In a nutshell, a total loss payment is calculated as follows:
• It starts with what we determine is your car’s market value; then
• less any applicable excess you haven’t yet paid;
• less any unpaid premiums for the full period of cover;
• less any unused registration costs and CTP insurance; and
• less the amount equal to any applicable Input Tax Credit that you are entitled to.
What does my total loss payout include?
