The excess (your contribution) will be deducted from the claim settlement. The amount will depend on the type of loss or based on the driver at the time of the accident.

Here is a list of the standard category of excesses. To verify the excesses on your policy, review the current Schedule on your policy.

• Insured/Spouse
• Authorized drivers
• Young/Inexperienced Drivers (private/commercial policies: drivers over 25/30yrs driving for more than 2/5years)
• Theft with anti-theft device
• Theft without anti-theft device
• Other claims (fire, malicious damage)

Every car begins with a specific value when it is brand new in the dealer’s showroom. Unfortunately, car depreciation begins the minute that a new car is driven onto a street.

As you drive your car, it will naturally depreciate from the initial value when you purchased your policy. It is important to keep track of a car’s depreciation as it ages. There are other factors that can cause a car to depreciate faster or slower, such as the durability of the type of car and the maintenance record that you keep.
It is recommended that a valuation is attained for vehicles over 5-years in order to find out the current market value. Then if you make a claim, this value will be considered before depreciation is deducted.

Whenever a claim is made, a rate of depreciation is taken into account on parts. The payment is then made for that reduced amount, but not on labour.

A car is considered a “total loss” when it is destroyed beyond repair and nothing of value is left. Whereas a constructive total loss means that the damage is so extensive that repairs would equal or surpass the cost of the car.

Settlement will be based on the Pre-Accident Value/Market Value.