As a result of a damage to the vehicle, if the repair costs approach, reach or exceed the market value of the vehicle after the expertise inspection, the vehicle is deemed to be fully damaged. If the repair costs of the damaged vehicle are close to 70% of the market value of the vehicle, it is not suitable both economically and in terms of life safety to bring the vehicle back to the traffic after repair. Vehicles in this situation are called severely damaged vehicles, ie pert vehicles.
WHAT IS HEAVY DAMAGED (PERT) INSURANCE?
In this sense, there are two types of motor insurance that come to mind. The first is the insurance made to the previously pert vehicle, the second is the insurance made to the undamaged vehicle but can only be paid in cases where the vehicle is pert (burning, theft, collision) and it can be preferred by the vehicle owners with lower premiums.
If the vehicle is insured, the current market value of the vehicle is paid to the owner of the insured vehicle, provided that it does not exceed the insurance policy amount specified in the insurance policy, when it is determined that the vehicle is not accepted by the expert report after the damage. On the other hand, if the insurance cost specified in the policy is lower than the market value of the vehicle, in such a case, a proportionally less payment is made. The vehicle whose value is fully paid to the insured becomes the insurer. Vehicles that are owned by insurance companies are put up for sale on the websites of insurance companies or through intermediary institutions in order to reduce losses.
IS THE VEHICLE WITH HEAVY DAMAGE INSURED?
Insurance companies can generally accept vehicles that have been severely damaged, that is, permitted, as a risk. For this reason, insurance companies may not want to provide motor own damage insurance for vehicles that have come out of a seriously damaged accident. However, there are insurance companies that can make motor own damage policies for heavily damaged vehicles that have previously undergone pert treatment and repaired by taking this risk within certain frameworks. Policy coverage may differ and there may be some exemptions.
You can contact the expert team of Bifiyatla for your questions about the Heavy Damaged Pert Vehicle.