A Salvage value is the amount for which an asset can be sold at the end of its useful life. In Insurance circles, this term commonly refers to the scrap value of a damaged property.
If a car was involved in a road accident and has a repair amount that is anywhere between 75 % and 90% of its total value, the car might be considered a total loss by an Insurance Company. However, let me state here that each Insurance Company has different guidelines to help determine when a vehicle can be considered a total loss.
Please note that when an Insurance Company has paid the claim before they can sell the Salvage to outsiders, they MAY ask the owner of the car if He is Interested in the salvage or not . Once the Insurance Company pays the claim, they receive rights over property on which they have paid claims such as badly damaged cars.
FOR EXAMPLE
Mr. Juma Chimutunga had insured his vehicle at K50, 000. It was involved in a road accident and the costs of repairing the vehicle was at K38, 000.00. The Insurance Company declared it a Total Loss Claim and paid Mr. Juma Chimutunga K 41,500 after removing 10% Excess and a percentage of depreciation.
Mr. Juma Chimutunga was not interested in the Salvage and agreed the Claims settlement Amount. He had to surrender the damaged car, keys and original white book to the Insurance Company. The damaged car (Salvage) became the property of the Insurance Company since they had paid the claim.
The Insurance Company will then set the salvage value. A salvage value is the amount for which an asset can be sold at the end of its useful life. In Insurance circles, this term commonly refers to the scrap value of a damaged property
The Salvage is then sold to Salvage dealers, Car breakers or individuals who might be interested to have the car repaired for personal use or sold at a profit.
WHY THEY DO THIS
The reason why Insurance Companies sell the salvage is so that they can recover party of the money they had paid on the claim.
Until Next Time!
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