Anyone bought back their car after a write-off?
Discussion
Evening all!
I'm currently struggling with my insurers in getting my car back and would appreciate any advice from people who have managed to buy back their car after the insurers have written it off! To stop me waffling too much, the basics are:
- Agreed value policy (as the book price of the car is v.low, but this one was fully track prepped/modified etc)
- Car was stolen and recovered, and now has loom, ignition, door lock and door damage.
- They have written the car off as a cat X (basically a borderline repair quote so it's not worth them attempting the repair)
They have offered to sell the car back to me for 25% of the agreed value. Is this common practice to use a % of the loss, rather than a real valuation against the market value of the car?
My policy states that buying back the salvage I would agree to pay the "market rate".
Shouldn't this "market rate" be linked to the true value of the salvage and the cost to repair? Their repair quote is using some ridiculous labour rate of under £25 per hour
and the car is being kept too far away to go and take a close look myself. The system they have used means they're placing a "salvage value" on the car which is almost double the value you would normally pay for a working car!?
Anyone else bought their car back recently? And if so, how did they arrive at the valuation?
Cheers
MrChips
I'm currently struggling with my insurers in getting my car back and would appreciate any advice from people who have managed to buy back their car after the insurers have written it off! To stop me waffling too much, the basics are:
- Agreed value policy (as the book price of the car is v.low, but this one was fully track prepped/modified etc)
- Car was stolen and recovered, and now has loom, ignition, door lock and door damage.
- They have written the car off as a cat X (basically a borderline repair quote so it's not worth them attempting the repair)
They have offered to sell the car back to me for 25% of the agreed value. Is this common practice to use a % of the loss, rather than a real valuation against the market value of the car?
My policy states that buying back the salvage I would agree to pay the "market rate".
Shouldn't this "market rate" be linked to the true value of the salvage and the cost to repair? Their repair quote is using some ridiculous labour rate of under £25 per hour
and the car is being kept too far away to go and take a close look myself. The system they have used means they're placing a "salvage value" on the car which is almost double the value you would normally pay for a working car!?Anyone else bought their car back recently? And if so, how did they arrive at the valuation?
Cheers
MrChips
I had a then 23 year old Scirocco written off a couple of years ago. It was declared Cat C for a damaged bumper and wing. We agreed a value of £1,650 and an option to buy it back for £250 which was I think, 16%.
As my car was very lightly damaged, I continued to use it and at no point did it leave my side so to speak. I was soon forwarded a cheque for £1,400.
25% sounds high if it's an older cheaper car though your insurer may have a deal with a salvage company who will underwrite all their total loss cars at a certain % of their retail price.
As my car was very lightly damaged, I continued to use it and at no point did it leave my side so to speak. I was soon forwarded a cheque for £1,400.
25% sounds high if it's an older cheaper car though your insurer may have a deal with a salvage company who will underwrite all their total loss cars at a certain % of their retail price.
I was offered my Focus RS by the insurance company after it was written off in Jan last year.
They basically said I could keep the car and they would give me the estimated cost to repair it... no talk of buying it off them or valuing it as salvage. I suppose it may depend what cat they class it as?
They basically said I could keep the car and they would give me the estimated cost to repair it... no talk of buying it off them or valuing it as salvage. I suppose it may depend what cat they class it as?
This sort of thing can depend massively on the underwriters. I dare say the 'status' of your car may have something to do with it.
My car was rear-ended last year. Only actual damage was a broken mount on the bumper carrier with a scuff on the bumper from the point of impact. Because it has a factory fitted M-Tec kit, the insurer quoted for all new M bits with paint which made it uneconomical. They wrote it off as Cat C and offered the buy-back at £130.
From what I understood, it was a nominal figure based on market value - typically 8-10%.
My car was rear-ended last year. Only actual damage was a broken mount on the bumper carrier with a scuff on the bumper from the point of impact. Because it has a factory fitted M-Tec kit, the insurer quoted for all new M bits with paint which made it uneconomical. They wrote it off as Cat C and offered the buy-back at £130.
From what I understood, it was a nominal figure based on market value - typically 8-10%.
Well after 2 months of many exchanged phone calls I finally managed to get through to one of the senior team and looks like i'm getting the car back at a reasonable price! If the insurance company had their way, then a mint 205Gti would be off to the crusher, or put through an auction (for some luck sod to pick up at a bargain price!)
Many years ago an insurance company refused to repair my Vauxhall Cavalier.
They offered me a lot less than it would cost to replace, so I argued. They then offered nearly as much and I could keep the car. We're only talking hundereds, though, it was an old car by then.
I took that and never got the car repaired - It only had a slightly crumpled rear end...
M.
They offered me a lot less than it would cost to replace, so I argued. They then offered nearly as much and I could keep the car. We're only talking hundereds, though, it was an old car by then.
I took that and never got the car repaired - It only had a slightly crumpled rear end...
M.
My best advice is NEVER ever let them take the car if at all possable ! done it quite a few times and if they try "we'll store it for you" tell em to take a hike ! having posetion of the car is the best bargening tool you can have IMHO, no good if stolen i know but worth keeping in mind, i own and drive 2 writeoffs at the mo, well the MIL is borrowing one and tother is me wifes daily.
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