Constructive total loss of vehicle

Dear Mr Tan,

I bought a comprehensive motor insurance on my vehicle. Unfortunately, I met an accident and the the insurance company informed me that they are only willing to pay me based on the OMV of my car (PARF and COE $28,800/-) value plus cash of $1,000/- ( approx $30,000/-). My vehicle is coming to 5 years old, the cost of repair is estimated to be around $15,000/-.

They claim that it is no longer economical to repair the car. May I know my position in this situation.

REPLY
Under the insurance policy contract, the insurance company has the option to pay the current market value of the vehicle, instead of repairing it. This is called a "constructive total loss".

Usually, if you get the current market value, you will be able to buy a vehicle of similar age and condition as your insured vehicle. If you find that it is not possible to get a replacement vehicle, you can discuss with the insurance company to find a better solution.

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