Insurance advice
Discussion
Morning. Advice needed pls. In an accident this morning, car has been noted as a write off.
Insurance is £500 excess. Approx £750 to repair privately. Do I..
1. Repair privately and suck up the cost and don't have insurance involved (would rather not as don't have readily available funds)
2. Write off with insurance and buy another car (will get approx £1500 after excess taken)
3. Write off with insurance and buy the car back and repair with the payout
Insurance is £500 excess. Approx £750 to repair privately. Do I..
1. Repair privately and suck up the cost and don't have insurance involved (would rather not as don't have readily available funds)
2. Write off with insurance and buy another car (will get approx £1500 after excess taken)
3. Write off with insurance and buy the car back and repair with the payout
If you went with option 3, I've assumed the value of the car is £2k, £500 excess leaving balance of £1,500.
They pay you out the £1,500 and offer for you to buy it back @ 50% = £1k.
£750 to fix privately leaves you with a £2k value (pre accident car), but will now have cost you £1,750 (£1k to buy + £750 to repair) and its now a Cat N car and worth less and harder to sell on.
Only worth looking at this option if you can buy it back for circa £500, in my opinion.
They pay you out the £1,500 and offer for you to buy it back @ 50% = £1k.
£750 to fix privately leaves you with a £2k value (pre accident car), but will now have cost you £1,750 (£1k to buy + £750 to repair) and its now a Cat N car and worth less and harder to sell on.
Only worth looking at this option if you can buy it back for circa £500, in my opinion.
Ok... so you think it's worth me salvaging?
only had it since October 22 so did first MOT in Oct 23 and £700 worth of repairs incl. new tyres etc (mechanic confirmed general wear and tear not from me bashing around).
So now I am stumped... there's not some bad run arounds for £1.5-2k on Auto Trader but as I've already invested not so long ago do I keep? If I do buy another car with advisories etc how do I know these won't turn into major defects and I'll be shelling another £1k when MOT time comes which completely defeats the purpose.
only had it since October 22 so did first MOT in Oct 23 and £700 worth of repairs incl. new tyres etc (mechanic confirmed general wear and tear not from me bashing around).
So now I am stumped... there's not some bad run arounds for £1.5-2k on Auto Trader but as I've already invested not so long ago do I keep? If I do buy another car with advisories etc how do I know these won't turn into major defects and I'll be shelling another £1k when MOT time comes which completely defeats the purpose.
Most people are unaware that you can even buy back the salvage or that doing so and getting it repaired privately can be an economical option.
It seems a popular option among PHers because they are aware of the option, have the wherewithal to repair or organise the repair of the car, and are generally more attached to their cars and maintain them better than the average motorist.
You have to ask yourself whether a month from now you'd rather be driving your current car, repaired and with a CAT marker, or whatever used cars you're considering for the same kind of money.
Someone wrote off my first car about 15 years ago, bought the salvage (CAT D), got it repaired and it worked out well.
Have they told you they value it at £1,500? Don't assume they'll just give you the insured value. What they'll offer is what they'll try to convince you is 'market value' which will inevitably be too low and you'll have to reject it and negotiate for more.
It seems a popular option among PHers because they are aware of the option, have the wherewithal to repair or organise the repair of the car, and are generally more attached to their cars and maintain them better than the average motorist.
You have to ask yourself whether a month from now you'd rather be driving your current car, repaired and with a CAT marker, or whatever used cars you're considering for the same kind of money.
Someone wrote off my first car about 15 years ago, bought the salvage (CAT D), got it repaired and it worked out well.
Have they told you they value it at £1,500? Don't assume they'll just give you the insured value. What they'll offer is what they'll try to convince you is 'market value' which will inevitably be too low and you'll have to reject it and negotiate for more.
Edited by Hustle_ on Thursday 1st February 17:26
For me. buying another car in the £1500-£2000 range is fraught with danger of ending up with a painful car.
So if your current car is a goodun and you have the interest and ability to get it fixed with the net money you'll end up with, then that's the route I'd go.
If you are pretty chilled about buying another car at those values and aren't interested in a fixer-upper project, take the money and buy something else.
HTH
Bert
So if your current car is a goodun and you have the interest and ability to get it fixed with the net money you'll end up with, then that's the route I'd go.
If you are pretty chilled about buying another car at those values and aren't interested in a fixer-upper project, take the money and buy something else.
HTH
Bert
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