How Does Insurance Pay for a Total Loss Vehicle?

[DeAdriana]

Vehicle total loss insurance compensation methods: 1. If the insured amount is equal to or lower than the actual value at the time of the incident, the compensation will be based on the insured amount; 2. If the insured amount is higher than the actual value at the time of the incident, the compensation will be based on the actual value at the time of the incident. Within three months after the vehicle is repaired or from the date the traffic accident case is settled, the policyholder should bring the insurance policy, accident handling certificate, accident mediation document, repair list, and other relevant documents to the insurance company to claim compensation. If a dispute arises with the insurance company and no agreement can be reached, the policyholder may apply for arbitration with the economic contract arbitration authority or file a lawsuit with the People's Court.