What is the scrapping standard for water-damaged vehicles under Ping An Insurance?
2 Answers
There is no separate scrapping standard for water-damaged vehicles. The criteria for scrapping them are the same as for vehicles damaged by other causes. When a vehicle is damaged in a traffic accident, the insurance company will adhere to the principle of "repair first." The vehicle meets the scrapping standard if it falls under any of the following conditions: 1. When the repair cost exceeds 80% or more of the vehicle's value, the insurance company will process the claim as a total loss. 2. The vehicle meets any of the conditions specified in Article 4 of the "Mandatory Scrapping Standards for Motor Vehicles," which states that registered motor vehicles should be mandatorily scrapped under the following circumstances: (1) After repair and adjustment, the vehicle still fails to meet the national safety technical standards for in-use vehicles; (2) After repair and adjustment or the adoption of control technology, the vehicle's emissions or noise still fails to meet the national standards for in-use vehicles.
I previously helped a friend handle a flood-damaged car insurance claim with Ping An Insurance. Their total loss standards mainly focus on two points: First, if the water level reaches above the dashboard, it generally meets the write-off condition because both the engine and electrical systems would be severely damaged. Second is the repair cost - if repairs exceed 60%-70% of the vehicle's actual value, they'll recommend declaring it a total loss. I remember my friend's car had soaked seats, and Ping An estimated repairs would cost over 100,000 RMB while his used car was only worth 80,000 RMB, so it was eventually settled as a total loss. I recommend taking clear photos of the flood water level as evidence. They'll also need to verify the VIN and registration documents before processing the claim. It's best to ask the claims adjuster in advance about required documentation to avoid unnecessary trips.
