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Anyone here work in insurance?

  • 06-03-2012 06:03PM
    #1
    ocaoilr2
    Registered Users, Registered Users 2 Posts: 17 ✭


    Right folks,

    Was in an accident a few weeks ago which was my fault. My front bumper is damaged and probably need a panel beater too (not sure though...not an authority on cars). The garage which was recommended to me by insurer gave a quote of €2,300. Car is worth €3k. Insurance saying they'll pay me the €3k instead of fixing it.

    Would I be better to take the money or try get it fixed myself? It's a maroon Corrolla so getting the part the right colour could be difficult...what do ye think? How much will my insurance go up? It's currently €1k


Comments

  • #2
    CiniO
    Registered Users, Registered Users 2 Posts: 16,069 ✭✭✭✭CiniO


    ocaoilr2 wrote: »
    The garage which was recommended to me by insurer gave a quote of €2,300. Car is worth €3k. Insurance saying they'll pay me the €3k instead of fixing it.

    To be honest I'm surprised at this.
    Why would they want to pay more, if they could just pay €2300 for repairs?

    Maybe they are saying about paying €3000 minus salvage value of something like €1000 minus excess, so you would get somthing like €1700 to your pocket.


  • #3
    Anan1
    Registered Users, Registered Users 2 Posts: 22,815 ✭✭✭✭Anan1


    If the insurance company pay out the value of the car - ie €3000 less excess - then they'll own the car. Presumably they reckon they can sell it for more than €700.


  • #4
    ocaoilr2
    Registered Users, Registered Users 2 Posts: 17 ✭ocaoilr2


    So what would happen if I got the panel beating and bumper fixed in somewhere like www.trimtech.ie and then they paid me for that? It would surely work out cheaper for me in the end? I'm not massively worried about how it looks once it passes the NCT.

    The other car was fairly damaged as well so I'm just worried my insurance will be huge when I have to renew it next.


  • #5
    Anan1
    Registered Users, Registered Users 2 Posts: 22,815 ✭✭✭✭Anan1


    ocaoilr2 wrote: »
    So what would happen if I got the panel beating and bumper fixed in somewhere like www.trimtech.ie and then they paid me for that? It would surely work out cheaper for me in the end? I'm not massively worried about how it looks once it passes the NCT.

    The other car was fairly damaged as well so I'm just worried my insurance will be huge when I have to renew it next.
    If you want to repair the car yourself then you'll have to start by buying it back from the ins co. Give them a call and they'll run through your options. Remember, figures are always open to negotiation.


  • #6
    Jimdagym
    Registered Users, Registered Users 2 Posts: 3,844 ✭✭✭Jimdagym


    CiniO wrote: »
    To be honest I'm surprised at this.
    Why would they want to pay more, if they could just pay €2300 for repairs?

    Maybe they are saying about paying €3000 minus salvage value of something like €1000 minus excess, so you would get somthing like €1700 to your pocket.

    It's called economic write off. Cost exceeds certain % of car value they scrap the car. It's quite common.


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  • #7
    vetstu
    Closed Accounts Posts: 428 ✭✭vetstu


    They will write it off and give you X, you can then buy it off hem for Y and get it fixed for whatever you can. You will then need an engineers report that it is roadworthy again and you should end up with a few pound in our pocket, but minus your no claims.


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