Loss or damage - private vehicles
14.6.22 Loss or damage - private vehicles
1. A member is eligible for one of the following amounts if their private vehicle is lost or damaged as a result of an event specified in subsection 14.6.21.1.
a. If their private vehicle is lost - the estimated residual value of the vehicle immediately before the loss occurred.
b. If their private vehicle is damaged - the difference between estimated residual values, both before and after the damage.
2. This is how to work out the estimated residual value of the member's vehicle.
a. Find out how much the member paid to buy the vehicle.
b. Subtract an amount of depreciation the CDF assesses as reasonable in the circumstances.
3. When assessing the amount of depreciation, the CDF must consider all of the following.
a. The criteria set out in subsection 14.6.21.4.
b. The type and cost of the vehicle bought by the member.
c. The age of the vehicle when bought, and the period the member owned the vehicle.
d. The rate of depreciation that would usually occur on a similar vehicle at the member's posting location.
e. The estimated cost of repairing any defects to the vehicle.
f. The insured value of the vehicle.
g. Any other factor relevant to the member's ownership of the vehicle.
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