Total loss settlement under Limited Depreciation Endorsement

Situations when there is a total loss settlement under the Limited Depreciation Endorsement (APV297A)

Settlement options

When a total loss occurs to a vehicle with a Limited Depreciation Endorsement (APV 297A), the customer is entitled to additional compensation. The claims representative must choose the most cost effective option available.

The following shows what the customer may receive in a total loss situation depending on whether the customer vehicle was purchased new or used:

When the vehicle was purchased...	Then the customer receives the least costly of the following options...
new	the purchase price actually paid by the customer as evidenced by the bill of sale the manufacturer's suggested retail price (MSRP) at the purchase date of the customer vehicle, or the replacement of the vehicle with another of like make, model, model year, and style with similar (but not necessarily identical) options.
used	a new vehicle of like make, model, model year and style, or 90% of the MSRP of the described motor vehicle at the time it was manufactured, if a new vehicle of like make, model, model year, and style with similar equipment and options is not available.

Note: The cost of repair of any prior unrepaired damage (not including minor door dings) to the vehicle is deducted from the settlement of the total loss or constructive total loss. If there is coverage for this damage, the customer has the option of processing a claim subject to any applicable deductible or premium increase.