not apply to "loss" caused by collision to such covered "auto" of the private <br />passenger type or light weight truck with a gross vehicle weight of 10,000 lbs. or less as defined by the <br />manufacturer as maximum loaded weight the "auto" is designed to carry while it is: <br />a. In the charge of an "insured"; <br />b. Legally parked, and R4hM r g,,.dDm , <br />c. Unoccupied. R"n r gAa, <br />,� %au {7itx.ou <br />a„n M.,,,ane„a,e am,aian:, <br />© 2021 Liberty Mutual Insurance <br />AC 85 43 08 21 Includes copyrighted material of Insurance Services Office, Inc., with its permissic,:. <br />