Will Insurance Companies Compensate for Flood-Damaged Vehicles?
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Insurance companies will assess compensation based on factors such as the vehicle's water immersion level, duration of submersion, and specific model, combined with the damage to vehicle components. Below are the specific details regarding compensation for flood-damaged vehicles: Assessment of Flood Damage: First, it is essential to understand the two key factors for receiving compensation for a flood-damaged vehicle. 1. The owner must have purchased vehicle damage insurance (including engine water damage insurance and no-deductible coverage). 2. The damage must be due to heavy rain, defined as rainfall exceeding 16 mm/hour on the day of the incident, or continuous rainfall of 30 mm over 12 hours, or continuous rainfall of 50 mm over 24 hours. Compensation Standards: - If the vehicle is only insured for vehicle damage and does not include engine water damage insurance, the insurance company will only compensate for losses to parts other than the engine caused by heavy rain, as well as rescue fees. - If both vehicle damage insurance and engine water damage insurance are purchased, the insurance company will compensate for engine damage, other flood-related losses, and rescue fees.