What is a Total Loss?
In insurance claims, a total loss or write-off is a situation where the lost value or repair cost of a damaged vehicle exceeds its insured value or a set percentage of its insured value.
Currently, in Japan when a vehicle is more than three (3) years old and is involved in an accident, the insurance company will not deem the car a total loss unless the damage is close to 100% of the pre-accident value of the car.
How Does Accelerated Total Loss Coverage Work?
Our Accelerated Total Loss coverage is an add-on policy that allows for the replacement of a damaged vehicle when:
(a). The total amount of damage is between 10%-49% on vehicles less than 3 years old; or,
(b). The total amount of the damage is between 10% or higher if the vehicle is older than 3 years, and the insurance company refuses to write it off.
Note: This program is an add-on policy and can only be used in conjunction with our Loss of Value policy. Only eligible on select vehicles.
How Much Does Accelerated Total Loss Coverage Cost?
The Accelerated Total Loss policy cost range to approximately .5% (half of 1%) of the value of your car for annual premium. For example, if your vehicle is valued at ¥5 Million your annual policy will be approximately ¥25,000 annually or ¥2,083 per month; in addition to the cost of the Loss of Value policy.
To receive accurate pricing please contact us at quotes or call 03-6770-2902.
Car Insurance
Does NOT Cover Diminished Value
Most car owners don’t know they are not 100% covered by car insurance. You will not be compensated for your cars loss of value after an accident. Don’t lose money because your car loses value.
Car Insurance
Does NOT Cover Diminished Value
Most car owners don’t know they are not 100% covered by car insurance. You will not be compensated for your cars loss of value after an accident. Don’t lose money because your car loses value.