Vehicle values Clause Samples
The 'Vehicle values' clause defines how the value of a vehicle is determined for the purposes of the agreement. Typically, this clause specifies the method for calculating the vehicle's worth, such as referencing industry-standard valuation guides or agreed-upon appraisal methods, and may outline when and how these values are assessed, for example at the start or end of a lease or upon loss or damage. Its core function is to provide a clear and objective basis for financial calculations related to the vehicle, thereby reducing disputes and ensuring fairness in transactions involving the vehicle's value.
Vehicle values. All values of insured vehicles stated in the vehicle declaration must represent, as nearly as possible, their market value. Values such as book value, depreciated cost, written down value and residual value are not sufficient to comply with this policy condition. We may require you to provide vehicle declarations showing their book value, depreciated cost, written down value or residual value in your business records.
Vehicle values. All values of insured vehicles specified in the schedule must represent, as nearly as possible, their market value. Values such as book value, depreciated cost, written down value and residual value are not sufficient to comply with this policy condition. We may require the insured to provide declarations showing their book value, depreciated cost, written down value or residual value in the insured’s business records.