How does the insurance company compensate for a total loss vehicle?

[EvanAnn]

After a collision accident, if the damaged vehicle is found to meet the total loss standard upon inspection, the insurance company calculates the compensation based on the basic formula: insured amount * (1 - number of months from vehicle registration to total loss * 0.6%) vehicle residual value, and finally determines the specific amount according to the actual condition of the vehicle. The following are the insurance company's handling methods for a totaled vehicle: 1. Transfer procedures: The insurance company directly handles the transfer procedures with the vehicle owner, which is equivalent to selling the vehicle's residual value to the insurance company, and the insurance company then sells it to others for disposal. 2. Sign an agreement to collect the totaled vehicle: The insurance company arranges for someone who collects residual value to sign an agreement with the vehicle owner to collect the totaled vehicle. The person who purchases the residual value pays the vehicle owner the corresponding fee, and the insurance company covers the remaining shortfall.