How to Compensate for a Total Loss Water-Damaged Vehicle?

[Monica]

If the insured amount is higher than the actual value at the time of the accident for a vehicle that has suffered a total loss, the compensation will be calculated based on the actual value at the time of the accident. That is, compensation = (actual value - residual value) × accident liability ratio × (1 - deductible rate). If the insured amount is equal to or lower than the actual value at the time of the accident for a vehicle that has suffered a total loss, the compensation will be calculated based on the insured amount. That is, compensation = (insured amount - residual value) × accident liability ratio × (1 - deductible rate). Total loss insurance is a type of insurance that only recognizes compensation in the case of total loss of goods or when the loss is presumed to be total.