What Are the Standards for Automobile Insurance Loss Assessment?
1 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.
