Why Are Total Loss Vehicles Compensated After Auction?

[SanGenesis]

This is an excuse from the 4S dealership. According to the agreement, whether it is an actual total loss or a constructive total loss, the customer should be compensated as soon as possible. Below are two methods for compensating a total loss vehicle: 1. When the insurance amount is greater than the actual value: If the insurance amount is higher than the actual value at the time of the incident, the calculation formula for the total loss is: Actual compensation = (Actual value at the time of the incident - Residual value) × (1 - Deductible rate). 2. When the insurance amount is equal to or less than the actual value: If the insurance amount is equal to or less than the actual value of the vehicle at the time of the incident, the compensation should be calculated based on the insurance amount. The actual compensation = (Insurance amount - Residual value) × (1 - Deductible rate).