Will the insurance company compensate for a new car if it is a water-damaged vehicle?
2 Answers
No, they will not compensate for a new car. The insurance company will compensate for a water-damaged vehicle based on different circumstances. Here are the compensation scenarios for water-damaged vehicles under different conditions: 1. The car is flooded while parked: If the car is flooded while parked and the owner has previously purchased auto damage insurance, the insurance company will compensate. If the car is damaged by falling objects or utility poles during heavy rain or while floating, these are all covered under auto damage insurance. 2. The car is flooded while driving and restarted: If the car stalls due to flooding while driving through water and is restarted, regardless of whether the old version of water-related damage insurance (before the insurance reform on September 19, 2020) or the new version of auto damage insurance was purchased, the insurance company has the right to refuse compensation for engine damage caused by this.
Last year, my car was flooded in a heavy rainstorm and became a water-damaged vehicle. After an assessment by the insurance company, they compensated me with the market value, which was about 100,000 RMB, but this new car originally cost me 200,000 RMB to buy. They explained that unless your car was recently purchased and still under warranty, or you have purchased a special replacement cost insurance, they generally only compensate based on the current market value because cars depreciate over time. I think it's quite reasonable, but psychologically, I still feel unhappy, especially since I wanted to buy a new car. If your car gets flooded, quickly take photos to document the waterline and contact your insurance company to file a claim. They will send someone to inspect it. Even after repairs, a water-damaged car may still have hidden issues, such as electrical problems, so it's best to conduct a thorough inspection or consider replacing the car after receiving compensation. Remember, the insurance policy usually specifies the compensation standards, so reviewing the details carefully can help you avoid losses.
