Economic total loss and fully comprehensive
A fully comprehensive insurance always makes sense when you use a new car. But even if your vehicle is worth a few thousand euros as a used car, it can make sense to think about it. This protection is particularly important if an economic total loss occurs due to an accident that you are responsible for.
This is how the insurance works if there is an economic total loss
An economic total loss for one accident is the worst result for any driver. The meaning also says why: The costs the replacement of an equivalent vehicle are less than the repair. The stipulation is the vehicle value at the time of the accident.
- The reimbursement by the insurer is therefore limited to the replacement value. The residual value of the vehicle is deducted from this. This is usually determined by an expert. However, you have the choice of having your vehicle repaired anyway. In this case, however, you will have to bear the additional costs.
- Attention: There is a rumor that repairs will also be paid for if the amount is a maximum of 130% of the current value before the accident. This regulation applies in the event of liability - you have no option to use this regulation in the event of fully comprehensive damage.
Conclusion and example: You have been using your car for 1 1/2 years and the report puts the damage in a repair at 40,000 euros. The current value of the vehicle, on the other hand, was only 30,000 euros. In this case, these 30,000 euros would be the amount of the insurance benefit. However, the residual value of your car after the accident will be deducted from this.
Avoid financial disadvantages for new and used vehicles with fully comprehensive insurance
A New car literally loses value when you drive it from the car dealer's yard. However, with fully comprehensive insurance you have the option of protecting against loss of value, at least for a limited time (6-24 months, depending on the tariff). The same applies to the purchase of a used car.
In the event of a total loss, you would be very happy if the insurance also covered the ...
- This option is called compensation for the new value of a new car. The purchase price will be reimbursed within the period if there is an economic total loss. Here, too, the residual value is deducted.
- at used cars you have to pay attention to the option "purchase price compensation". The way it works is the same as with the replacement value compensation.
Even if tariffs with this option are usually a bit more expensive, you should think twice about whether it is not worth it for you. With this fully comprehensive option, you can save yourself a lot of anger and anger, especially with new vehicles.
