I realise this most likely means an economic write off, but does anyone know my options should I wish to keep it. Will the ins co offer a figure to help me repair it? Is an economic write off car still insureable as long as the car is road safe? Thanks Sandy.
2007-02-12 07:47:56 · 8 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
My son's car was written off recently and the insurance company gave us the option of accepting a settlement, or having the wrecked car back to see if we wanted to sell it off piece by piece - for people repairing or upgrading their car.
We were tempted by the latter as it had a new clutch and exhaust among other things, but we didn't have the time to do that so had to accept the settlement, even though we know the car was worth more than the final figure.
2007-02-12 08:44:08 · answer #1 · answered by chip2001 7 · 0⤊ 0⤋
you have not stated year of car if less than 1 year old the insurance company will replace the car and if it less than 5 years old they have tendency to repair but as you know if its an old car then anything more than 60% is a write off,depending on what classification they give your car it might be possible to purchase the car from the insurance company and all repair costs are met by yourself and then having the car to be given the all clear that repairs have been completed to the satisfaction of ministry of transport,cut your losses and buy another.
2007-02-12 07:58:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Insurance companies write-off a car when the repairs of the vehicle exceed 80% of the actual market value.
at 60% you have a car that is not totalled.
2007-02-12 08:18:09 · answer #3 · answered by rob1963man 5 · 0⤊ 0⤋
If the car is "totaled" the car's title may be branded and it will be worth much less. This is called "diminished value." Even if the car is not totaled, the insurance company may pay for diminished value. If the frame was damaged the car will be worth much less (50 to 60% -see link), even if it was correctly repaired.
2007-02-12 17:03:30 · answer #4 · answered by Tim C 1 · 0⤊ 0⤋
How would it be economical to write off your vehicle? I dont know any insurance company that would total a vehicle if damages are 60% the vehicle vehicles worth. THAT is not economical. It sounds to me like they will definately repair it...
2007-02-12 08:44:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It's not an economic write off.
If you car cost £10,000 and the repairs were £6,000, the insurance company will repair the car. As £6,000 is less than £10,000, the insurance company will save £4,000. It's as simple as that.
2007-02-12 07:55:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Not necessarily. I've seen them fixed at 80%. Wait and see.
2007-02-12 07:53:14 · answer #7 · answered by oklatom 7 · 0⤊ 0⤋
we could see now???? do I shop my previous spouse or would desire to i'm getting a sparkling one???????? is the automobile solid service? gasoline mileage? surprisingly solid shape physique clever? (no rust or considerable dents?) if its been reliable , solid , and by no potential left you stranded ,,,,, why would ya % somthing you comprehend no longer something approximately???????? solid good fortune,,,,,,,,,,,,,,,
2016-11-03 06:30:37 · answer #8 · answered by Anonymous · 0⤊ 0⤋