Insurance law is the branch of law that regulates insurance contracts and the rights and obligations of the parties to these contracts, while insurance indemnities are the legal processes directed by the insured to the insurance company for insurance claims. Insurance contracts are contracts in which one party assumes a certain portion of the risks of another party in return for a certain premium. Insurance law covers the conclusion, execution, and termination of insurance contracts, indemnity payments, and other issues related to insurance activities.
Vehicle depreciation compensation is one of the most prominent issues in insurance indemnities. Vehicle depreciation compensation refers to the compensation of the financial loss in the second-hand market value of your vehicle as a result of an accident. Compensation for loss of vehicle value can be obtained by applying to the insurance company, initiating an arbitration process at the insurance arbitration commission, or filing a lawsuit in the commercial courts.
Another important subject of insurance indemnities is damage compensation. Damage difference compensation refers to the difference between the amount of repair made by using equivalent parts instead of original parts in repairing a damaged vehicle and the amount of repair made by using original parts and equal parts. Damage difference compensation can be recovered through an application to the insurance company, initiating arbitration proceedings before the insurance arbitration commission, or filing a lawsuit before the commercial courts.
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