Buying back write-off from Insurance?
Discussion
Hi all
Following some kind soul reversing into the side of my poor old - parked - V70, the insurance company have decided to write it off.
They want to collect it asap but haven’t actually made an offer yet. I can see a scenario where the car (which is still drivable) goes off to scrap and they then dick around agreeing a payout. Leaving me without a car for weeks. There’s no hire car available in the case of total loss.
What’s the ramifications of asking to retain the salvage? I then run around in it for a month or so till I find a replacement. I know the payout will be reduced but I then get to scrap it so recoup some/all then.
It’s only bodywork damage but agree that it’s not economic. Ok to drive, just a big dent in quarter panel. So presume it would be Cat S?
Would I be able to keep driving it? Or would it need V5 re-issuing or an MOT?
Any pitfalls?
It was a hit & run and not having much luck in tracing the flat bed driver as yet. That’ll annoy my NCB!
Following some kind soul reversing into the side of my poor old - parked - V70, the insurance company have decided to write it off.
They want to collect it asap but haven’t actually made an offer yet. I can see a scenario where the car (which is still drivable) goes off to scrap and they then dick around agreeing a payout. Leaving me without a car for weeks. There’s no hire car available in the case of total loss.
What’s the ramifications of asking to retain the salvage? I then run around in it for a month or so till I find a replacement. I know the payout will be reduced but I then get to scrap it so recoup some/all then.
It’s only bodywork damage but agree that it’s not economic. Ok to drive, just a big dent in quarter panel. So presume it would be Cat S?
Would I be able to keep driving it? Or would it need V5 re-issuing or an MOT?
Any pitfalls?
It was a hit & run and not having much luck in tracing the flat bed driver as yet. That’ll annoy my NCB!
CoolHands said:
When I enquired once in the past it wasn’t economically viable ie they quote you some silly price to buy it back.
Worth OP checking first. I did it recently. Car worth about 2k. They offered 2200 total loss, £1930 for me to retain it. Guess they considered it worth £270 to them.Sebring440 said:
Who informed your insurance company?
I did - as the culprit didn't leave details and the trail seems to have gone cold. So one way or the other, I'd need the insurance to payout for repairs or towards a replacement as I don't have spare cash to have a bodyshop do it privately, not a small job to do right.We had this recently with a 320d pool car. Sales guy had someone pull out in front of him. My brother is a BMW mechanic, he could fix it for £1,500, car worth about £7,000, we were paid out, paid £2,000 for the salvage and put it back on the road, it's not perfect but it still does it's job.
You keep using the car if it's safe and negotiate the insurance offer, including if they take it or you keep it.
They do not own it until they have paid for it.
They may insist you can't retain salvage if you're not an environmental disposal facility, but I've argued out of this before. Also if the car is still usable then it's not relevant.
They do not own it until they have paid for it.
They may insist you can't retain salvage if you're not an environmental disposal facility, but I've argued out of this before. Also if the car is still usable then it's not relevant.
Had this earlier in the year (see Readers Cars)
Cat N write off, payout £3500, bought the car back for £280.
Insisted that the car would not leave my driveway and they were fine with that, just sent me £3220.
Repaired the car for free with parts from others that I've previously broken for parts!
Smooth process other than a value dispute which I'm still not happy with.
If you want to keep it, insist that they do not collect it or there's a chance you'll never see it again, and if you do it may have been ransacked by the apes at Copart!
Cat N write off, payout £3500, bought the car back for £280.
Insisted that the car would not leave my driveway and they were fine with that, just sent me £3220.
Repaired the car for free with parts from others that I've previously broken for parts!
Smooth process other than a value dispute which I'm still not happy with.
If you want to keep it, insist that they do not collect it or there's a chance you'll never see it again, and if you do it may have been ransacked by the apes at Copart!
Jaaack said:
Had this earlier in the year (see Readers Cars)
Cat N write off, payout £3500, bought the car back for £280.
Insisted that the car would not leave my driveway and they were fine with that, just sent me £3220.
Repaired the car for free with parts from others that I've previously broken for parts!
Smooth process other than a value dispute which I'm still not happy with.
If you want to keep it, insist that they do not collect it or there's a chance you'll never see it again, and if you do it may have been ransacked by the apes at Copart!
Had the same last year, but I claimed from the insurer of the car who tapped mine in the rear.Cat N write off, payout £3500, bought the car back for £280.
Insisted that the car would not leave my driveway and they were fine with that, just sent me £3220.
Repaired the car for free with parts from others that I've previously broken for parts!
Smooth process other than a value dispute which I'm still not happy with.
If you want to keep it, insist that they do not collect it or there's a chance you'll never see it again, and if you do it may have been ransacked by the apes at Copart!
Some marks and cracks on the rear bumper cover that BMW could supply in primer for about £650, but their recommended repairer padded up their estimate to over £2K.
Hastings decided it was a Cat N without even seeing it, and over a week before they bothered to tell me.
Pitiful valuation that I got increased slightly, but speaking to them they made it clear there was no way they were going to offer a cash-in-lieu settlement.
Their revised pitiful valuation was £2,240 and they valued the salvage at £492.80 so exactly 22%, which is presumably what they get from CoPart or their contracted salvage buyer.
End result was I got to keep the car which runs fine and just over 50% of what I paid for it in 2019 in the bank, but it is still a Cat N.
I keep wondering if I should have some whiplash symptoms!
Gassing Station | General Gassing | Top of Page | What's New | My Stuff