What does vehicle damage assessment and residual value inquiry mean?

[Dean]

Vehicle damage assessment and residual value inquiry have the following meanings: Vehicle damage assessment: Based on automotive construction principles, it involves a scientific and systematic professional inspection, testing, and surveying process to comprehensively analyze collision and accident scenes. Utilizing vehicle damage assessment data and repair records, it provides a scientific and systematic pricing estimate for collision repairs. Residual value inquiry: This refers to evaluating the residual value of an accident-damaged vehicle to determine its remaining worth with legal documentation. Relevant information about vehicle damage assessment and residual value inquiry is as follows: Vehicle damage assessment: Apart from cases where both parties in an accident agree to the insurance company's assessment, there are two main standards. First, the actual loss price determined by professional units with certified assessment qualifications should be followed. Second, the loss price legally adjudicated by the People's Court should be taken as the standard. Residual value inquiry: This process is typically conducted when vehicle damage is significant, aiming to formulate a reasonable damage assessment plan. The residual value inquiry process is relatively transparent, and the prices are more reliable.