Sinister: market value or value of Repair

The market value of a vehicle usually often causes great controversy when it comes to restoring the damage. Many consumer organizations have reported that an unfair term is contained in most insurance policies.

This clause provides that if the repair of damage after an accident is higher than market value (ie, the value of the vehicle), this will be the amount received by the customer. Some insurers even offered the market value and low for some customers before they suffer losses for which compensation would be more expensive.

According to Maria Alonso, RACE, a clause is problematic and difficult to interpret. This is because you, when you hire a full insurance, you pay less for each year of the insured vehicle depreciation (between 10% and 15% each year). "This clause can never be applied to third-party insurance and sooner or later will have to check," said Maria Alonso. First you should know is that the market value is never the amount to be paid by an insurance company to someone who is not his client.

That is, to a third party who has to pay compensation because of an accident in which the insured "has been to blame." Since this third party does not have a contract with that insurer does not have to accept its conditions. The law provides an alternative to insurance, are able to restore the property without fixing the car when the repairs it is "uneconomic". That is, the vehicle owner receives the replacement value. This is the amount it costs a similar car that had crashed in the second hand market (same model, features, miles, etc.).

In this way the user can get a car of the same features as above, as they will not pay what they receive for selling your own, if not a new one that costs the same as I had. It is easy to deduce that this is usually a new source of problems between insurers and reclamanes, collect the market value or replacement Know that there is only one case in which the customer has to accept the market value: When the car has repair company in which a customer is insured against all risks and he has signed such a clause expressly accepting the market value of your policy.

Remember that your insurer has to pay the amount within 40 days

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