How is the compensation amount calculated for motor vehicle loss insurance?

[OTeagan]

There are two specific scenarios: 1. If the insured amount is higher than the actual value of the vehicle at the time of the incident, the compensation should be calculated based on the actual value at the time of the incident. The specific calculation formula is: Actual compensation amount = (Actual value at the time of the incident - Residual value) × (1 - Deductible rate). 2. If the insured vehicle suffers a total loss and the insured amount is equal to or lower than the actual value of the vehicle at the time of the incident, the compensation should be calculated based on the insured amount. The specific formula is: Actual compensation amount = (Insured amount - Residual value) × (1 - Deductible rate). Partial loss refers to local damage to the insured vehicle that does not reach the level of total destruction or presumed total loss. Compensation for partial loss is also divided into two scenarios: 1. For vehicles with the insured amount determined based on the new vehicle purchase price, the compensation should be calculated based on the actual repair costs and necessary, reasonable rescue expenses. The formula is: Compensation amount = (Actual repair and rescue costs - Residual value) × (1 - Deductible rate).