Motor Wrightway Choice Market Value definition

shane55

Registered User
Messages
24
I have just changed companies but have noticed the following paragraph in the Wrightway Choice policy document

"Market Value

The cost at the date of the accident or loss of replacing the Insured Vehicle, if possible, with one of a similar make, model, age, condition and mileage. We will usually ask an engineer to give us advice about the Market Value of the Insured Vehicle, refer to guides of vehicle values and any other relevant sources. We will not pay VAT or excise tax. In assessing the Market Value, you should consider the amount that could reasonably have been obtained for the Insured Vehicle if you had sold it immediately before the accident, loss or theft."

Does this mean that the amount paid out in the event of total loss of a car will be the market value less the rate of VAT and excise duty paid for the car when new?

Thanks
 
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