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Write off?

  • 03-11-2016 4:53pm
    #1
    Coat22
    Registered Users, Registered Users 2 Posts: 1,789 ✭✭✭


    Not sure if this is the correct place but anyway....
    My wife was driven into a few days ago, third party has accepted full liability and car is currently awaiting an engineer's visit from the insurance company. The damage is all to the front suspension / drive shaft and wheel etc (side impact). The car is less than 2 years old and the bill for the repair likely to be 3k minimum.
    At what point is this considered a write off? It used to be if the cost to repair was >50% of the value of the car - is this still the case? If so its not technically a write off as the car is worth (or at least was last week worth) c20k. However given the nature of the damage (drive shaft etc) I'm not sure I trust a repaired version of this car anymore.
    Thoughts?


Comments

  • #2
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    Coat22 wrote: »
    Not sure if this is the correct place but anyway....
    My wife was driven into a few days ago, third party has accepted full liability and car is currently awaiting an engineer's visit from the insurance company. The damage is all to the front suspension / drive shaft and wheel etc (side impact). The car is less than 2 years old and the bill for the repair likely to be 3k minimum.
    At what point is this considered a write off? It used to be if the cost to repair was >50% of the value of the car - is this still the case? If so its not technically a write off as the car is worth (or at least was last week worth) c20k. However given the nature of the damage (drive shaft etc) I'm not sure I trust a repaired version of this car anymore.
    Thoughts?

    It would generally be if the damage is more than 60% of the total worth.

    There are exceptions such as if there was irreparable damage to the chassis for example.


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