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Most policyholders are under the assumption that should their vehicle be damaged beyond repair or stolen, their insurance policy will allow them to replace the car with a similar vehicle. The likely cost of the customer in terms of buying a car that is as possibly alike to the one that has been damaged beyond economic repair or stolen is considered the market value. Having a Delkor insurance broker could easily dispel any assumptions.

Conventionally in South Africa; insurers, financiers and dealers have primarily relied on the TransUnion Auto Dealers’ Guide as the industry standard for calculating market-related trade and retail value for each vehicle. This guide not only supplies the trade and retail values for each model, make, variant and age of the vehicle, with information provided by major and independent groups of motor dealers and the major car financing institutions but it also provides charts to manually adjust the value of a vehicle based its condition, factory-fitted optional extras and mileage.

As useful as the above information may be, in the tough economic climate we find ourselves in these days, it is essential to consider the vehicles’ legal status, its accident history, if any tampering has taken place or anything that may influence the value of the vehicle or impact the transaction. Convergence has become the newest trend in information intelligence. The average lay individual could be rendered powerless when dealing with industry jargon, standards and norms. Delkor insurance brokers with their experience and expertise could handle matters such as these on your behalf, saving you the headache.

The strong sentimental attachment between owners and their vehicles along with the biased value that they attribute to their cars, in terms of reliability or usefulness etc, means that they sometimes have difficulty in accepting fair valuation. For an example, owners who have added accessories and special features accessories, or carried out substantial modifications, may dispute whether the insurer’s valuation would allow them to buy a car as desirable as the one they have lost. It is a fact however, that special features may not add considerably to a car’s market value. In some rare cases they may actually reduce the value.

Looming in the background of cause are the fuel price hikes and toll road fees which can lead to increased insurance premiums. Consumers are under pressure to find ways in which they can manage their own risk. What could be better than having professionals to assist? Delkor’s short term insurance brokers will ensure peace of mind with the best cover at the best possible price.

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