Hopefully you never pass but unfortunately if you had an accident and your car is wrecked start surgirte a lot of questions about what you have to do with it. The first step is call your insurance company to take charge of the vehicle and its transfer to the appropriate workshop. The expert who will rule on whether the car is not able to be repaired or declared a total loss.
In most usually established policies there "Total loss" when the estimated cost of repair exceeds 75 percent of the sales value of the immediately preceding vehicle when the accident occurred (Or 100% in other companies). If this condition occurs, the insurer will not be obliged to repair the vehicle but to pay the amount of compensation agreed in the policy.
Who is guilty
When settle a claim you may find two possible variants, depending on who was at fault in the accident. He explains European Automobile Associates (AEA). If the fault of the other, as prejudiced the accident, you have a right to be fully compensating all damages they have caused you. Thus, the insurer liable for the loss must compensate you with the full amount of what it costs repair.
Nevertheless, if the vehicle could not be repaired because of the importance of damage or because the cost of repair is manifestly excessive or disproportionate, you are entitled to receive the amount of the cost of buying in the spot market another vehicle characteristics similar to yours.
If the cult is yours, compensation the insurance company pays your own depending on what you have in your insurance contract in the "own damage" section, so It is necessary to review the policy to see if you put some "restrictive clause" of your rights and if these clauses have expressly accepted the your signature.
Other forms of compensation
In addition to compensation to the amount of "value of the repair," there are other ways established in insurance policies:
- "Actual cash value"Is the value for sale of the vehicle immediately before the accident occur.
- "Venal value improved": The venal value plus a percentage increase, which is usually between 15 percent and 30 percent.
- "Replacement value": Is the amount needed to buy equipment on the market a vehicle of the same characteristics to the incident.
In addition, there are insurers if the incident occurs in the first or second year of the vehicle, they indemnified 'value again', that is to say, the updated price of your new car at the time of the accident, including all taxes. O with "acquisition value", which is the amount paid when you bought the new vehicle. As you have contracted the policy may receive compensation or another and differences can reach up to 50 percent. Therefore, it is important that every year know how much your company values your car in case of total loss.