Write off insurance payouts

[MikeF]

My mum and dad have just been involved in a crash and the Guy who recovered the car reckons at first look its a wright off.

The car itself is only about 12 months old from new and has about 6000 miles on it.

Any idea of what %age of the initial value would be paid out if it is confirmed a write off?

Any advice for dealing with the insurance as to how to get as much as possible?

All help appreciated

Cheers

 

[Vern]

should be the current market value of the car second hand check parkers for prices would be your best bet also dont take there first offer unless its near the market price and your happy

 

[MikeF]

should be the current market value of the car second hand check parkers for prices would be your best bet also dont take there first offer unless its near the market price and your happy

Cool thanks - since cars tend to depreciate more during their first year would we loose much money going back to buying a brand new car.

My mum and dad had a Mazda and they bought it brand new to have the warranty (3 years) ad servicing.

Would the insurance company make an adjustment to the amount to take into account if they bought a second hand car with the money they would loose these benefits?

 

[Vern]

no all the insurance would give is the price of the current market value a second hand one of the same age would no doubt in warranty anyway

 

[Laura]

if you got VRI insurance when you bought the car youll get a replacement brand new car

 

[De Gal]

Do a national auto trader/dealer network search for the exact model/colour etc - keep a screen print of prices, when you get an offer see how it matches to the available ones (especially ones near you) - If the offer is below what you need to pay in your immediate area point this out to insurance and ask for more - also point out the car was a 0 previous owners which increased its value more than an identical car with 1 previous owner (although won't get back original paid price helps to push it slightly higher than normal) - then go see same salesman and get a new car at reduced price as you're a repeat customer

 

[marky-f1]

ps. most insurance companys in the 1st year as long as you are the 1st owner will replace the car (like for like) ie another brand new car only if its under 12 months old and still on the same policy when you collected it obv

 

[MikeF]

Cheers for all the help guys.

What is a VRI policy - how will i know if my parents have one?

Are they standard?

 

[MikeF]

ps. most insurance companys in the 1st year as long as you are the 1st owner will replace the car (like for like) ie another brand new car only if its under 12 months old and still on the same policy when you collected it obv

Does the 12 months start when the vehicle is first registered or when we took ownership.

The car is an 06/56 plate but we didnt take ownership until Feb 07.

Although it was regsietered in 06 to is it is still less than 12 months old.

 

[Jamie _Swales]

should be from when they owened it. Aslong as you have owned it less than twelve months, you will get a new replacement ...but all depends who your insured with

 

[xshexisusannex]

I handle insurance claims, which insurance company is it it all very much depends on that.

All insurers will only pay out the market value of the Car, and the total sum insured is that amount you said when they took out the policy "what is the market value of your car"

If you are the first registered keeper/owner of the car yes you will get a replacement car, unless that model is no longer available in which case you will be given cash settlement,

their engineers will use glass guide to come to a value as it takes into account any extras that you had and then obvioulsy consider the condition of the vehicle. how much you paid for it doesnt really mattter.

never accept your first offer unless its very reasonable, insurers will stretch atleast a few hundrere pounds extra in most cases to make the file go away (thats what i do)

to speeden things up look out The registration doc and any history you have for the car

if you have a private plate tell them now as that will delay payment and also if you have finance on it get in touch tiwht them for a settlemtn figuire

if you need help give me a Shout

 

[ChrisR]

Basically the offer you accept is one that will let you buy another car of the same age/condition etc.

So if they offer you 2k below what this would be you jsut go back to them with ads of the cars you could buy, or tell them to get you one for that price

Some insurers do have a policy of replacing it with a new car if it's within x months, or something similar, but you'd need to check with their insurer.

If GAP insrance was bought with the car if it's financed this will make up any shortfall between the outstanding finance and the settlement figure if there is any

 

[geesus69]

i'm an automotive insurance assessor

i do this thing day in day out, if you need any help with anything gimme a shout

out of interest is the claim fault or non-fault? and which insurance company is it?

 

[DrR]

I'm inusred with Dirct line 90% sure it say if the car is less than 12 months old they will will give you same value as a brand new one.