Compensation for total loss is one of the issues that generates the most conflicts in car insurance between drivers and insurers. Generally, users always consider the amounts offered by companies to be low. If you find yourself in this situation, you should know that you can claim against your insurer, even claim in court. Here we explain how.
What does it mean that your car is declared a "total loss"?
A total loss occurs when the total destruction of the vehicle, after suffering a traffic accident, a robbery, etc. In such a way that, the repair of the damages is not feasible, from the technical or economic point of view:
Technically. The repair is unfeasible if it is impossible to return the vehicle to the conditions of use, safety or aesthetics that it had before the mishap occurred.
Economically. The fix is not feasible when the cost of it is much higher than the value that the car has on the market.
What is the market value, the new value and the affection value?
In many car insurance These three terms are referred to. Here we explain its meaning:
sale value. It is the sale value of the damaged vehicle, just at the time of the accident or loss.
Value to new. It is the retail price, including the appropriate taxes and legal surcharges.
Affection value. It is the result of adding, to the market value, a percentage that ranges between 20 and 30 percent.
What to do if you are not satisfied with the compensation offered?
It may happen that the compensation offered by the insurer does not satisfy you and you decide to make a claim.
If you are at fault for the accident and you had contracted own damage coverage, you will have to check what your policy establishes. Some car insurance stipulates that the insurer does not cover the repair of the car if the cost of said repair is greater than the market value of the vehicle at the time of the accident. The criteria followed when compensating must also be clear. If the company applies the market value and you are not satisfied, you can request an increase by applying the affection value, carry out a new appraisal or, ultimately, go to court.
If, on the other hand, you were not guilty of the accident, you can resort to the provisions of article 1.902 of the Civil Code: "he who by action or omission causes damage to another, intervening fault or negligence, is obliged to repair the damage caused". Therefore, you would have the right to be fully compensated.
Concentrate your insurance with Canarisk
Concentrate all your insurance in Canarisk and obtain numerous advantages and benefits. Hiring all your insurance in our Insurance Brokerage in Tenerife and Las
We got the best medical insurance in the Canary Islands for you!
If you are looking for private health insurance in Tenerife and Las Palmas, you have come to the right place. Our knowledge of the local market allows us to always offer you,
Guaranteed improvement of your insurance
At Canarisk we are committed to improving any insurance you bring from the competition, under equal conditions and coverage. Your trust in our management deserves this