THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.

LOAN/LEASE VALUE ENDORSEMENT
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For an additional premium and when the Loan/Lease Value Endorsement is shown on your Declarations, the first paragraph under "Limit of Liability" in Part D- Coverage For Damage to Your Auto is deleted for the auto(s) named below and replaced with the following:

Limit of Liability
Our limit of liability for loss will be the lesser of the:
1.  Actual cash value of the stolen or damaged property; or
2.  Amount necessary to repair or replace the property. We may require or specify the use of motor vehicle parts not made by the original manufacturer.
If a repair or replacement results in better than like kind or quality, we will not pay for the amount of the betterment.
Actual cash value is replacement cost less depreciation.
If the actual cash value of your stolen or damaged property is less than or equal to the sum of your deductible as shown on the Declarations plus the outstanding indebtedness, we will satisfy your outstanding indebtedness.

If your stolen or damaged property is subject to a lease contract and the actual cash value of your stolen or damaged property is less than or equal to the sum of your deductible as shown on the Declarations plus your lease obligation, we will satisfy your lease obligation.
The following are excluded from coverage:
1. Excessive mileage charges on leased autos;
2. Excessive wear and tear, as defined in the lease agreement on leased autos;
3. Credit life insurance premiums;
4. Extended warranty; and
5. Any other coverages or charges which are financed as part of the purchase or lease contract.
Eligible autos are those which meet the following conditions:
1. The auto must be new. A new auto as defined in this endorsement is an auto that has not been previously  titled under the motor vehicle laws of any state.
2. The auto must be added to this endorsement within 30 days of leasing or financing the auto.
3. The auto must carry both collision and comprehensive coverage.
4. This coverage is not available for antiques, classics, trailers, recreational use vehicles.
5. The indebtedness is incurred from a financial institution.
Additional Exclusions
Loan/Lease Value coverage does not apply to any auto acquired during the policy period unless that auto is eligible for this coverage and is shown below. In addition, any change of lienholder or other interest to an auto listed below voids this endorsement for that auto being changed.
This endorsement applies to the following auto(s) only:

Any attempt by persons insured under this policy or by persons acting on their behalf to obtain coverage by use of fraud or deception will void this endorsement. Nothing contained here varies, alters or extends any provision of your auto insurance policy except as printed in this endorsement.

AUTOMOBILE CLUB INTER-INSURANCE EXCHANGE
CLUB EXCHANGE CORPORATION, Attorney-in-Fact