Compensation For Loss Of Value Resulting From A Traffic Accident

Compensation for loss of value is a type of compensation that covers the difference between the pre-accident and post-accident market value of a vehicle resulting from a traffic accident. This compensation is covered by the Mandatory Financial Liability Insurance (ZMMS), which is required by the Highway Traffic Law.

In traffic insurance policies, known as “Traffic Insurance” in common parlance, a coverage limit for value loss is mandatory. The coverage limit is updated annually per vehicle and per accident, and as of 2024, it is 200,000 TL per vehicle. In this context, after the insurance file is closed following the accident, the value loss amount is collected by applying to the insurance company.

1 – Collection of Depreciation Compensation/Indemnity:

Following a traffic accident, if your fault percentage is not 100%, you must take your vehicle to an authorized or private service center to open an insurance file.
An expert shall be appointed by the insurance company to assess the damage to your vehicle. With this expert appointment, the material damage and labor costs are determined, and an expert report is prepared.
Once the expert report is approved by the insurance company, payments are made to the service center and the injured party, and the file is closed.
After the file is closed, we start the process. With the power of attorney drawn up by you at the notary, a written application is submitted to the insurance company requesting payment of the loss of value within 15 days.
If the insurance company fails to make payment within 15 days or makes an incomplete payment, an application is made to the Insurance Arbitration Commission.
The Insurance Arbitration Commission appoints an arbitrator to the file. The arbitrator reviews the file and appoints an expert to calculate the loss of value.
The expert determines the actual loss of value, and the expert report is served to the parties. The file is decided upon after statements are made regarding the report. The Insurance Arbitration Commission issues a decision on the dispute.
The value loss amount determined in accordance with the Insurance Arbitration Commission’s decision is collected and transferred to the bank account provided by our clients.

2 – Collection Period for Value Loss Amount/Compensation:

Since filing a claim with the insurance company is a prerequisite for litigation, the claim must be filed first. This process takes 15 days. The Insurance Arbitration Commission process takes an average of 4-6 months.

In summary, the process of collecting the value loss compensation resulting from a traffic accident is completed within a maximum of 5-7 months.

3 – Essential Points to Consider When Collecting Value Loss Compensation/Damages:

The statute of limitations for value loss claims is two years from the date of the accident.
To be eligible for value loss compensation, your vehicle must not have had a total loss or severe damage record prior to the accident.
Value loss does not apply to vehicles that have been involved in previous accidents at the same location.
The age and mileage of the vehicle are important factors in determining the compensation amount. However, there is no age or mileage limit for determining the value loss compensation.
Value loss compensation collected through the insurance company and the Insurance Arbitration Commission is not recorded in the vehicle registration.
The right to claim value loss in vehicles sold after the accident belongs to the license holder at the time of the accident, and the subsequent sale of the vehicle does not prevent us from claiming value loss.

4 – The Role of Lawyers in Collecting Depreciation Compensation/Damages:

In traffic accidents and the subsequent processes, all matters such as accident reports and expert reports require technical knowledge and expertise, and making mistakes in these processes can result in serious risks such as loss of rights or financial losses.

Damage consulting firms that do not have legal status in our country contact victims or insured parties through various means after an accident and request their power of attorney. Due to their lack of legal status, the party involved in the accident cannot recover their claims or find a responsible party in transactions conducted by damage consulting companies. Therefore, granting power of attorney to a lawyer is always the healthier option.

At Sarıbaş & Akbaba Law and Consultancy, these processes are carried out under the supervision of Attorney Bilal AKBABA, who has completed the Judicial Traffic Expertise Training. With nearly a thousand cases completed since 2019, we have extensive experience and client satisfaction.

For professional and effective legal services, if you contact Sarıbaş & Akbaba Law and Consultancy after an accident, all these processes will be handled on your behalf, and the loss of value claims for both fleet and personal vehicles will be resolved and collected in the best possible manner.

Year: 2025

Application: Compensation For Loss Of Value Resulting From A Traffic Accident

Lawyers: Mehmet Said Sarıbaş & Bilal Akbaba

E-mail: info@saribasakbaba.av.tr

Website: saribasakbaba.av.tr