What Are the Standards for Automobile Insurance Loss Assessment?
3 Answers
There is no fixed standard for vehicle loss assessment; it depends on the specific accident circumstances. Below are detailed explanations: Standards: The vehicle loss assessment standards are uniformly regulated by the National Price Bureau across the country. Once the policyholder's vehicle is involved in an accident, a specialized loss assessment department evaluates the damaged vehicle. However, the policyholder must report the incident to the insurance company within 24 hours. The standard for vehicle loss assessment is determined based on the vehicle's price and the types of insurance coverage. If the policyholder has comprehensive insurance coverage, the insurance company will fully compensate for the losses incurred by the vehicle in the event of an accident. Precautions: Vehicles and items involved in traffic accidents are uniformly kept by public security authorities. After inspection and appraisal, a price assessment institution is entrusted to evaluate the loss value. During the loss value assessment, all parties involved should be present. For vehicles and items covered by insurance, the parties should also notify the insurance company to send a representative (failure to appear without valid reason will be treated as absence). The loss value assessment for traffic accidents should, in principle, be completed within 7 days after the accident. Under special circumstances, this period may be extended by 7 days with approval. If any party disagrees with or has objections to the confirmed assessment conclusion, they may apply for a reassessment to the Traffic Police Brigade's Accident Section within 5 days of receiving the "Traffic Accident Loss Value Assessment Report." A reassessment conclusion will be issued within 10 days. The loss value assessment conclusion for traffic accidents becomes effective after confirmation by the public traffic management department.
Last time my car was rear-ended, the insurance company sent someone to assess the damage. The standards mainly depend on what type of insurance you have, such as comprehensive or third-party liability. They first determine who is at fault for the accident and then evaluate the extent of the vehicle damage. They take photos, record the damaged parts, calculate repair costs including parts replacement and labor fees, and also consider the age and market value of your car. In my case, the insurance adjuster negotiated with the repair shop to determine a reasonable amount—not too low to disadvantage you, nor too high to commit fraud. The whole process is quite transparent. They review your policy terms, such as the deductible amount. In such situations, it's best to take photos in advance and keep evidence to make the assessment smoother. Over time, I've realized that damage assessment standards not only affect the claim amount but also impact repair quality. Poor repairs might lead to issues later. So when choosing insurance, it's important to read the terms carefully and not opt for a cheap but inferior policy.
We often handle insurance company-commissioned loss assessment for car repairs, and the standards are quite practical. The core is to evaluate the actual extent of damage, such as the size of the dent or the number of internal parts damaged. They send specialists to inspect the scene, measure dimensions, test functionality, and then combine this with the repair quote. Generally, they won’t accept excessively high quotes because they consider the market average. Older cars with lower residual values receive less compensation, while new cars may get full coverage. I’ve seen cases where if the accident was staged, they could detect it, leading to reduced or denied claims. Owners should avoid unauthorized repairs to preserve evidence. After assessment, a confirmation document must be signed, which becomes binding once signed. By the way, regular maintenance can reduce accident risks, making it easier to secure favorable outcomes during loss assessment.
