If my car is “totaled”, will I be paid the insured sum shown on my current policy schedule?
October 30, 2020
Not necessarily. Your policy pays the market value of your vehicle or the sum insured (whichever is less) at the time of the loss. Simply put, market value is the price that your car would be expected to “fetch” on the open market in its current condition. We determine the exact amount payable by using well established industry guidelines which make allowances for condition of your vehicle and any approved modifications and additions made to your vehicle. The sum insured on your vehicle may differ significantly from its “market value” as most vehicles depreciate in value as time goes by.