Compensation For The Difference In Loss Value Resulting From A Traffic Accident

Compensation for the difference in loss value is a type of compensation that represents the difference between the loss value determined by the insurance company for a vehicle that has been written off as a result of a traffic accident and the actual loss value. This compensation is covered by the Mandatory Financial Liability Insurance (ZMMS) and Comprehensive Insurance, which are required by the Highway Traffic Law.

In insurance policies commonly known as Traffic Insurance and Comprehensive Insurance, there is no coverage limit for total loss compensation.

1 – Collection of the Total Loss Difference Amount/Compensation:

After a traffic accident, if your fault percentage is not 100%, you can take your vehicle to a service center to open an insurance file. You can check the fault percentage at https://online.sbm.org.tr/trm-ktt/public/sorgu.sbm.
An expert shall be appointed by the insurance company to assess the damage to your vehicle. Through this expert assessment, the material damage and labor costs are determined, and an expert report is prepared.
Based on the expert report, a total loss record shall be created due to the extensive damage to the vehicle.
The insurance company determines the total loss amount, including the total loss and salvage value, and makes an offer to the insured.
The insured may accept this amount or object to it. The amount is finally determined, and an agreement is signed. After the agreement is signed, payment is made to the insured, and the file is closed.
After the file is closed, we start the process. First, the insurance/casco expert report is reviewed, and a calculation is made regarding the total loss value of comparable vehicles.
A written application shall be submitted to the insurance company with a power of attorney drawn up by the client at a notary public, requesting payment of the total loss compensation amount within 15 business days.
If the insurance company fails to make payment within 15 business 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 total loss compensation.
The expert determines the actual total loss amount, and the expert report is served to the parties. The case is decided based on the statements made in response to the report. The Insurance Arbitration Commission issues a decision on the dispute. The documents in the case can be viewed at www.sigortatahkim.org.
The total loss compensation amount determined in accordance with the Insurance Arbitration Commission’s decision shall be collected and transferred to the bank account provided by our clients.

2 – Collection Period for Total Loss Compensation/Damages:

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

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

3 – Essential Considerations in the Collection of Total Loss Compensation/Damages:

The statute of limitations for total loss compensation claims is two years from the date of the accident.
To be eligible for total loss compensation, your vehicle must not have had a total loss record prior to the accident.
The age and mileage of the vehicle are not relevant in determining the compensation amount.

4 – The Role of Lawyers in Collecting the Total Loss Amount/Compensation:

In traffic accidents and the subsequent processes, matters such as accident reports and expert reports require technical knowledge and expertise, and any errors made may result in the loss of rights or financial losses, which is a serious risk.

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 collect their compensation or find a responsible party in transactions carried out by damage consulting companies. Therefore, granting power of attorney to a lawyer is always a healthier option.

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

For professional and effective legal services, please contact Sarıbaş & Akbaba Law and Consultancy at https://www.saribasakbaba.av.tr/tr/iletisim or by phone after your accident, and all these processes will be followed up on your behalf, and the total loss compensation files for your fleet or personal vehicle will be finalized and collected in the best possible way.

Year: 2025

Application: Compensation For The Difference In Loss Value Resulting From A Traffic Accident

Lawyers: Mehmet Said Sarıbaş & Bilal Akbaba

E-mail: info@saribasakbaba.av.tr

Website: saribasakbaba.av.tr