insurance policies have a depreciation table specified in them ... like once a car is 6 months old 20% depreciation is applicable ... and so on .. likewise there is some clause for total loss of a car ...
depreciation means that if the insurance company has to pay u 100,000 ... and 20% depreciation is applicable ... they will deduct 20,000 and pay u 80,000 ...
the older the car the more depreciation the insurance comapny deducts ...
im not too sure about the leasing scenario .... i bought without lease so cant say ...
Ask Nascar .... he can shed more light on this