What is the current market value of a scooter?
The current market value is the value of your scooter at this moment. When it comes to scooter insurance, both the list price and the current market value of a scooter play an important role. This is because they determine the premium amount and the maximum amount the insurer will pay out in the event of damage to your own scooter.
When insuring your scooter, the insurer will ask for its value. In the event of theft or damage resulting from another covered accident, the current market value of the scooter is the maximum amount the insurer will pay out. This current market value does not apply if you choose to insure your scooter with third-party liability coverage only. With this type of insurance, only the damage you cause to others with your scooter is covered; damage to your own scooter is not covered.
How do you determine the current market value of your scooter?
The current market value of a scooter cannot be determined with certainty. It is always an estimate. You can estimate the current market value by looking up the approximate selling prices of comparable scooters of the same age. In the event of damage, an expert will estimate the current market value prior to the damage. This valuation can be important in determining whether the damage constitutes a total loss.
When is a vehicle considered a total loss?
In the event of a covered loss, the insurer will pay out a maximum of the current market value. A total loss occurs when the repair costs exceed the value of the scooter. In that case, the insurer will not pay for the damage but will provide a payout based on the current market value. A total loss also occurs if the scooter can no longer be repaired.
Your scooter insurance coverage
Third-Party Liability (Mandatory)
- Damage to others
- Theft and Fire Damage
- Damage to Your Own Scooter
Third-Party Liability, Theft, and Fire
- Damage to others
- Theft and Fire Damage
- Damage to Your Own Scooter
Third-Party Liability: Theft, Fire, and Collision
- Damage to others
- Theft and Fire Damage
- Damage to Your Own Scooter
See also
- Current Value of Auto Insurance
- When is a car declared a total loss?
- What is the list price of my car?
- Scooter Insurance: Liability + Theft and Fire Coverage
- Third-Party Liability Scooter Insurance
- Scooter Insurance
- Scooter Insurance in the Parents' Name
- Scooter Insurance: Liability + Theft, Fire, and Collision Coverage
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