Total Loss Only Clause

TOTAL LOSS ONLY CLAUSE #

Notwithstanding anything contained in Section I of this Policy to the contrary, it is hereby declared and agreed that the insurance provided by this Policy shall only cover the TOTAL LOSS of the motor vehicle insured caused directly by accident, fire or theft.

In the event the insured motor vehicle is damaged due to accident, fire or theft and as a direct result the total agreed repair costs of such motor vehicle based upon one or more repair estimates approved by the Company exceed 75% of its actual value (as defined in the Policy) at the time of the occurrence, such damage shall be considered a TOTAL LOSS and the Company’s Liability under this Policy shall be the actual value of such motor vehicle at the time of the occurrence but in no case shall exceed the sum insured stated in the Schedule.