(cf VR Act, s 16H)
(1) For the purposes of this Part, a light vehicle is a
"total loss" if it has been damaged, dismantled or demolished to the extent that its salvage value as a written-off light 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 light 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 light 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 light 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.