Look at Comprehensive loss in the current AKB your insurance.
Basic to Comprehensive loss
The damage waiver is a voluntary insurance. Basis for the insurance cover is only what you have in the contract with your insurance company. So you need to pull this contract consult in an individual case, that is the AKB your underlying contract closely studying and ev. also ask a lawyer. Usually see the arrangements as follows:
- If you have a fully comprehensive loss, you must report it to your insurance. This first checks if you have a claim on the merits, so if a hull loss is present.
- Next, the amount of loss is determined. You must thereby necessarily adhere to what your insurance requires you. You simply have to be in the case of fully comprehensive damage usually neither the right nor the car repaired to instruct a surveyor of your choice.
- After the amount of loss has been determined, you can contact the insurance company and this report that you would like to pay the damage, so do not leave the car repair.
In general, this is possible without any problems, but it can also give different agreements in the contract or enter a different obligation to have the vehicle repaired, z. B. If it is a leased vehicle.
Important terms, if you want to cash out a damage
To determine the height of the Comprehensive damage often are the concepts of total loss, replacement value and residual value of importance. Familiarize yourself with the terms:
- A total loss is not only given, technically if a vehicle can not be repaired, it also occurs when the cost of the damaged vehicle repair exceed the replacement value.
- The replacement value is the price you have to raise to an equivalent used vehicle to buy, so a vehicle in the state where your car was, prior to the Comprehensive damage.
- The residual value is the amount that you would get for the damaged vehicle.
Familiarize yourself with the terms because they are often decisive when it comes to determine the extent of damage.
Important if you cash out the fully comprehensive loss
- You usually get replaced the amount that a professional repair would cost in a garage, but it can be agreed something else in the policy conditions. These topics may be important to you in a particular case. In almost all contracts limit are agreed according to this scheme:
- If you can repair your vehicle completely and professionally, is the upper limit of the replacement value. Example: replacement value € 5,000 repair cost € 6000, residual value € 1,000. You get so € 5,000 paid out when you leave the car repaired properly and completely in the case.
- If you do not have your vehicle repaired completely or improperly, can make it, for example, only in running, you receive a refund of the amount that it would cost a full repair, but no more than the replacement value minus the residual value. In the example, you can then only € 5,000 - € 1,000 € 4,000 so leave pay. Even if the repair cost would be € 5,000, you would get only $ 4000 € in the case, would you only 3,000 €, then you might have to pay this.
- If a high residual value was found, so it can be tricky if you want to cash out the damage. Example: replacement value € 5,000 repair cost € 4500, residual value € 2,500 compensation for repairs € 4,500 without repair € 2,500.
- Note that also still in all cases an agreed excess will be deducted.
There is a net calculation. In the case of demonstrated by invoice repair you get, unless you are entitled to deduct replaces the VAT as per invoice. Basically, you get VAT refunded only if it also accumulates and can not be asserted in the VAT return this.