The market value of the insured vehicle in the event of a total loss. The principle of compensation in the insurance contract

Abstract

With this work, we aim to emphasize the principle of compensation and full and real reparation for damages in the insurance contract, especially in property insurance for the event of a loss. In this type of insurance, the general and specific terms and conditions of auto policies primarily contemplate specific terminology and settlement of damages. First, regarding the use of the term "total loss." And second, regarding the meaning of the term "market value" in auto insurance. Both terms appear interlinked in the general and specific terms and conditions regarding the calculation of the corresponding compensation amount by the insurer. Thus, apart from this terminology, other terms appear that give rise to certain inaccuracies and inaccuracies when settling damages caused to the insured, regardless of whether they are terms or clauses that limit or restrict the insured's rights.