Each insurance company has a list of deductibles for CASCO insurance. They can be for road accidents, minor damage, as well as total and illegal possession. To understand which option to choose, you need to understand this concept.
What is a total in car insurance?
Total loss is the complete structural destruction of a car. Usually, totaled cars include those that make no sense to restore, or the cost of restoration exceeds 70% of the car's value.
Who assesses whether a car is subject to the total?
Usually, the car is valued by an independent expert or an internal employee of the insurance company. The car is valued by finding the official cost of each spare part and the labor according to the standard hours in the region.
In most cases in Ukraine, the Audatex software is used, which contains all the diagrams of the car's components and the official prices of each spare part.
Total ina CASCO
When can a car be recognized as totaled? This question is very relevant in CASCO insurance, because sometimes, in the event of a severe accident, it is more profitable for the insurance company to recognize the car as totaled and pay the entire sum insured than to pay for its restoration. After all, restoration may exceed the sum insured.
When a car is recognized as totaled, the insurance company puts it up for auction. After a successful purchase of a car at an auction, the owner is provided with the buyer's contacts and is paid the difference between the sum insured, excluding the deductible, and the amount of the car purchase at the auction.