What does batch entry of total loss vehicles mean?
1 Answers
Vehicles that have been involved in major accidents with excessively high repair costs, rendering them beyond repair, are assessed as total loss by insurance companies. Additional information: Total loss vehicles: A total loss vehicle refers to an insured vehicle that is completely destroyed or severely damaged to the point where it has no repair value, and the insurance company will classify it as a total loss. Total loss vehicles can be traded with the insurance company's consent, and their disposal methods may include auctions. Most total loss vehicles end up in the used car market. When the insured object is damaged but not completely lost, it can be repaired or recovered, but the cost involved would exceed the value of the salvaged object, making it not worth the effort. In such cases, the insurance company abandons further efforts and compensates the insured with the full insured amount, which is considered a constructive total loss. According to national laws, vehicles that have reached their scrapping age must be scrapped, meaning they are legally prohibited from being driven on the road. Total loss: Refers to situations where actual total loss is unavoidable, or the residual value of the damaged goods, when combined with the costs of rescue, sorting, repair, and continued transportation to the destination, exceeds their value upon arrival at the destination, thus being deemed a total loss.
