Is the compensation for a flooded vehicle based on the amount stated in the vehicle damage insurance?
2 Answers
Compensation for a flooded vehicle is based on the amount stated in the vehicle damage insurance. Introduction to Auto Insurance: Auto insurance generally refers to motor vehicle insurance, which primarily covers the motor vehicle itself and third-party liability. In essence, it is a type of transportation tool insurance, and the corresponding policyholders are mainly organizations or individuals who own motor vehicles. Choosing Insurance: Auto insurance can be purchased at a 4S store, online, directly via phone, or at an insurance company's office. However, it is important to note that the required procedures may vary depending on the method of purchase.
As a veteran driver with over a decade of experience, I know from similar situations that compensation for flood-damaged vehicles isn't simply based on the insured amount listed on the policy. That coverage limit is just an upper cap or reference value - insurers actually calculate payout based on the vehicle's current market value minus depreciation. For example, if your car is worth 100,000 yuan with a 120,000 yuan coverage limit, you'll likely only receive around 100,000 in compensation, possibly minus the deductible. For total loss due to flooding, they'll assess based on current vehicle condition; for partial damage, they'll cover repair costs. I recommend carefully reviewing policy details beforehand - don't just look at the coverage amount, but also check flood coverage terms. Before driving during floods, confirm garage safety to reduce risks. Afterwards, keep proper documentation like scene photos and repair records to facilitate claims. Ultimately, insurance is meant to mitigate actual losses, not to make profits.
