Will it be wrote off ?

yourdeadwright

Our run around second car got a good smack , Insurance company took it to get repaired,

I spoke to the garage today & they said the damage is estimated 3200 Its all cosmetic no structural damage

Now the missus out down on the insurance that the car is worth 5 grand , i reckon she lowballed it and its easy worth about 6 or 7 by looking at similar on line, but i'm guessing the insurance won't pay out more than the 5 she put down the would more than likely pay less,

Now the engineer from the insurance company as of yet hasn't got out to see it, I'm wondering will the insurance company write it off or would they fix it ?

It's a 11 year old car but very low mileage looking at similar cars i can't see us picking anything remotely near that low mileage for the cash they would give for a write off,

Will they write it off or fix it ?

maestroamado

https://www.boards.ie/discussion/2058233242/will-it-be-wrote-off

If it were me i would ask the local panel-beater to have a quick look and a rough estimate of likely repair cost... armed with this info you can chat to the assessor... make sure you are there when its looked at... these guys doing a job and its likely he has a number before write-off. If this is around the repair price everyone wins... you may get more than repair cost...

good luck

Miscreant

Only your insurance company will be able to answer that one but I would imagine, looking at the figures you have quoted, that they will most likely write it off. In my experience, they work on a percentage of market value in relation to the repair costs before deciding the outcome.

Regardless of what value you put on the car when insuring it, the maximum pay-out you will get from them will be it's market value as determined by the insurance company. I am not sure how they would deal with a customer "low balling" the value of their vehicle but I can imagine if it is in the best interest of the insurance company to have an excuse to pay less than market value, then this is the route they will take.

You may have the option to buy the wreck back from the insurance company and get it fixed yourself though, but someone more knowledgeable than me in this area might come along soon 🙂

yourdeadwright

Thanks for the replies guys,

It's not my field but if the repairs are even 100 euro less than what they would have to pay me would it not just be cheaper for them to get it fixed ?

Does anyone know why they work on a percentage , would it not be a case of if they have to give me more than the repair price 3200 , would they not just take the cheaper option & get it repaired ?

kirving

Some of it is that it's just not worth their time to manage the repair process or deal with issues down the line if you're not happy with it.

Second is that a crashed car will be worth less.

Say you had a €5k car, €3k repair costs. On the face of it, a repair will save €2k.

But you need to take away loss of value post crash(eg: -€500), then add admin fees (eg: €500), and a rental car for you if it takes longer to repair than expected(eg: €500), or if the repair cost is unexpectedly higher. (eg: €500)

You've now put €4,500 into a car worth €4,500.

yourdeadwright

https://www.boards.ie/discussion/comment/118639984#Comment_118639984

Ye i get you ,

Such a pain in the hoop as it wasn't our fault at all( on CCTV) all we want is the car back as it was, but that doesn't look likely , I'll also have to spend time looking for a replacement that will be a worse car, absolute head wrecking ,

route66

https://www.boards.ie/discussion/2058233242/will-it-be-wrote-off

I seem to recall from my Leaving Cert - many, many years ago - that if you undervalue the thing that's insured, any claim that's paid will be reduced to match the percentage of the undervaluation.

E.G. if you were insured for 5K on a car worth 7, then any claim will paid at the rate of 5/7ths of the actual repair costs.

Now I will say that I wasn't known for listening to all the detail in the Business Organisation class ...

Wishbone Ash

https://www.boards.ie/discussion/comment/118639667#Comment_118639667

Insurance companies are by nature profit making businesses. Even if you think it doesn't make sense, on average it is probably in their interest financially. At the end of the day, by taking out a policy, you have agreed that they will 'manage' your accident. As has been said, they may give you the opportunity to buy back the car.

colm_mcm

If you’re claiming off someone else’s insurance, it doesn’t matter what you’ve valued your own car at.

They will take things like the salvage value as-is, the market value, and the cost of a repair into account.

marklazarcovic

2nd hand cars actually appreciated in value since brexit,expect a like for like replacement if they scrap it,nothing less

Toyotafanboi

https://www.boards.ie/discussion/comment/118641276#Comment_118641276

Exactly,

This really hinges on whether its a 3rd party or comp claim.

yourdeadwright

https://www.boards.ie/discussion/comment/118641502#Comment_118641502

The person would not accept liability why would that they have nothing to lose in saying no not my fault, ,so iv to go through my insurance first and then they go and try reclaim it,

Now as i said iv CCTV footage of the incident so to me & by comments form my insurance it looks pretty clean cut,( but you never know)

Wishbone Ash

https://www.boards.ie/discussion/comment/118641571#Comment_118641571

In fairness no one should accept liability for an accident. Insurance companies are there to manage that. You just exchange details and inform your insurance company.

yourdeadwright

https://www.boards.ie/discussion/comment/118641950#Comment_118641950

Ah ye i totally understand why they wouldn't ,

yourdeadwright

Just an update

I got a call this morning and the insurance company have decided to go ahead and fix it,

I'm surprised but its what i wanted so happy out,

Miscreant

Glad to hear you got a satisfactory outcome. 🙂