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How is the total loss claim calculated for a vehicle?

1 Answers

JoyAnn

07/30/25 4:36am

After a vehicle suffers total loss, if the insured amount is higher than the actual value at the time of the incident, the compensation will be calculated based on the actual value at the time of the incident, i.e., compensation = (actual value - residual value) × accident liability ratio × (1 - deductible rate). Below is a detailed explanation: 1. Definition of total loss insurance: Total loss insurance usually refers to a compensation insurance system for goods that suffer complete loss of value or are deemed to be a constructive total loss during transportation or transaction. 2. Cases of total loss: (1) When the goods become currently unusable, it is recognized as a total loss. (2) The goods are not completely lost, but due to non-violent incidents causing missed delivery time, resulting in total loss of value. It is considered a total loss and can be compensated as such.

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