Car Accident
By albertopabalan •
My question is about car insurance Standard Policy in case of the following:
A. Incase the vehicle is totally damage/cancel done by the third party, how the insurer repay the damages either cash or totally replace the car?
Note: The unit still under Bank monthly amortization.
Scrap and accident car buyers in Qatar
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Hi
If your car is canceled. And 100% mistake is the other driver. Then your will be payed by the other car insurance. ( keeping in mind that how old your car is and the current market value)
Disregard to the amount pending in bank or disregard to brand new car price.
But some insurance negotiates. And some they don't
Regards
If the police declared it cancelled or BER, the insurance has the option to pay it as per the depreciated value at the time of the accident. Even though still under amortization, insurance company will be offering you lower price plus the car. If your car is less than 12 months, you'll be paid by its current price less the pro rated depreciation. If you want to appeal, then you had to go court, that options is a big drain on finances since it will take a long time to settle. Bottom line is, you will loose 15 to 30 percent in respect of the value of your car if you accept their offer. Bear in mind, that they pay the showroom price without the interest from the bank. So your losing 10K right on the spot.