What are the insurance compensation standards for car damage?
2 Answers
If your car is damaged in an accident, you should seek compensation from the other party. The other party will then involve their insurance company to assess your losses and process the claim. The other party will submit your invoices to their insurance company for reimbursement. According to Article 8 of the "Compulsory Traffic Accident Liability Insurance for Motor Vehicles" clause: "Within the territory of the People's Republic of China (excluding Hong Kong, Macao, and Taiwan), if the insured causes a traffic accident while using the insured motor vehicle, resulting in personal injury, death, or property loss to the victim, and the insured is legally liable for the damages, the insurer shall compensate within the following limits for each accident as stipulated in the compulsory insurance contract: 1. Death: The death and disability compensation limit is 110,000 yuan. 2. Medical: The medical expense compensation limit is 10,000 yuan. 3. Property: The property loss compensation limit is 2,000 yuan.
The last time my car got rear-ended, the entire claims process was quite straightforward. The first thing was to call the police and contact the insurance company on the spot. After the traffic police determined liability, if the other party was fully at fault, their insurance company would cover the compensation. The loss assessor would come to the scene to take photos and evaluate the damage. According to the auto damage insurance terms, compensation is divided into two types: if the car can be repaired, reimbursement is based on the repair invoice; if it's totaled, compensation is calculated based on the depreciated value of the car as stated in the policy. It's important to note that the type of insurance coverage you have makes a big difference. For example, if you don’t have auto damage insurance, you’ll have to pay for repairs out of pocket. My repair costs were 8,000, and after the insurance company deducted the 500 deductible, they paid out 7,500. Don’t forget to mail the repair invoice, ID documents, and other required materials to the insurance agent within a month, as delays can affect the speed of payment.
