Factual EV insurance information
EV total loss: agreed value, market value and replacement terms
After a total-loss assessment, the settlement depends on the policy and circumstances. The balance of a vehicle loan is a separate amount.
Check the valuation basis
Agreed value is the amount agreed with the insurer under the policy. Market value is assessed at the time of loss. Check the current schedule rather than relying on an old purchase price or last year’s agreed value.
Ask for a settlement breakdown
Request an explanation of the valuation, any excess and other applicable deductions. If the car is financed, ask how the finance interest is handled. Do not assume the insurance settlement will equal the remaining loan balance.
Read replacement conditions
A new-car replacement benefit can have vehicle-age, ownership, kilometre, availability and other conditions. Ask what happens when the equivalent car is unavailable or the current replacement has a different specification. Battery damage does not automatically mean a vehicle will be written off.
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