what value for a written of car? how does it work?

[ClioMears]

below is my old mans recently crashed merc slk 350. He'd only had it a month. Now it cost £37k. and thats what its insured for.....but what sort of value, if its written off, would he receive? does anyone know how this works? is is trade value, or is it average auction value?

I was guessing he'd get £30k? :dapprove:

any advice on what he'd expect would be great, thanks

 

[ClioMears]

any advice please?

 

[H182]

People usually get what the car would be worth if it were to be sold in its current conditon (before crash). So if ur dad was going to sell it the day he crashed it how much would he have sold it for? Would have thought he would get more than 30k cant see the car loosing 7k in a month.

 

[JD]

probs 35k, my uncle had a new cayman and it got stolen and written off, he got 2k off the list price as it was 3 months old.

jamie

 

[ClioMears]

ah-ha - sorry sound like alan partidge. well thats good news. thanks for the advice, appreciate it.

 

[Neil@greenlight]

Some insurers operate a new car replacement scheme within the first year so if the car is under 12 months old you may be entitled to recieve a new car/value of brand new vehicle.

If the car is over 12 months old then most insurer will pay out on a market value basis

There are two main types of insurance policies (if the vehicle is on a motortrade policy you would normally just recieve a trade value)

Market Value Policy
The market value would normally be assessed by an independent motor engineer....They would look to pay you what the vehicle is worth in the condition before the accident (as suggested by cyberblob above). They would also look to find similar vehicles for sale to back up the valuation.

Agreed Value Policy (normally for modified cars and classics)
The total loss value is assessed at the start of the policy and a figure is agreed between the customer and insurer so both parties are aware of the amount to be paid should the vehicle be a total loss. This policy gives the customer some protection on cars that would normally be hard to ascertain a market value for (ie modified cars and classic vehicles)

Hope this helps explain a little of how the values are assessed, this is just a general explanation so you would need to check with your dads company as to how they will value the vehicle.

Best Regards
Neil
Greenlight

 

[jprlaw]

so is that a write off then?
wouldn't cost 30k to fix it would it?

 

[joel_b]

Mears do you no some-one called Dan from Baskingstoke?

drives a silver Bora, tinted

 

[ClioMears]

Mears do you no some-one called Dan from Baskingstoke?

drives a silver Bora, tinted

hi, don't know anyone called Dan, but i think I know who you're talking about. Its got a bit of a kit on and lowered, with Audi wheels I think. And instead of Bora on the boot its got FATASS in VW letters....same guy? if so, I've seen the car a few times in the Powerleague car park. I only got mine recently for work but won;t be doing that to it. doesn;t look too bad though.

 

[ClioMears]

Some insurers operate a new car replacement scheme within the first year so if the car is under 12 months old you may be entitled to recieve a new car/value of brand new vehicle.

If the car is over 12 months old then most insurer will pay out on a market value basis

There are two main types of insurance policies (if the vehicle is on a motortrade policy you would normally just recieve a trade value)

Market Value Policy
The market value would normally be assessed by an independent motor engineer....They would look to pay you what the vehicle is worth in the condition before the accident (as suggested by cyberblob above). They would also look to find similar vehicles for sale to back up the valuation.

Agreed Value Policy (normally for modified cars and classics)
The total loss value is assessed at the start of the policy and a figure is agreed between the customer and insurer so both parties are aware of the amount to be paid should the vehicle be a total loss. This policy gives the customer some protection on cars that would normally be hard to ascertain a market value for (ie modified cars and classic vehicles)

Hope this helps explain a little of how the values are assessed, this is just a general explanation so you would need to check with your dads company as to how they will value the vehicle.

Best Regards
Neil
Greenlight

Neil, thanks for that, appreciate the info. I'm not sure what poilcy he has but he's just had a call from the insurance company saying that it will cost £22k to repair as they want to put a complete new body shell on it, and that if it is deemed a write off, he would get anything from £27k to £35k. I would hope it would be the high end of that bracket.

Can't really see how they can knock £10k off in a month?

 

[MATT BLACK]

Come see me - i will give you £15000 cash today

 

[ClioMears]

Come see me - i will give you £15000 cash today

Thanks, but not sure the old man would go for that - :S he loves his cars more than most. He likes the American style too, used to have a 82 5.0l V8 Mustang so maybe a part ex for the vette?

 

[Gaz_]

written OFF, not of.....

 

[edde]

Thats not a write off.
Should be easy to fix not much damage realy.

 

[Josh@Renparts]

definitely shouldn't be a write off, there is no reason for putting a new bodyshell on?