An Allianz assessor will discuss the market value or the agreed value of the vehicle with the customer, depending on the cover outlined in the policy schedule. The assessor will also discuss the deductions which apply, as per the terms and conditions of the policy.
When a vehicle has been involved in an accident and deemed to be a total loss, customers need to know what happens next and how to proceed.
What happens after a vehicle has been assessed as a total loss?
Deductions may include:
- Policy excesses
- Outstanding premium
- If the customer pays their premium annually and we pay out their claim as a total loss, their policy comes to an end and there’s no refund of premium to the customer for any unexpired period of the policy.
- If the customer pays their premium by instalment, any unpaid premium for the policy period will be deducted from their settlement and their policy will come to an end.
- Input tax credit (ITC) – if the customer is GST registered and claims an ITC entitlement.
- Finance
- We will check the Personal Properties Securities Register to confirm whether any money is owing on the customer’s vehicle.
- If we pay for a claim on a vehicle that’s under a finance arrangement, we’ll pay the credit provider first. Any remaining settlement after deductions will go to the customer.
- If the customer is entitled to a replacement vehicle, we’ll liaise with the financier for permission to transfer the current loan to the new vehicle for the same repayments and remaining time, as was left on the previous financial agreement.
The policy document will specify which deductions apply and why.
What happens next?
The assessor will provide the total loss report to the Allianz claims department who will process the settlement. The customer will receive a total loss settlement letter outlining the settlement offer and instructions on how to receive a refund for any unexpired portion of their vehicle’s registration.
Handy hints
- The customer should remove their personal items, including any toll tags, from their vehicle as soon as possible.
- We’ll arrange the collection of the customer’s vehicle.
We’re here to help
For more information about the claims process, you can contact your Allianz Account Manager.
Disclaimer
This article has been prepared by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL234708 ("Allianz"). In some cases, information has been provided to us by third parties and while that information is believed to be accurate and reliable, its accuracy is not guaranteed in any way.
Any opinions expressed constitute our views at the time of issue and are subject to change. Neither Allianz, nor its employees or directors give any warranty of accuracy or accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in this article.
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Any advice here does not take into account your individual objectives, financial situation or needs. Terms, conditions, limits, and exclusions apply. Before making a decision about this insurance, consider the relevant Product Disclosure Statement (PDS)/Policy Wording and Supplementary PDS (if applicable). Where applicable, the PDS/Policy Wording, Supplementary PDS and Target Market Determination (TMD) for this insurance are available on this website. We do not provide any form of advice if you call us to enquire about or purchase a product.
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