Small tip insurance question

naughtysmurf

If a cars value is €2000 , has a tip, cost to repair is €2500, bumper, light, paint etc, insurance says it’s a financial write off even though it’s driving fine, can you take the 2k add 500 get the car fixed & still drive away on your current policy?

Or does the policy end because they deem it a write off?

Thanks

mickdw

naughtysmurf wrote: »

If a cars value is €2000 , has a tip, cost to repair is €2500, bumper, light, paint etc, insurance says it’s a financial write off even though it’s driving fine, can you take the 2k add 500 get the car fixed & still drive away on your current policy?

Or does the policy end because they deem it a write off?

Thanks

They will offer you a price for the car - possibly 1700 for arguments sake.
If you take that, they now own your car and will take it away.
It may be possible to ask them if they will leave you the car by reducing the payment to you by its salvage value - if this worked out you would take a payment of the value less salvage and then the car was yours to do as you wish, repair or not etc.

Dirty Nails

naughtysmurf wrote: »

If a cars value is €2000 , has a tip, cost to repair is €2500, bumper, light, paint etc, insurance says it’s a financial write off even though it’s driving fine, can you take the 2k add 500 get the car fixed & still drive away on your current policy?

Or does the policy end because they deem it a write off?

Thanks

As other poster said,you take the 2k the car belongs to the insurance company.
You can ask to buy the salvage back & repair it yourself but I'd say it'll have to be assessed by a motor engineer before going back on the road. I can tell you from experience though,they'll fault it on things not related to the accident.
Unless the car was almost perfect pre accident,I'd grab the money & run.

naughtysmurf

Dirty Nails wrote: »

As other poster said,you take the 2k the car belongs to the insurance company.
You can ask to buy the salvage back & repair it yourself but I'd say it'll have to be assessed by a motor engineer before going back on the road. I can tell you from experience though,they'll fault it on things not related to the accident.
Unless the car was almost perfect pre accident,I'd grab the money & run.

They’ve offered the following as settlement

Pre accident value 2700.00
Less salvage 907.00
Less excess 225.00

Can you accept the 2700.00 &
refuse the salvage cost and sell as is or fix & sell it yourself or do you have to go with the 907 salvage cost, we have the car in our driveway so no salvage has taken place as yet, even if you let it go for 200.00 it’s better that paying 907.00

In their email it says “ it is of course your choice if you want to sell the vehicle to xxx or keep the vehicle yourself & repair it “

A replacement car has been purchased

Thanks

coylemj

naughtysmurf wrote: »

They’ve offered the following as settlement

Pre accident value 2700.00
Less salvage 907.00
Less excess 225.00

You have two options...

1. Let them take the car and you get 2,475 (2,700 minus the 225 excess)
2. Keep the car and accept 1,568. Which is 2,475 minus 907.

They're offering to let you hold on to the car for it's salvage value which is 907 so I don't know what you're getting at when you say 'even if you let it go for 200 it’s better that paying 907'.

mickdw

naughtysmurf wrote: »

They’ve offered the following as settlement

Pre accident value 2700.00
Less salvage 907.00
Less excess 225.00

Can you accept the 2700.00 &
refuse the salvage cost and sell as is or fix & sell it yourself or do you have to go with the 907 salvage cost, we have the car in our driveway so no salvage has taken place as yet, even if you let it go for 200.00 it’s better that paying 907.00

In their email it says “ it is of course your choice if you want to sell the vehicle to xxx or keep the vehicle yourself & repair it “

A replacement car has been purchased

Thanks

If you take the 2700, you have basically sold the car to the insurer for pre accident value. They will then take it away so no, you cannot take the 2700 and later sell the car yourself.
The 907 is what they deem it to be worth in current condition.
So if they pay you €1793 which is the pre accident value less current value, you then retain ownership of the car and do as you wish with it.
The excess will also be taken away from the final figure as this is a term of your policy - unless the accident was the fault of another party, in which case there would be no excess.

naughtysmurf

From the insurance company

The settlement total is for 1568.00

This is pre accident value 2700.00
LESS Salvage 907.00 this is a salvage offer from a car dealer provided through insurance company
LESS Excess 225.00

Total 1568.00 from insurance company

As the 907 is a salvage OFFER, I’m confused as to whether this is also paid to the car owner from the dealer?

frozenfrozen

they think the value of the car has been reduced to 907 so they are offering you how much it has depreciated less the excess

I wouldn't claim against my own insurance for 1500 euro...

coylemj

naughtysmurf wrote: »

As the 907 is a salvage OFFER, I’m confused as to whether this is also paid to the car owner from the dealer?

No, its not. It's what the insurance company has been offerred by a dealer to take the car. They are giving you the option to match the offer by taking a hit of €907 on the settlement to keep the car.

Whatever you decide to do, the insurance company will pay out a net €1,568 because either ....

1. You accept €1,568 and keep the car.

2. They pay you €2,475 (2,700 minus the excess) and sell the car to a dealer for €907.

Car99

You're claiming on your insurance for €2500?

monseiur

naughtysmurf wrote: »

They’ve offered the following as settlement

Pre accident value 2700.00
Less salvage 907.00
Less excess 225.00

Can you accept the 2700.00 &
refuse the salvage cost and sell as is or fix & sell it yourself or do you have to go with the 907 salvage cost, we have the car in our driveway so no salvage has taken place as yet, even if you let it go for 200.00 it’s better that paying 907.00

In their email it says “ it is of course your choice if you want to sell the vehicle to xxx or keep the vehicle yourself & repair it “

A replacement car has been purchased
Quote.

Assuming that your replacement car is insured with the same company, did you loose some or all of your no claim bonus due to pending claim ?
It may be worth crunching some numbers first - You may loose on the roundabouts what you gained on the straight.

naughtysmurf

It’s not my car, so it looks like coylemj’s option 1 is correct, the owner has full ncb with protection, they were just a little confused as regards the terminology used & the wording of the breakdown of the settlement , the owner will get €2475, car gets collected by dealer or someone authorised by dealer / insurance
Thanks

Car99

naughtysmurf wrote: »

It’s not my car, so it looks like coylemj’s option 1 is correct, the owner has full ncb with protection, they were just a little confused as regards the terminology used & the wording of the breakdown of the settlement , the owner will get €2475, car gets collected by dealer or someone authorised by dealer / insurance
Thanks

Even with NCB protection his/her insurance will still go up next year due to the fact they are seen as a greater risk because they have had a claim in the last 5 years. While the NCB percentage discount will remain the same the initial premium pre discount will be considerably higher.

mickdw

Car99 wrote: »

Even with NCB protection his/her insurance will still go up next year due to the fact they are seen as a greater risk because they have had a claim in the last 5 years. While the NCB percentage discount will remain the same the initial premium pre discount will be considerably higher.

It may not.
A young driver would be screwing themselves by claiming in this scenario but someone witha long driving record, full no claims bonus protection etc may not notice a difference at all.

naughtysmurf

So just to update this, what actually happened was

Insurance company transferred €1568 directly to bank account
Dealer arrived this morning, took car & handed over a cheque for €907
Changed vehicle details on insurance policy to new vehicle, got extra refund from insurance of €72

coylemj

naughtysmurf wrote: »

So just to update this, what actually happened was

Insurance company transferred €1568 directly to bank account
Dealer arrived this morning, took car & handed over a cheque for €907

Your friend accepted a cheque from a stranger?

naughtysmurf

coylemj wrote: »

Your friend accepted a cheque from a stranger?

A cheque from someone whose business name & contact details were supplied to them by the their insurance company, Aviva, yes