If the police declared it cancelled or BER, the insurance has the option to pay it as per the depreciated value at the time of the accident. Even though still under amortization, insurance company will be offering you lower price plus the car. If your car is less than 12 months, you'll be paid by its current price less the pro rated depreciation. If you want to appeal, then you had to go court, that options is a big drain on finances since it will take a long time to settle. Bottom line is, you will loose 15 to 30 percent in respect of the value of your car if you accept their offer. Bear in mind, that they pay the showroom price without the interest from the bank. So your losing 10K right on the spot.
If the police declared it cancelled or BER, the insurance has the option to pay it as per the depreciated value at the time of the accident. Even though still under amortization, insurance company will be offering you lower price plus the car. If your car is less than 12 months, you'll be paid by its current price less the pro rated depreciation. If you want to appeal, then you had to go court, that options is a big drain on finances since it will take a long time to settle. Bottom line is, you will loose 15 to 30 percent in respect of the value of your car if you accept their offer. Bear in mind, that they pay the showroom price without the interest from the bank. So your losing 10K right on the spot.