Insurance total loss
Discussion
All, if a listing on the bay says the following.....
"This vehicle has come direct to us from a major insurance company as an accident damaged insurance total loss, as such the vehicle may require a vic test carried out at a local vosa testing station ,this is a 20 min test to verify the vehicle identity against dvla records.
The vehicle has sustained very minor damage to the drivers side front corner. There is a dent in the tip of the drivers wing and on the corner of the bonnet.
We have a v5/2 log book, full book pack including service book, and 12 months mot. We can tax the vehicle at the buyers expense should it be required."
What in plain english does it mean? That it can never be driven again? Not insurable?
Not really up to speed with rules and regs in this department.
Cheers.
"This vehicle has come direct to us from a major insurance company as an accident damaged insurance total loss, as such the vehicle may require a vic test carried out at a local vosa testing station ,this is a 20 min test to verify the vehicle identity against dvla records.
The vehicle has sustained very minor damage to the drivers side front corner. There is a dent in the tip of the drivers wing and on the corner of the bonnet.
We have a v5/2 log book, full book pack including service book, and 12 months mot. We can tax the vehicle at the buyers expense should it be required."
What in plain english does it mean? That it can never be driven again? Not insurable?
Not really up to speed with rules and regs in this department.
Cheers.
There are 4 catagories of "Total Loss" which can be put simply as:
CatD - Cant be bothered to fix - Insurance will payout write of value if, for example, the front wing is on back order. They can repair for much less than the value of the vehicle but the loan car is too expensive due to the wait involved. They will pay out.
CatC - Not really worth fixing - A close one, but its not financially viable to repair the car.
CatB - Wont be safe when fixed - Bit of a "Ronseal" one here.
CatA - "Thats was a car?????"
CatD and CatC are regularly repaired by new owners and run, but have a lower insurable value.
CatD - Cant be bothered to fix - Insurance will payout write of value if, for example, the front wing is on back order. They can repair for much less than the value of the vehicle but the loan car is too expensive due to the wait involved. They will pay out.
CatC - Not really worth fixing - A close one, but its not financially viable to repair the car.
CatB - Wont be safe when fixed - Bit of a "Ronseal" one here.
CatA - "Thats was a car?????"
CatD and CatC are regularly repaired by new owners and run, but have a lower insurable value.
71notout said:
Isn't Insurance Total Loss when the insurance have already paid out for some reason (usually car not recovered within set timescale?).
I thought this was classes as Category X and will not show on HPI in the future of the vehicle.
Possably, I dont know about stolen vehicle write offs. Only crash damage as obviously, I need to know if the Part Ex is a Nail or not.I thought this was classes as Category X and will not show on HPI in the future of the vehicle.
71notout said:
Isn't Insurance Total Loss when the insurance have already paid out for some reason (usually car not recovered within set timescale?).
I thought this was classes as Category X and will not show on HPI in the future of the vehicle.
Im sure someone will correct me if im wrong but;I thought this was classes as Category X and will not show on HPI in the future of the vehicle.
Most policys - If you purchase a new car and have a bump and the damage is not enough to be a write off but is enough to be 40% (maybe %50) of the cars value they will pay you out the purchase price.
This is what I believe is classified as a category X.
The ABI website appears to be having technical probs at the moment, but this is the guidance that insurers use when dealing with total loss vehicles and sets out the categories and how each vehicle should be categorised:
ABI Code of Practice for the Disposal of Vehicle Salvage
Edit to add:
More info on VIC Testing
The only other thing to reitterate as someone else has said above, that in the event that it's involved in another accident and is deemed a total loss again, it is likely that a deduction from the settlement value may be made to allow for the fact that it is likely to be worth less having been a previous total loss.
ABI Code of Practice for the Disposal of Vehicle Salvage
Edit to add:
More info on VIC Testing
The only other thing to reitterate as someone else has said above, that in the event that it's involved in another accident and is deemed a total loss again, it is likely that a deduction from the settlement value may be made to allow for the fact that it is likely to be worth less having been a previous total loss.
Edited by Agrilla on Monday 29th March 23:45
Errr... Not quite like that . If the repair wasn't done to a satifactofy manner then you will fail the test and have to fix it before you are allowed on th road . Never had the test with cat car but in 2008 I had to road register a quad and the test and legislation o had to go thru was unbelivable . On the end I had to pay a garage to do it for me
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