Accident car: The replacement value is of great importance
alone in November 2016 was taken by the police in Germany, according to the German Road Safety Council 235,880 road accidents on. The total number of traffic accidents that only resulted in material damage was 211,638.
On average it cracked on each day in November, i.e. about 7,862 times on German streets. Unfortunately, even drivers who drive with foresight and have a lot of experience are not immune to being involved in an accident. Even if only property damage occurs to a car and no one was injured, after a crash many formalities to be completed.
the Repair of the damaged vehicle usually comes first. If you are not to blame for the accident, they will come Motor vehicle liability insurance of the opponent for the cost of the repair.
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In this regard, the so-called replacement value is of great importance. However, many are unsure what exactly this term means. In the following we explain everything you need to know about this topic.
FAQ: replacement value
There is talk of a total loss if the necessary repair costs are higher than the replacement value.
This is possible, for example, using the Schwacke list. However, insurance companies usually insist that an expert prepare a vehicle report.
How is the replacement value defined?
Residual value, current value, replacement value: It is usually difficult for laypeople to keep track of so many terms. Does it happen after an accident Insurance claims settlement, many victims only understand the station at first. In the following we want to shed some light into the darkness.
Basically, the replacement value is the amount that has to be spent on the regional, reputable used car market purchase an equivalent vehicle. So this should be in the same condition as the old car and have comparable features. Of course, the condition of the vehicle before the damage is decisive.
The replacement value becomes important if it is to be determined whether there is a total loss. Two forms can be distinguished: the technical and economic total loss. The former is when a car has been so severely damaged that a repair is no longer possible.
A economic total loss on the car, on the other hand, is present when the repair would be economically unreasonable. Then the amount that has to be spent on the repair is higher than the value for the replacement. In such a case, the injured party is usually Difference between the replacement value and the residual value of the vehicle replaced.
Of the residual value corresponds to the amount that Sale of the vehicle involved in the accident can be achieved. The rest is not to be confused with the so-called value. This describes the Value of the vehicle just before the time of the accident. The replacement value is usually around 20 to 25 percent above the fair value, since the former takes into account the profit margin of the car dealer.
As already mentioned, we speak of an economic total loss if the repair costs are higher than the replacement value. The insurance then only pays the difference between the two values. However, there is one exception: the 130 percent rule. This states that an injured party can also Repair costs are reimbursed if they are 130 percent higher than the replacement value. In order for this to be approved by the insurance company, appropriate documents for the repair must be presented. In addition, the injured party is obliged to to keep the vehicle for at least six months.
The replacement value can be precisely determined by an expert
Now the question arises as to how high the replacement value will be. the Calculation turns out to be extremely complicated, since many different factors have to be considered. For this reason, one should independent expert to be entrusted with this task.
The basis for determining the replacement value is usually the DAT or Schwacke list. This is the listing of the approximate residual values of used cars on the German market. In this context, however, it is important that these prices only show average values. They apply to motor vehicles which, among other things
- were admitted on June 1st of a year,
- have an average mileage,
- have a medium tire profile,
- have to go to the next general inspection in twelve months,
- be in average condition and
- have standard equipment.