Ans: The vehicle is declared as a constructive total loss if the cost of accidental loss or damage repair is more than the current market value.
When a constructive total loss claim is filed then you would need to surrender your commercial vehicle to your motor insurance provider. Vehicle ownership is also transferred to the insurer.
The insurance provider will pay the Insured Declared Value of your vehicle after adjusting the cost of deductibles. Once your claim is settled your motor insurance policy will stand canceled. Once you get the final payment, you are no longer required to pay the premium amount until the policy is renewed.