Vehicle Impairment Compensation
Vehicle Impairment Compensation The general conditions of traffic insurance have changed and the new regulation has entered into force. With the new regulation, the compensation for the loss of value paid from the traffic insurance to the vehicles damaged after the accident has also changed completely. As such, I’ve been getting a lot of questions from readers about ‘depreciation compensation’ lately. Well, what arrangements were made in compensation for depreciation; Who can get compensation and how? Here are all the curiosities about the new depreciation compensation, which is closely related to 25 million drivers.
1. What is depreciation compensation?
Vehicles damaged after the accident are both registered as damaged vehicles in TRAMER records, and because they are repaired, they cause a financial loss in their market value, in other words, there is a loss of value. This loss is covered by traffic insurance. This is called depreciation compensation. Insurance companies pay compensation for depreciation of repaired vehicles from traffic insurance.
2. What has changed in depreciation compensation?
Vehicle Impairment Compensation With the new regulation, a standard was set for compensation for depreciation. The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) determined one by one by which formula the depreciation compensation will be calculated, which coefficients will be used in the compensation calculation according to the market value, level of use and mileage of the vehicles, and how the value of the changed part will be calculated in damage repair. This list and formulas were also published in the Official Gazette. From now on, compensation for depreciation will be determined according to these formulas and lists.
3. Can every driver get compensation?
In order to benefit from the compensation, you must be the perfect party in the accident. Defective drivers who caused the accident do not receive compensation for depreciation.
4. Who determines the compensation for depreciation?
With the latest regulation, the compensation will be calculated with a depreciation report prepared separately by the insurance adjuster.
5. How is it calculated?
Compensation; The market value of the vehicle is calculated according to its used level, mileage and whether it is used for commercial purposes. The market value of the vehicle, on the other hand, will be determined by calculating the average of the prices determined according to the vehicle groups in the Insurance Association of Turkey’s motor insurance vehicle value list and the Market Value List of the Union of Chambers and Commodity Exchanges of Turkey Insurance Adjusters Executive Committee at the date of the accident. If the cost of the damaged vehicle is included in these lists, the compensation calculation will be made based on this price. If the vehicle is not listed, then compensation will be calculated based on market value.
6. Can all vehicles apply for depreciation compensation?
While certain vehicle groups were applying until yesterday, with the last regulation, whether commercial or not; All vehicle groups from automobile to tractor, motorcycle to tanker, construction equipment to minibus, taxi to bus, truck to pickup truck will now be able to apply for compensation. Rental vehicles can also apply for compensation for depreciation. Only scrapped vehicles that will be withdrawn from traffic will not receive compensation for loss of value from the insurance.
7. Is compensation paid for all damage to the vehicle?
Until yesterday, no depreciation compensation was paid for minor repairs and repairs to simple bodywork, plastic bumpers, glass, radio-tape, tires, airbags, rims, mechanical, electrical, electronic and upholstery components. Now, depreciation compensation will be paid for all damages to the vehicles.
8. Is there a model or mileage limit?
There is no model or mileage limit to receive compensation. However, different calculations will be made according to the mileage of the vehicle and the model year.
9. To whom and how to apply for compensation?
You will apply to the insurance company in person and in writing, with the accident report and the damage appraisal report for the vehicle for which the loss of value is claimed, together with the damage photos, the photocopy of the vehicle’s license, the driver’s license. You do not need to apply to intermediary institutions or individuals to claim compensation. Vehicle Impairment Compensation
10. Do I have the right to object to compensation?
The right of objection and legal remedy are always open, but since the new regulation sets a standard for compensation for loss of value, the compensation you will receive will not change, as the calculation will be made according to the formula and lists published by SEDDK, wherever you apply.
11. Is compensation paid once?
You can apply for compensation for loss of value after each accident.
12. Is there a timeout?
Compensation for loss of value must be claimed within 2 years from the date of the accident. Contact