The compensation by Total loss in Sure. is the amount the insurance company pays to the insured when an insured asset suffers such serious damage that it is no longer economically viable to repair it. Calculating the total loss compensation is an important process and may vary according to the type of asset insured and the Policy Sure. In this article, we will explore the key elements for calculating compensation for total loss and how this process is carried out.
How to calculate compensation for total loss
To calculate the compensation for TotalYou must follow a series of steps. We tell you in detail in this article:
The next step involves determining the estimated costs of repairing the damaged asset. This means getting budgets from repair workshops, contractors or professionals that would indicate how much it would cost to repair the damage and restore the asset to its previous state.
Compare repair cost with asset value
Once the estimated repair costs and the value of the secured asset are met, it is compared if the repair costs exceed the value of the asset. If the repair costs are equal to or above the asset value, the insurance company generally declares the loss as total.
Calculate compensation for total loss
If the loss is determined to be total, the insurance company calculates the compensation to be paid to the insured. The compensation is generally calculated as follows:
1. Value of assets
The price of the asset or property is calculated at the time of total loss.
2. Deductions
In some policies, deductions are applied to compensation. For example, it is common for the company to deduct compensation for the value of the remains (for example in the case of a vehicle's loss, since the remains of the vehicle can be sold to a scrapping).
3. Final compensation
The final compensation is the final amount that the insurance company will pay to the insured after the loss of the rescue value and the deductible of the value of the insured asset.
Payment process
Once the final compensation is calculated, the insurance company issues a payment to the insured. This payment can be used to replace the damaged asset or for other purposes, as permitted by the policy.
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