Page 414 - Motor Insurance Ebook IC 72

The Insurance Times

Steps for Calculating Motor Insurance
Claims

1. First check that the damage is due to the insured perils.
2. If any part is fully damaged add the cost of painting/

colouring along with the part.
3. Apply depreciation for age of the vehicle.
4. Apply depreciation for plastic, tyre, rubber, battery, glass

parts ( 30-50% ) Head Light panel will not be considered
as glass since it is the outer covering of head light.
5. Add repair charges for any other part as approved by
surveyors may be for denting, colouring etc (don't apply
depreciation).
6. Deduct any salvage from the amount.
7. Deduct Excess as applicable to the class of vehicle.
8. Arrive at the finalAmount.

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