Anyone know about Insurance? Namely if they are going to write my car off?

Discussion in 'Motoring' started by georginaware, Feb 6, 2009.

  1. georginaware

    georginaware
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    I have a Corsa (05) and it is worth 5k according to the garage, but they have valued the repairs at 4k - the accident wasn't my fault and the other party has accepted full responsibility. Are they likely to write off my car????

    I WANT THEM TO!!! :):):)
     
  2. Squiffy

    Squiffy
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    At over 80% of the value for repair, I think they probably would write the car off. And if they don't, you could challenge them to say that at that level of repair vs the value, you want a write off.

    One thing to beware though. You might think your car is worth £5k, but with values falling you might get less back than you think. Although it would also mean the cost of a replacement would have gone down too....
     
  3. Rawschach

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    A car is a write off if it it will cost more to repair than it is worth minus the salvage value.

    If a car is worth 2k and the salvage 200, it will be repaired if the repairs are less than around 1750

    If the engineer or garage feel that there may be 'hidden' damage when they start to repair it, this can make a difference. So if it was a borderline case it will normally be written off.

    If the engineer says your car is worth 5k and the repairs will cost 4k in total, they will repair it.

    If you dont want your car repairing, ask your insurers for a cash in lieu of repair settlement where they will pay you the repair cost minus vat.
     
  4. Rawschach

    Rawschach
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    also bear in mind that what a garage say a car is worth and what an engineer will value it at can be quite different.

    The liability side of it is not relevant. If you are comp your own insurers will use the same principles as a tpi insurer will use if they have a claim against them.

    It needs inspecting by an engineer first and they will ascertain the value and cost of repairs.
     
  5. Ron240

    Ron240
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    The first thing i thought when i read that....its a very high valuation. :eek:
    Having a quick look around....only the very highest trade prices can match this, and thats for 55 plate cars.

    You have been given good advice already, but realistically, for an insurance pay out, your car should not be worth much more than 4k at best(although you never stated the model, so maybe less), so if the repairs will cost this much, it looks certain to be written off.
     
  6. Greg Hook

    Greg Hook
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    Stupid question and not meaning to hijack the thread, but in this sort of situation where the accident is not your fault, but you may potentially lose out on the write off value, could you sue the party who was at fault to make up the difference?
     
  7. Solomon Grundy

    Solomon Grundy
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    Based on those costs it will be written off.
     
  8. Rawschach

    Rawschach
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    You cant sue somebody for the loss of value as your issue is with your insurers and the value they have put on your vehicle. This is nothing to do with the other driver. Liability does not come into it. Your insurers (if comp) have to INDEMNIFY you - put you in the position you were in before the accident by repairing or paying the value of your car. That is their legal obligation.

    If you are not happy you can pursue the third party insurers direct but they will send an engineer and the valuation will come out very similar if not the same.

    Insurers dont have a price fixing scam on car values - they send independent engineers out who value it based on the market, local internet values and glasses/parkers guides. What some people dont seem to grasp is that what you pay for a car is not necessarily what it is worth and each car has to be judged on its own merits. If you are really that unhappy with the valuation then you can instruct your own engineer but rarely do the values differ greatly.
     
  9. Stoofa

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    As said above, if it is written off prepare to do a little research.
    Your insurance company must leave you in a similar position to what you were in before the accident.
    So you need to be paid enough to buy another 05 Corsa with similar milleage and in a similar condition.

    Pick up copies of Auto Trader and your local paper and see what the going rate is for a car similar to yours - its quite a common car so you shouldn't have too much hassle.
    Wait for the offer from your insurance company and if it is off, inform then that you are rejecting their offer as it doesn't cover the replacement and then back this up with the evidence you have gathered.
    As long as your evidence is sound you should get a revised offer.
    Don't however simply send 1 advert with an 05 Corsa going for silly high money - a single advert is not really evidence, you need to show them what the "going rate" is for your car.

    Personally I like to take out "Back to invoice" GAP insurance.
    Basically if my car gets written off my insurance company makes me an offer.
    My GAP insurance then "tops" this amount up so that I get back exactly what I paid for the vehicle in the first place.
    GAP insurance can be quite reasonable, but may not be worth it on older vehicles.
     

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