What Is Vehicle Depreciation?
The issue of vehicle depreciation is approached from different angles by insurance and insurance companies. However, before explaining the details of damage depreciation, it is necessary to examine and understand the concept of depreciation. Although the laws specified in our legislation do not provide a clear definition of the concept of vehicle depreciation, it is possible to say that it is carried out in line with claims based on certain key issues.
With Compulsory Motor Vehicle Liability Insurance, the insurer is jointly and severally liable for the obligations of the vehicle owner at fault during the accident. According to Article 1409 of Turkish Commercial Code No. 6102, in the event of a loss of value during a traffic accident, the traffic insurance company affiliated with the party at fault is obliged to cover both the damage and loss caused by the accident and to compensate for the loss of value, which is considered direct damage.
According to Article 85 of the Highway Traffic Law No. 2918, if a vehicle causes the death or injury of a person or damage to property, and if the motor vehicle is operated under the name or trade name of an enterprise or with a ticket issued by that enterprise, the operator of the motor vehicle and the owner of the enterprise to which it belongs shall be jointly and severally liable for the damage incurred. Of course, loss of value can vary depending on many different nuances and factors.
To give an example of the situation, for instance, a vehicle part that undergoes painting as a result of an accident does not suffer a loss of value after being involved in another accident. However, if the damaged parts are replaced, this may give rise to a loss of value. While it is possible to come up with similar examples, it is vital to obtain detailed information on the subject, conduct comprehensive research, and consult a lawyer specializing in vehicle loss of value before filing a loss of value lawsuit or taking any action related to the recovery of damage value.