What does insurance salvage value vehicle mean?
1 Answers
Insurance salvage value vehicle refers to the remaining usable value of an insured vehicle after it has been damaged in an accident. Below is relevant information: Influencing factors: A vehicle's salvage value is affected by many factors, such as the vehicle's brand, market recognition, usage duration, mileage, etc. Generally, the longer a vehicle has been used, the lower its ratio in salvage value calculation. Insurance value: Insurance value is the agreed value of the subject matter insured as stipulated in the insurance contract by both parties. The determination of insurance amount is based on the determination of insurance value.