How is auto insurance loss assessment determined?
1 Answers
Auto insurance loss assessment refers to the process where, when an insured vehicle is involved in a traffic accident, the insurance company's first step is to conduct on-site investigation and loss assessment. It provides a reference basis between the policyholder and the insurance company to determine the claim amount. This reference, subject to the policyholder's approval, carries legal binding force and involves technical and interest aspects related to repairs, manufacturing, and the vehicle owner. The loss assessment results may vary across different claim points of the same insurance company. Introduction to vehicle insurance: Also known as motor vehicle insurance, or simply auto insurance, it refers to a type of commercial insurance that covers liability for personal injury, death, or property damage caused by natural disasters or accidents involving motor vehicles. Auto insurance is a category of property insurance. Categories of auto insurance: Auto insurance includes compulsory traffic liability insurance, vehicle damage insurance, third-party liability insurance, comprehensive theft insurance, and onboard liability insurance, among others.