Insurance write off buy back amount
Discussion
Insurance buyback after writeoff no fault accident.
Anyone got experience of this please. Car has been written off focus 2009. Been offered 1575 with copart collecting the car. Engine has done 150k so wouldn't say any value in that. Insurance have said 375 to buy it back which I think is inflated and them trying to make money where they should not be? Car is worth more to us it is my sons and has had recent clutch (385) Cambelt (250)and rear trailing arm bushes (250) with mot until August 2023.
I would say scrap value of car (weigh in) would be more reasonable? Is this part of the bigger picture of trying to get older vehicles off the road?
Anyone got experience of this please. Car has been written off focus 2009. Been offered 1575 with copart collecting the car. Engine has done 150k so wouldn't say any value in that. Insurance have said 375 to buy it back which I think is inflated and them trying to make money where they should not be? Car is worth more to us it is my sons and has had recent clutch (385) Cambelt (250)and rear trailing arm bushes (250) with mot until August 2023.
I would say scrap value of car (weigh in) would be more reasonable? Is this part of the bigger picture of trying to get older vehicles off the road?
Yes, just gone through this with my lads car.
What they offered for compensation with the car coming back was the agreed payout minus the price that Copart estimated would be fetched at auction for the car. In our case that was ~£3500 minus the £750 they expected at auction. So got a £2750 payout and the car back. Was fixed for £150 of parts and 3 hours graft.
You aren't really "buying" the car back. You keep the car, as you still owned it. Your insurance payout is just reduced by the amount they'd have expected to sell the car on for. At least that's how it worked for us a few weeks back.
What they offered for compensation with the car coming back was the agreed payout minus the price that Copart estimated would be fetched at auction for the car. In our case that was ~£3500 minus the £750 they expected at auction. So got a £2750 payout and the car back. Was fixed for £150 of parts and 3 hours graft.
You aren't really "buying" the car back. You keep the car, as you still owned it. Your insurance payout is just reduced by the amount they'd have expected to sell the car on for. At least that's how it worked for us a few weeks back.
It’s a common thing that cars sell on Copart for what seem like high prices.
Daughter's Golf Twist was worth around £5K when it was written off after being rear-ended by a van. It didn't even break the lamp units into the hatch door, or the rear window. However the upper hinges had absorbed some impact and transferred that via the rear structural hoop to put the slightest kinks into the C posts, so it was written off. There was light damage at the front as it got pushed into the car ahead.
Someone on here who is in the trade wanted the car but the insurance company and the repairer got very vague about where the car was and I suspected someone had grabbed it as, ignoring the kinks, it would have been a cheap and simple repair using a used hatch.
However several weeks later it did eventually appear on Copart and I followed the auction as it went up in price to just under £2K but then you can't see the final price unless a member. The guy on here who wanted it reckoned it would have gone for around £2500.
Like you, I was gutted it was written off as it had recent cambelt, discs and pads all round and tyres. Insurance company didn’t care. I wouldn’t have wanted it with the structural damage though.
Daughter's Golf Twist was worth around £5K when it was written off after being rear-ended by a van. It didn't even break the lamp units into the hatch door, or the rear window. However the upper hinges had absorbed some impact and transferred that via the rear structural hoop to put the slightest kinks into the C posts, so it was written off. There was light damage at the front as it got pushed into the car ahead.
Someone on here who is in the trade wanted the car but the insurance company and the repairer got very vague about where the car was and I suspected someone had grabbed it as, ignoring the kinks, it would have been a cheap and simple repair using a used hatch.
However several weeks later it did eventually appear on Copart and I followed the auction as it went up in price to just under £2K but then you can't see the final price unless a member. The guy on here who wanted it reckoned it would have gone for around £2500.
Like you, I was gutted it was written off as it had recent cambelt, discs and pads all round and tyres. Insurance company didn’t care. I wouldn’t have wanted it with the structural damage though.
Really depends on the day with Copart. I don't understand some of the prices people bid for stuff half the time, a lot just seems like bonkers money. Having said that, an 09 Focus on 150k miles will typically fetch minimum bid, £175 sometimes a tad more. Bear in mind at £175 that is £355 after fees and then delivery cost on top so £375 is probably ok money if you know the car is good underneath and mechanically sound.
Insurers have deals with salvage buyers on fixed percentages.
My current 3 Series was finally valued at £2,240 by Admiral after I tried my best to get them to be realistic once they had decided it was a Cat N - before they bothered to tell me.
The only upside was I got to keep it for £497, or 22%, and it drives as good as ever.
If you might want to keep your car stay away from Copart!
My current 3 Series was finally valued at £2,240 by Admiral after I tried my best to get them to be realistic once they had decided it was a Cat N - before they bothered to tell me.
The only upside was I got to keep it for £497, or 22%, and it drives as good as ever.
If you might want to keep your car stay away from Copart!
I don't think £375 is an unreasonable quote to keep the car to be honest, ultimately from what you have said it wouldn't go to a crusher it would either be broken for parts which would bring in at least £375 but likely more ar they would sell it in one of their auctions and again it would bring at least £375 if not more.
I think if that's what they are quoting you and you want it then take their offer
I think if that's what they are quoting you and you want it then take their offer
Rob and Chris of YouTube's Salvage Rebuilds UK mentioned recently that they'd tried 3 or 4 times previously to buy a certain vehicle from Copart but the price they wanted was too high and they'd not have made any money on it if they'd paid what Copart were previously asking. They mentioned some value or price that Copart used to disclose but don't anymore.
Just needs a 2nd hand replacement passenger front wing and front passenger door. Seems like if I can find both in the correct colour £100 2nd hand. The wing is proving tricky in panther black.
Seems to me like profiteering on the buy back if standard is around 175 for something like this.
Seems to me like profiteering on the buy back if standard is around 175 for something like this.
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