Page 245 - Motor Insurance Ebook IC 72
P. 245
Guide for Motor Insurance
vehicle which will thereafter be disposed off for
their own benefit calling tenders through
advertisement in newspapers.
2) Total losses can also arise due to the theft of the
vehicle and its remaining untraced by the police
authorities till the end. For arriving at the market
value of untraced vehicles, Insurer take the opinion
of 2 or 3 automobile surveyors after giving them
necessary information such as make, year of
manufacture, past claims, improvements carried, if
any, etc.
If, say, three surveyors indicate three different
figures, the average amount is worked out, which
will be taken as the market value, and accordingly
the claim will be finalized, depending upon the Sum
Insured being equal to or more than the market
value.
ii) Cash Loss Settlement - Under certain
circumstances, Ins- the salvage or reimburse the
Insured with his repairs bill without submission of
repairs bill or without even verifying whether the
vehicles is or will be repaired or not.
These types of settlements are in the nature of
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