If you have just entered into a lease agreement, please take a moment to read and understand this information. Contractual leasing agreements vary greatly from company to company. Your lease agreement is a contract which you will probably be held to by law.
Often leasing contracts hold you responsible for damage or theft to the car — far beyond the actual cash value of the vehicle. Insurance companies offer comprehensive and collision coverages on an actual cash value basis only, as determined by NADA or similar books. Therefore, it is possible to be legally responsible to the leasing company for more than the amount the insurance company will pay you in the event of a loss. The balance, if any, will be your responsibility.
Please be very careful when entering into any contractual agreement, and fully understand your responsibilities stemming from such.