independentIt can happen to anyone: an accident with your car declared “complete” or a complete loss. But how much will you get? independer.be Advise.
In collaboration with Independer.be
Bertie sum, total loss, total loss: all terms that mean the same thing. After an accident, your car could be so badly damaged that you can’t drive it or repair is no longer warranted. The total economic loss means that the cost of repairing a vehicle exceeds the value the vehicle was in just prior to the accident. In the event of a complete technical loss, your vehicle is so badly damaged that repair is no longer justified.
Who decides if your car is a total loss?
If the damage is serious, your insurance company will usually hire an independent expert. Come to look at the wreckage and determine the damage to the car. It prepares a report and can determine a complete loss. If you do not agree with this, you can conduct a counter-experiment yourself. do you have Insurance of legal expensesthen reimburses (part of) the costs of the corresponding expert.
What compensation do you get if your car has a gross?
Who pays, of course, depends on who is responsible for the damage. If you are the victim of a claim, the damage will be compensated by the other party’s third party liability insurance. Are you responsible for yourself? In this case, you will only get reimbursed from your insurance on a total insurance basis if you have a small comprehensive or comprehensive insurance policy.
How is compensation determined?
The compensation you receive in the event of a total loss depends on the terms in your insurance contract. The age of your vehicle plays a major role in this. Your insurance contract states the definition of “total loss” as interpreted by your insurance company. Your insurance company can take two different rules.
1. default value: The value of your vehicle at the time of the claim, as agreed with your insurance company for the entire term of insurance when you sign your contract. This is done on the basis of the catalog value or the value of your car invoice, with a certain depreciation percentage as your car gets older. Then the final amount will be the compensation to be paid to you. Watch here how to calculate the catalog value of your vehicle.
2. Actual value or functional value: The insurance company bases this on the market value of your car just before the damage occurred. This is done by the expert after the accident who determines the value based on the price of the car in the used car market. Read more about the true value of your car here.
What if you don’t get compensation from insurance?
Then of course you can sell your car wreck yourself to get some of its value back. This can be done by your garage owner, which will allow many buyers to bid for this.
Read also on Independer.be
This article was brought to you by our partner Independer.be.ndepender.be is an independent insurance broker that helps you compare and get insurance.
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