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Insurance company assuming ownership

  • 22-07-2015 4:28pm
    #1
    hurlsey
    Registered Users, Registered Users 2 Posts: 256 ✭✭


    Hi, was involved in a crash, car is a write off, it's cartegory C!

    Apparently it's in the fine print of the policy that the insurance company assumes ownership of the car in the event if a write off??

    Is this normal? I've never been involved in a crash before so it's all new to me!

    Because it's category C I won't get a certificate of destruction and won't be able to reclaim the tax(€390), I only taxed the car for a year last month!!

    Also I won't be able to sell the car for scrapage!!


Comments

  • #2
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    hurlsey wrote: »
    Hi, was involved in a crash, car is a write off, it's cartegory C!

    Apparently it's in the fine print if the policy that the insurance company assumes ownership of the car in the event if a write off??

    Is this normal? I've never been involved in a crash before so it's all new to me!

    Because it's category C I won't get a certificate of destruction and won't be able to reclaim the tax(€390) I only taxes the car for a year last month!!

    Also I won't be able to sell the car for scrapage!!

    Its a broad as it's long. If they pay out the full value of the car, why should you still own it or indeed be able to make money off it selling it for scrap. They have basically bought your car for market value.
    The other option is to take settlement less scrap value. That way they pay you market value of the car less it's crashed value. You then retain ownership and can do what you wish with the car.
    I think you can claim for the price of tax on the car also.


  • #3
    hurlsey
    Registered Users, Registered Users 2 Posts: 256 ✭✭hurlsey


    mickdw wrote: »
    Its a broad as it's long. I'd they pay out the full value of the car, why should you still own it or indeed be able to make money off it seeing it for scrap. They have basically bought your car for market value.
    The other option is to take settlement less scrap value. That way they pay you market value of the car less it's crashed value. You then retain ownership and can do what you wish with the car.
    I think you can claim for the price of tax on the car also.

    I'm not looking to come out if this any better than before the accident, I'm just making sure I'm not getting shafted!


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    hurlsey wrote: »
    I'm not looking to come out if this any better than before the accident, I'm just making sure I'm not getting shafted!

    In theory that's what would happen if you accepted a cheque for the market value of the car and were allowed to hang on to it. It's a standard feature of insurance that if the insurance company pays out for total loss, they get to keep the damaged goods for salvage value.

    But as advised above, there's nothing to stop you negotiating to buy back the car, all you have to do is offer €1 more than what they'll get from the trade.


  • #5
    bazz26
    Registered Users, Registered Users 2 Posts: 51,363 ✭✭✭✭bazz26


    It works the same way if the car was stolen, never recovered and the insurance company settles with you. Say 6 months later the car is found or recovered, it is not returned to you because the insurance company have already compensated you. So the car now belongs to them unless you want to buy it back from them.

    So you have a choice:

    1. Either accept a payout of the market value and the car becomes theirs to do with as they please.

    2. Accept a payout of the market value less the scrap value of the car, where the car is yours to repair or break for parts.

    That's usually the way it works across the board with insurance companies afaik.


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