What does a total loss vehicle mean?
1 Answers
Total loss vehicle refers to an insured vehicle that is completely destroyed or severely damaged to the extent that it loses its repair value. In such cases, the insurance company will determine the vehicle as a total loss. Additional information: 1. Total loss vehicles can be traded: With the consent of the insurance company, total loss vehicles can be traded. The disposal method for total loss vehicles can be auction, and most total loss vehicles end up in the used car market. 2. Precautions: Total loss vehicles still have value, so factories can purchase and repair them on their own. When actual total loss is unavoidable, or when the residual value of the damaged goods plus the costs of rescue, sorting, repair, and continued transportation to the destination exceed the value of the goods upon arrival at the destination, it is considered a total loss.