When a car thief spoils the holiday

A family drives to the beach, parks the car, goes swimming – and the next thing they know, the car is gone. This is a horrible setback for the holiday and can have a drastic effect on the family budget. It is worthwhile to consider some actuarial particularities. Car theft counts as total loss. It is covered by partial cover insurance, as long as the policy holder has taken this out in addition to the obligatory third party insurance. The compensation from the insurance provider is based on the value of the car at the time of the theft. As a rule, this so-called “current value” is nowhere near the sum that was paid for the car at the time of purchase. To minimise this difference, it is worthwhile, especially for new vehicles, to purchase a replacement value supplement. T...
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