What is the calculation standard for full compensation of water-damaged vehicles?
2 Answers
The calculation standard for full compensation of water-damaged vehicles: Actual compensation amount = (Current vehicle value - Residual value) × (1 - Deductible rate). The insurance company assesses the extent of water damage by first conducting a loss assessment to obtain a repair quote, and then combining it with the vehicle's current value to determine compensation. If the repair quote exceeds 80% of the vehicle's current value (this percentage varies by insurance company), it is presumed to be a total loss. Here are the solutions after a vehicle is flooded: 1. Take photos: Document the scene and photograph the license plate number (can serve as evidence for claims). 2. Inform the insurance company: Call the insurance company's claim hotline (must report within 24 hours).
The calculation standard for total compensation of a flood-damaged vehicle mainly depends on the real-time value of your vehicle. The insurance company will evaluate factors such as the vehicle's market condition, age, brand, and mileage to determine a depreciated actual cash value, which is the amount they may compensate you. I remember last year during the floods, my neighbor's car was submerged. After inspection, the insurance company confirmed that the water level reached above the seats, making it essentially unrepairable, and they compensated the full amount based on the used car market value at that time. The key is to check the terms in your insurance policy, as there are usually water depth criteria for determining total loss—once met, full compensation is provided directly. Additionally, the insurance deductible will be subtracted, but you can clarify this in advance. After full compensation, the vehicle is declared a total loss, and the insurance company handles the subsequent procedures. Regularly inspect your vehicle's waterproofing equipment and avoid parking in low-lying areas to minimize risks during heavy rains.
