What are the differences between the methods of assessing the insured vehicle?

The market value referred to in the event of an accident with damages, will be based on the assessment account vehicles, called “reference table”, which must be defined in the policy. Cannot be approved tables developed by individual insurance companies. Almost all companies using the table.

In negotiating the contract, the company may choose “adjustment factor”, a percentage that is applied to the value in the referenced table. The goal of this feature is to set the value table for real market value of the vehicle, taking into account the specific characteristics, such as case, optional, regional differences, among other things. For example, in the reference table car worth $ 300, but given the State of preservation of the company you want to hire insurance by $ 330. Adjustment factor was 110%. In the case of full compensation from 0 km car insured with the market value referred to during the 90-day period, as long as the first of the vehicle insured, the compensation will be equivalent to the price of the model to the company equal to replace fleet assets. 90 days, will be the exchange rate used for the used car of the year and model of the vehicle insured.

It is good to know that the 90-day deadline for compensation for the so-called “new value” could be expanded by hiring additional security. Select a value in the case of full compensation, “given the value” ensure compensation for a fixed amount, stipulated in the contract. This method is accepted with restrictions by most insurance companies. Insurance companies tend to limit the minimum and maximum of the sum insured. But, if there is no recovery of the vehicle by paying compensation, be returned to the insured. If the vehicle has been recovered with damage, insurance guarantee that spending on repairs. However, action on the reforms, it will be denied car damage, any loss can be partial, with franchise or full compensation.