What Are the Total Loss Compensation Standards for Flood-Damaged Vehicles?
3 Answers
Here is an introduction to the total loss compensation standards for flood-damaged vehicles: Level 1: Water has just reached the vehicle's chassis, and the exhaust pipe, fuel tank, and carbon canister may be submerged. The vehicle floor may become damp, but the likelihood of significant water ingress is low, and the impact on the electrical equipment inside the vehicle is minimal. Level 2: Water has submerged half of the wheels. Due to the vehicle's incomplete sealing, water will begin to enter the interior. For lower-bodied sedans, the water level inside may affect the seat adjustment motors and electrical components such as heating and ventilation. Level 3: Water has almost completely submerged the tires. At this point, the water level inside the vehicle will completely inundate the seat cushions and the central armrest area, while also affecting a large number of electrical components.
Last time our neighborhood was flooded, my car got waterlogged. After the insurance company sent someone to inspect it, they directly compensated me for the total loss. The total loss standard mainly depends on whether the repair cost exceeds 80% of the car's actual value, or if the water level has reached the dashboard, it's generally treated as a write-off. The compensation is calculated based on the market value at the time of the claim. My five-year-old car was compensated at a depreciated value of over 70,000 yuan, and the insurance company also deducted the deductible. Here’s a reminder to everyone: be sure to report the claim promptly and keep the meteorological disaster certificate, as the vehicle registration certificate and driving license are required for the claim. If you're not satisfied with the assessment price, you can hire a third-party agency for a re-evaluation.
I work in claims settlement. There are two main hard criteria for determining a total loss in water-damaged vehicles: first, if the repair costs exceed 80% of the vehicle's actual cash value, and second, if the vehicle has reached level three submersion (water above the dashboard). The compensation amount is calculated based on the vehicle's market value at the time of the claim, deducting depreciation and the deductible specified in the policy. Note that different insurance companies have varying loss assessment policies; for example, Ping An might declare a total loss at a 50% repair ratio, whereas PICC may require 70%. It's advisable to carefully review the deductible clauses in your policy when purchasing insurance. After water submersion, avoid starting the vehicle on your own, as this could lead to claim denial.
