What are the compensation standards for water-damaged vehicle write-offs?
1 Answers
The insurance company will settle the claim as a vehicle write-off when the repair costs exceed 80% or more of the vehicle's value. Below is relevant information about auto insurance: 1. Introduction: Motor vehicle insurance is a type of property insurance, also known as auto insurance, which covers the vehicle itself and third-party liability of motor vehicles as the subject of insurance under transportation tool coverage. 2. Insurance types: Motor vehicle insurance generally includes compulsory traffic insurance and commercial insurance, with commercial insurance consisting of basic coverage and additional coverage. Basic coverage is divided into vehicle damage insurance, third-party liability insurance, comprehensive theft insurance (theft coverage), and onboard personnel liability insurance (driver liability and passenger liability coverage).