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Old cars insured at new car prices, but when total loss occurs, claims are paid according to actual value. Is this an industry tacit rule or a霸王条款of individual auto insurance companies?
Huatai Property Insurance's quote is: vehicle damage insurance amount insured according to the new car purchase price of 200,400 yuan, premium is 1864 yuan. Tianping Auto Insurance Company stated that the vehicle damage insurance amount is insured according to the current new car purchase price of 200,400 yuan, the premium is 1658 yuan; if the vehicle is scrapped, the maximum compensation is 100,600 yuan. If calculated according to the insurance company's depreciation formula: the actual value of the insured vehicle = the new car purchase price at the time of the accident - the new car purchase price at the time of the accident × number of months used × monthly depreciation rate (0.6%), it can be inferred that the actual value of the car is about 100,600 yuan.
Guoshou Property Insurance Company (hereinafter referred to as Guoshou Property Insurance) stated that it would be insured according to the new car purchase price of 200,400 yuan, with a premium of 1864 yuan. The customer service staff said that this is already a price reduced by 15%. If the vehicle damage insurance amount is insured according to 100,600 yuan, the premium is 1097 yuan; insuring according to 200,400 yuan is considered full coverage, but in case of total loss, claims are paid according to the actual value, not 200,400 yuan.
Anbang Property Insurance gave three different answers each time. The first time, the customer service staff said that the car was from 2004, after depreciation, the vehicle damage insurance amount is about 140,000 yuan, with a premium of 1440 yuan; the second time, the customer service staff said that the new car purchase price within the system is 200,400 yuan, the vehicle damage insurance amount is insured according to 200,400 yuan, the premium is 1865 yuan; the third time, the customer service representative said that according to regulations, for vehicles that are seven or eight years old, only insufficient coverage is allowed, the vehicle damage insurance amount is 100,600 yuan, the premium is 1098 yuan.
The customer service representative of Guoshou Property Insurance said that choosing to insure the vehicle damage insurance at 200,400 yuan is considered full coverage, with a premium of 1864 yuan; if choosing to insure at 100,600 yuan, it is considered insufficient coverage, with a premium of 1097 yuan, differing by 767 yuan. Relevant personnel of Guoshou Property Insurance responsible for claims said that if insured according to the actual price, claims will be paid according to the actual value.
An insider explained that old cars are insured at new car prices because the parts used during repairs are priced at the latest prices. Is there over-insurance?
According to previous media reports, Ren Chonggui, underwriter of the auto insurance department of Dubang Insurance headquarters, once said that simply put, over-insurance is when the insurance amount exceeds the actual value of the insured item. For example, if a car's actual value is 100,000 yuan, and its vehicle damage insurance amount is 150,000 yuan, then it falls under over-insurance.
A relevant person in charge of the China Insurance Association said that according to the terms of the vehicle damage insurance, the owner can choose to insure according to the actual value or the new car purchase price. Insuring according to the actual value, when partial loss occurs, the repair costs are compensated according to the ratio of the insurance amount to the new car purchase price at the time of insurance; if insured according to the new car purchase price, the repair costs are compensated according to the actual核定amount.
Whether choosing to insure according to the new car purchase price or the actual value, when partial loss occurs, once the claim amount exceeds the actual value, the insurance company compensates according to the actual value.
It was reported that an owner's old car was insured at the new car purchase price by the insurance company, but when total loss occurred, the insurance company compensated according to the actual value. The owner angrily sued the insurance company to a court in Beijing, and the final court ruling was: the insurance company compensates according to the actual value and refunds the excess premium. Industry insiders: suspected of violating the Insurance Law
Gao Wei, the chief editor of Koubi Finance Network and financial expert, previously told the media, "Old cars should be insured according to their actual value, not the new car purchase price. Because once a car has an accident and is written off, the insurance company will only compensate for your actual loss (depreciated value), it cannot compensate you with a new car (or equivalent money). Insuring old cars according to the new car purchase price violates a certain provision of the Insurance Law, making a big profit from policyholders."
Article 55 of the new Insurance Law implemented on October 1, 2009 stipulates: The insurance amount shall not exceed the insurance value. Any amount exceeding the insurance value is invalid, and the insurer shall refund the corresponding insurance premium. In serious cases of excessive insurance, the CIRC orders rectification and imposes a fine of more than 50,000 yuan but less than 300,000 yuan.
According to previous media reports, the China Insurance Association issued the "Guidelines for Revising Property Insurance Products (Draft for Comments)" in August 2009, changing the previous method of insuring vehicle insurance amounts according to the new car purchase price, requiring insurance companies to insure according to the actual value of the vehicle (actual value of the vehicle = new car purchase price - depreciation amount) or negotiate to determine. If this is implemented, car owners will save hundreds of yuan annually, while the underwriting profits of property insurance companies will be affected.
Relevant persons in charge of the China Insurance Association said that the guidance opinions conveyed to all companies in August 2009 were to fully implement the legislative spirit and basic requirements of the new Insurance Law; the guidance did not involve the issue of insurance amount, nor did it require all companies to only adopt the way of insuring according to the actual value, all companies followed the guidance to uniformly report and approve product clauses to the CIRC.
Professor Zhu Laiming of the Department of Insurance at Nankai University said that what insurance companies need to do now is to clearly explain to customers the significance of insuring according to the new car purchase price. If the insurance company compensates according to the actual value when the vehicle suffers total loss, it would be best to return the excess premium collected to the customer. If you need to reprint, please contact the editorial department of the "Everyday Economic News". Without authorization from the "Everyday Economic News" editorial department, it is strictly prohibited to reprint or mirror, violators will be held accountable.
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