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Definitions of terms

  • Replacement value = (dealer sales value): Average price that the injured party can be expected to pay at a bona fide domestic specialist motor vehicle market for a replacement.
  • Market value = Ordinary, common price that a thing has at a certain time at a certain place (§ 304 ff ABGB). The market value comes into play in purchases between private individuals; in the case of an undamaged vehicle, the market value is usually between the replacement value and the dealer's purchase value, which is why it is sometimes also referred to as the mean value.
  • Dealer purchase value (forecast value): Average expected purchase price of a reputable domestic vehicle dealer.
  • Residual value = (dealer purchase value) of a damaged vehicle.
    The residual value is the value of a vehicle in its accident-damaged condition. Today, this residual value is usually determined via so-called residual value exchanges. Nevertheless, the injured party is entitled to sell his vehicle to a garage he trusts at the residual value determined by an expert in the expert opinion. In this respect, the injured party may rely on the correctness of the residual value in the expert opinion.
    The only exception is if the insurance company has submitted a binding offer to the injured party prior to the sale of the vehicle involved in the accident.
  • Trade margin = difference between replacement value and dealer purchase value
  • Objective diminished value: Represents the loss of value of a vehicle in the sphere of assets of the injured party. Comes into play if no repair is carried out in a specialist workshop or is intended. If no total loss has occurred, the objective diminished value consists of the difference between the market value of the vehicle before and after the damage occurred. If a total loss has occurred, the objective diminished value consists of the difference between the replacement value before the damage occurred and the residual value (dealer purchase value) of the damaged vehicle.
  • Mercantile depreciation: Difference between the fair market value of a vehicle immediately before the occurrence of the accident damage and the fair market value of this vehicle in a properly repaired condition after the accident. Monetary compensation for the remaining mistrust of an average prospective buyer after a proper and professional repair.
  • Technical total loss: technically impossible to repair a vehicle, e.g. spare parts are no longer available (new and used).
  • Economic total loss is a question of law
  • In the event of liability: the costs of a proper and professional repair in a specialist garage exceed the replacement value at the time of the accident by up to 10%, in individual cases by up to 15%.
  • In the hull case: depends on the insurance and can occur with only 55% of the replacement value at the time of the accident.
  • Wreckage value = dealer purchase value of a damaged vehicle if it can presumably no longer be repaired with economic means or is no longer capable of being built up.
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