Market Value

The market value is usually a vehicle often cause great controversy when it comes to restore the damage. Many consumer organizations have complained that it is an abusive clause contained in the majority of insurance policies. This clause provides that if the repair of the damage after an accident is higher than the market value (i.e. the value of the vehicle), this will be the amount that the customer receives. Some insurance companies even offered the market value and low to some customers until they suffer casualties whose repair would be more expensive.

According to Maria Alonso, of the RACE, this is a problematic clause and difficult to interpret. This is due to you, when you hire an all-risk insurance, not pay less every year by the depreciation of the insured vehicle (between 10% and 15% each year). This clause can never be applied to insurance to third parties and afternoon or early will have to review, declares Maria Alonso. First of all you should know is that the market value never It is the amount that has to pay an insurance company to someone who is not his client. I.e., to a third party in which your insured had blamed who has to indemnify a road accident. As this third has no contract with the insurer does not have why accept its conditions. The law offers an alternative to insurance companies: have the possibility of restoring the good without fixing the car when such repair proves uneconomic. I.e., the owner of the vehicle receives the replacement value. This is the amount that it costs a car similar to which the victim had on the market opportunity (same model, characteristics, kilometers, etc.) In this way the user can obtain a car of the same characteristics as above, since you are not paid what they would get for selling yours, if not what costs it a new one equal to what it was. It is easy to deduce that this tends to be a new source of problems between the insurers and the reclamanes, collect the market value or replacement knows that there is only one case in which the customer has to accept the venal value: when the car to repair it the company in which a client is secured to all risk and this has signed expressly such a clause accepting the market value on your policy.