How much can be claimed for a total loss car with 110,000 yuan vehicle damage insurance?
2 Answers
It depends on the specific situation. After a collision accident, if the damaged vehicle is found to meet the total loss standard through inspection, the insurance company will calculate based on the basic compensation formula: insured amount * (1 - number of years (months) from vehicle registration to total loss * 0.6%) * vehicle residual value. The final specific amount will be determined according to the actual condition of the vehicle. The following are the insurance company's handling methods for a totally damaged vehicle: 1. Transfer procedures: The insurance company and the vehicle owner directly handle the transfer procedures, which is equivalent to selling the residual value of the vehicle to the insurance company, and the insurance company then sells it to others for disposal. 2. Sign an agreement to collect the total loss vehicle: The insurance company finds a person to collect the residual value and signs an agreement with the vehicle owner to collect the total loss vehicle. The person who collects the residual value pays the vehicle owner the corresponding fee, and the remaining gap is covered by the insurance company.
When I first bought a car, I was also curious about similar questions. As an ordinary office worker, I think it depends on the specific situation. A coverage of 110,000 doesn’t mean you’ll get the full amount—the key lies in depreciation calculations. For example, when my old car was totaled, the insurance company calculated the compensation based on the vehicle’s age, accident cause, and market residual value. If the car was five years old, depreciation might deduct 20% to 30%, so the final payout could be just 80,000 to 90,000. They also assess whether the repair costs exceed the coverage amount before deciding to pay or not. Remember to gather accident proofs and policy documents and contact the insurer promptly. In practice, payouts are always lower than the coverage, but at least they help share some of the loss. It’s always better to drive carefully.
