New South Wales Consolidated Acts

ROAD TRANSPORT ACT 2013 - SECT 104F

104F Heavy vehicles that are a total loss

(1) For the purposes of this Part, a heavy vehicle is a
"total loss" if it has been damaged, dismantled or demolished to the extent that its salvage value as a written-off heavy vehicle plus the cost of repairing the vehicle for use on a road would be more than--

(a) the market value of the vehicle immediately before the damage, dismantling or demolition, or

(b) if the vehicle is insured for a specified amount (known as the sum insured), that specified amount.

(2) The statutory rules may--

(a) prescribe other cases as cases in which a heavy vehicle is a total loss for the purposes of this Part, and

(b) prescribe exceptions to this section.

(3) In this section--

"market value" of a heavy vehicle means the price that the vehicle would bring at open market, as determined (having regard to local market prices and the age and condition of the vehicle) by the person who assesses whether or not the vehicle is a total loss.

"salvage value" of a heavy vehicle means the value of the vehicle if sold for scrap or parts, or in a damaged state, as determined by the person who assesses whether or not the vehicle is a total loss.