Day value moped: what does it mean?
The daily value plays an important role for moped insurance. This is because this is the maximum amount the insurer is at risk for, in addition to the liability risk. A higher daily value results in a higher premium. For three of the four forms of insurance, the daily value is of interest to the insurer. Only for the third-party moped insurance, the insurer does not ask for it. This insurance only compensates damage caused to others, not for damage to one's own moped.
Why does the insurer ask for the daily value?
In the event of damage, the repair costs are reimbursed. If the repair costs are higher than the market value, the insurer pays the market value. In that case it is called a total loss. In case of theft, the current market value is also taken into account. The current market value is also the maximum amount the insurer must pay out in the event of damage to the vehicle.
What does the daily value depend on?
To determine the daily value, the catalog value is used as a starting point. The list value is the amount the moped was purchased as new for. An expert called in by the insurer can determine the current value of the moped just before the accident. This includes the following factors:
- How old is the moped?
- What brand and type is it and how are they in the market?
- How many kilometers has the moped been driven?
- Were accessories added that were not factored into the list value?
- The general condition of the moped - How has the vehicle been maintained ?
How do I find out the value of the moped?
When taking out moped insurance, you are not asked for the daily value. However, the insurer is interested in the list value and the amount you paid for it yourself. The current value is determined by an expert in case of damage.
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