Insurance
Motor Own Damage — Total Loss Claim Paid
Settling a total loss motor claim where the vehicle is written off.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Outstanding Claims Reserve (Motor OD) | Liability (-) | 25,000.00 | - |
| Cash / Bank (Claim Payment) | Asset (-) | - | 25,000.00 |
💡 Accountant's Note
A total loss is declared when repair costs exceed a threshold (typically 75%) of market value. The insured is paid the insured value less any excess. The salvage vehicle passes to the insurer.
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