Total Loss / Writeoff - Confused!

[gex23]

I unfortunately crashed my 172 cup on the 15th October, and it was recovered / sitting on my driveway. Today an assessor was sent out who confirmed it was 'probably' a write off, saying he would be sending the report to my insurance company who will then contact me.

Now having never been in this situation before I have a few questions if theres anyone that can help out and answer for me?

1 - The settlment figure they offer is based on the glasses guide? I always thought it was basically the value you insured the car for....

2 - Once a settlment is agreed, is my policy null and void? As i just renewed the policy in July and am a little concerned i've lost out on 9 months of insurance cover (having payed a yearly payment)

3- I have protected NCB - will this help in the event of a large claim such as a writeoff? As i'm now looking at EP3 Type Rs as a replacment and the insurance quotes seem to have taken a major jump up!

:S

Cheers

Anthony

 

[cat171]

Don't accept the first figure you are offered from them.

 

[Aluco]

When you take out a policy they tell you on the phone in the event of a payout you will receive current market value for your vehicle.

Well Bell do anyway..

 

[Rob]

2 - Once a settlment is agreed, is my policy null and void? As i just renewed the policy in July and am a little concerned i've lost out on 9 months of insurance cover (having payed a yearly payment)

3- I have protected NCB - will this help in the event of a large claim such as a writeoff? As i'm now looking at EP3 Type Rs as a replacment and the insurance quotes seem to have taken a major jump up!

:S

Cheers

Anthony

2 - No you will not lose your insurance, you will continue to be insured for the rest of the year.

3 - Having protected no claims will help yes, as you can still put that you have "x" amount of no claims on your insurance applications but you will have to inform them of the incident, hopefully it won't affect you too badly.

Aluco - with that in mind isnt it almost always worth insuring your vehicle right at the bottom end of its value? Or even for just less than its worth? If they are just gonna go by the glasses guide?

 

[Aluco]

2 - No you will not lose your insurance, you will continue to be insured for the rest of the year.

3 - Having protected no claims will help yes, as you can still put that you have "x" amount of no claims on your insurance applications but you will have to inform them of the incident, hopefully it won't affect you too badly.

Aluco - with that in mind isnt it almost always worth insuring your vehicle right at the bottom end of its value? Or even for just less than its worth? If they are just gonna go by the glasses guide?

That's what I always do but I'm only 20 so pay stupid prices..

They will take that into account when looking at market value for a payout so if you put a lower number gives you less leverage for debating the payout.

 

[sideways danny]

2 - No you will not lose your insurance, you will continue to be insured for the rest of the year.

they MAY, in the event of a total loss, require any outstanding balance to be paid though

 

[gex23]

Cheers for the replies so far

they MAY, in the event of a total loss, require any outstanding balance to be paid though

Outstanding balance?

 

[sideways danny]

if you pay by instalments

 

[Gally]

Depending on the insurance company, glasses guide could stand you in good stead.

If you quickly pm me some details of your car I can help you get the best payout for your car instead of auto trader/pistonheads prices.

 

[gex23]

if you pay by instalments

Oh right - luckily I always pay in one lump sum rather than installments

Depending on the insurance company, glasses guide could stand you in good stead.

If you quickly pm me some details of your car I can help you get the best payout for your car instead of auto trader/pistonheads prices.

Pm'd dude

 

[Gally]

Done mate hopefully it was helpful.

 

[Darren S]

When you take out a policy they tell you on the phone in the event of a payout you will receive current market value for your vehicle.

Well Bell do anyway..

Aluco - with that in mind isnt it almost always worth insuring your vehicle right at the bottom end of its value? Or even for just less than its worth? If they are just gonna go by the glasses guide?

I was told ages ok by an insurer never, ever insure your car for what you think or deem it to be worth. You won't get that back should anything happen to the car.

I renewed my insurance last month and valued the 182 at £4k - definitely no more. Even that might be too high - lol!

D.

 

[Ad]

Some insurance companies, namely Bell, Admiral etc, do cancel the policy in the even of a total loss fault claim and do not give you a refund for the remainder of the year.

Your NCB will protect you from a larger rise in premium.

Market value is exactly that, you need to haggle, but prices tend to be fair.

 

[Gally]

Some insurance companies, namely Bell, Admiral etc, do cancel the policy in the even of a total loss fault claim and do not give you a refund for the remainder of the year.

Your NCB will protect you from a larger rise in premium.

Market value is exactly that, you need to haggle, but prices tend to be fair.

It will protect you from a large rise but you will still get hit in the pocket next time mate.

Protected no claims is a grey area because you still have to state that in the last five years you had a claim that amounted to circa 5k. Insurance companies are not stupid.

Try it for yourself on compare website, see what difference it makes.

 

[Guppy]

Some insurance companies, namely Bell, Admiral etc, do cancel the policy in the even of a total loss fault claim and do not give you a refund for the remainder of the year.

Your NCB will protect you from a larger rise in premium.

Market value is exactly that, you need to haggle, but prices tend to be fair.

We give you 28 day's to change the vehicle and then the policy is closed down

 

[Ad]

It will protect you from a large rise but you will still get hit in the pocket next time mate.

Protected no claims is a grey area because you still have to state that in the last five years you had a claim that amounted to circa 5k. Insurance companies are not stupid.

Try it for yourself on compare website, see what difference it makes.

your spot on, but better han losing 2NCBs. When my 182 was stolen, the policy when up about £100, even though it was total loss claim. If I'd have not had protected NCB, due a previous claim in the year, I would have had zero no claims bonus, but instead went from 4yrs to 2yrs NCB.

 

[Gally]

Definitely, going from 4 years to no years and a 5k claim is going to get you right royally bum fuc'ked!

 

[gex23]

Cheers for the helpful replies so far and much thanks to gally for the detailed pm

I must say i'm a little concerned about this talk of my policy becoming cancelled as it means the purchase of a new car, paying the excess on hy current policy, a new insurance policy, not cheap!:dapprove:

 

[gex23]

Definitely, going from 4 years to no years and a 5k claim is going to get you right royally bum fuc'ked!

But with PNCB i'm safe......right? So when i'm getting quotes off insurance companies can I state i still have 5+ years NCB? (I have / had 7 until the crash).

 

[Gally]

Yeah you can state that but you'll still have to lube up i'm afraid.

The earlier post says that you get 28 days to re-insure I think mate.

 

[gex23]

FFS whats the point in paying for PNCB then when either way as soon as you make a claim your insurance quotes shoot up in price?!?!

I will get a quote off my current insurance company today and see what they say...

 

[gex23]

Well having phoned my insurance company this morning I got a quote on a standard 2003 Civic Type R with no mods and a vallue of £6000......

£2575 per year! F*ck that!

 

[Gally]

Flol! Having a laugh I think!

Good chioce of next car tho mate. Shame about the insurance.

 

[gex23]

Well it looks like it won't be my next car with prices like that:dapprove:

 

[Gally]

The new chevy kalos is a great price new! You even get seats with it

 

[Saner]

I unfortunately crashed my 172 cup on the 15th October, and it was recovered / sitting on my driveway. Today an assessor was sent out who confirmed it was 'probably' a write off, saying he would be sending the report to my insurance company who will then contact me.

Now having never been in this situation before I have a few questions if theres anyone that can help out and answer for me?

1 - The settlment figure they offer is based on the glasses guide? I always thought it was basically the value you insured the car for....

It's the market value of your car, not the value you stated when taking out your insurance

2 - Once a settlment is agreed, is my policy null and void? As i just renewed the policy in July and am a little concerned i've lost out on 9 months of insurance cover (having payed a yearly payment)

It depends, different companies have different polices. In the past I have cancelled, been charged £30 but got the rest of my years payment back. Laso i've just changed the car on the policy and its gone up or down accordingly

3- I have protected NCB - will this help in the event of a large claim such as a writeoff? As i'm now looking at EP3 Type Rs as a replacment and the insurance quotes seem to have taken a major jump up!

Again depends, My protected no claims is two hits then out, so i've just taken a hit but i'll still have me no claims.

:S

Cheers

Anthony

Gally, i'm going through this atm aswell, but can't get consistant price for my car, how can you help?

 

[Darren S]

Gally, i'm going through this atm aswell, but can't get consistant price for my car, how can you help?

One of the Petrol Blue's has been written off?

D.

 

[gex23]

I got a letter through the post today, sent the day after I phoned up to claim, asking for my V5 logbook, Insurance policy document and MOT / service history - i'm not inclined to send it until they phone me and say 100% its a writeoff though :S.

Also the salvage company contacted me today asking if Monday was ok to collect it, I said i'd like to keep it on my property until I get an actual settlment claim through though.....


On a sidenote, it looks like its maybe going to be an Astra GSI (the version prior to the VXR), straight line warrior and only £700 to insure through direct line

 

[Saner]

Wash your mouth out! The Petrol Blue is in one complete piece!

One of the Petrol Blue's has been written off?

D.

 

[TimR26]

Wash your mouth out! The Petrol Blue is in one complete piece!

Good to hear.

 

[Gally]

Gally, i'm going through this atm aswell, but can't get consistant price for my car, how can you help?

Hi mate, i'm not back in work till tuesday. Hopefully I can help you.
s
Pm me the car details mate and i'll get you a glass' guide figure if that would help.

Aslong as it's younger than 98 i'll get you a very accurate figure.

Anything else you need to know ask away.

Cheers Gally.

 

[gex23]

An update - phoned my brokers adrian flux today and they told me I needed to send my V5, MOT, Insurance policy, service history and purchase receipt documents off to equity redstar before they come back with an offer, which I have done, but not without photocopying the relevant documents first.

It just seems a little strange to send them off before the offer:S

 

[gex23]

How long does it normally take for a claim such as a write off to be settled? As I again contacted my brokers today, who confirmed my insurance company had received all my documents and would be reveiwing the case, and contacting me next week.

 

[Budgie]

They'll be in no rush to pay out mate.

Just hope everything goes through alright. Any opportunity they get, they'll stall at paying.

 

[gex23]

They'll be in no rush to pay out mate.

Just hope everything goes through alright. Any opportunity they get, they'll stall at paying.

Sounds ominous, lol.

Its been 15 days since I put the claim in, although i'm told it can take up to 60 days....

 

[Gally]

Where is your car mate and what insurance company are you with?

 

[gex23]

Where is your car mate and what insurance company are you with?

My car is currently sat on my driveway (it has been since the accident), the salvage company contacted me wanting to collect it on Monday (26/10/09), I however refused to relinquish what is still my property until an offer has been made / agreed / settled.

My brokers are Adrian Flux (who I made / paid the policy money too), but the actual insurance company are called Equity Redstar.

 

[jenic]

My brokers are Adrian Flux

Good Luck, you'll need it :dapprove:

 

[gex23]

Good Luck, you'll need it :dapprove:

Care to explain?

 

[Gally]

Brokers just take a bit longer but when did the assessor come to look at it or has it been to a garage at all.

Things move a lot quicker where I am mate.