What does the full vehicle theft insurance mean?

[DeRuby]

It is a type of vehicle insurance that compensates for losses when the vehicle is robbed, stolen, damaged, or when important components are lost. This insurance covers up to 80% of the total loss amount each time. For newly purchased vehicles, it is highly recommended to have this insurance. More details are as follows: 1. Compensation standards for full vehicle theft insurance: After purchasing the full vehicle theft insurance, if the vehicle is lost and the local public security authorities file a case but fail to locate the vehicle within three months, the insurance company will compensate 80% of the loss amount. If the vehicle is recovered, the insurance company will also cover the repair costs, provided these costs are within a reasonable range. Currently, full vehicle theft insurance is considered one of the four major types of insurance. 2. The annual premium for full vehicle theft insurance varies: The premium for the first year is calculated based on the new vehicle price, while the premium for the second year is adjusted. The insurance amount is determined after accounting for vehicle depreciation, as the value of the vehicle decreases each year and cannot be insured at the original price.