What Does Full Compensation for Flood-Damaged Vehicles Mean?
1 Answers
Full compensation from an insurance company for flood-damaged vehicles refers to the scenario where the vehicle owner has purchased both comprehensive insurance and water ingress insurance. The insurance company will only compensate if the vehicle is submerged and the owner has taken appropriate actions. Whether the insurance company will compensate for a water-damaged vehicle depends on the specific circumstances. There are three situations for water-damaged vehicles: 1. The vehicle is submerged while parked and stationary: As long as the owner has purchased comprehensive insurance, they can generally receive compensation. The insurance company will calculate the compensation based on whether the vehicle is repaired or declared a total loss. 2. The vehicle is submerged while in motion, and there is no secondary ignition attempt: The owner needs to have both comprehensive insurance and water ingress insurance. Comprehensive insurance covers costs other than the engine, while water ingress insurance covers engine-related costs. 3. The vehicle is submerged and stalls while in motion, and the owner attempts a secondary ignition. Any ignition attempt in this situation is considered improper operation, and the insurance company will not provide compensation.
