In Nevada, when the cost of repairs to your leased vehicle exceed 65% of the car’s current market value, the insurance company will most likely declare the vehicle a total loss. Your insurance will pay you for actual value of the car. However, you still owe the outstanding balance on your lease agreement.
In the majority of cases in which a leased car is totaled, the fair market value of the vehicle is less than what you still owe to the leasing company. When this happens, you are still required to pay the difference according to the terms in the lease.