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I laernt that lesson over twenty years ago. I paid $12.5k for a car. When it was stolen, AAMI valued it at $6k and were going to pay me 80% of that. (Why 80%? AAMI told me that is what all the insurance companies pay.) When the car was recovered (luckily) they valued it at $10.5k.Quote:
Originally Posted by Lyle
For this reason most of my cars are insured third party and I self insure the difference.
The two Mercs are comprehensive through Shannons.
There was a huge hailstorm here in Perth about 18 - 20 months ago which I missed as we were camping down Esperance way.
But my daughter wasn't so lucky as she'd gone to our place to check it over for damage by the next door neighbour (long story) and her car got badly trashed by the hail.
She didn't bother trying to get anything other than the windscreen repaired, along with many others as the payout for her car would have been far lower than replacement cost.
The arsehole that lives next door has just recently been paid over 100 grand by his insurance company for damage supposedly sustained by his house during the same storm!
How did he manage that? Gawd knows but he did, although it's plainly obvious that the state of the outside of his place is due to neglect only, not hail damage.
Not sure what went on inside but he spent a lot of hours in there at night with no lights on as we could see him turn up on our seccuirty system.
There's going to be a lot of subcontractors not getting paid now that the bastard has got his hands on the money to do what he wants with. He's got a reputation for nonpayment for work done.
Most I've heard of anyone else nearby getting was 5K because they had roof damage and water entry.
No wonder premiums keep increasing if loss adjusters are so blind these days.
AlanH.
Lyle,
A few years back we had a bad hail storm in Sydney and my 2 cars got done over. The D2 was able to be repaired by the paintless dent removal process and came up very well. The 1994 Commodore which was parked beside it was insured for $6k but they (AAMI) reckoned on repairs at $5.2k so said they would write it off and I could put in an offer to buy it. The assessor suggested a figure of $800 would be a good offer. So we still have that car, albiet with a dimpled roof still.
So in your case, the numbers are : replacement value by assessor is $15,500 less cost of repairs of $12,000 gives a value of the vehicle in its present condition of $3,500. This is what the insurance co will expect to recover at auction because that is what a panel beater would pay. So why not make an offer around this price. After all, they will still need to pay transport, auctioneer's fees etc which will all come out of their auction price.
So a sensible approach would be for them to save the time and effort and do a deal with you.
The only catch to be wary of is if there has been recent legislation in respect to "repairable write offs ".
If you work it right, you could have a very cheap vehicle.
Good luck.
I have never owned a car worth insuring, so forgive the stupid questions, please.
If they value of the repairs at 12,000 should they give you the 12k?
And if they write it off, what will they give you? MV-15k?
Sorry to hear Lyle. Good luck with it all. Sounds pretty raw.
Yes, 12k to fix and 15k payout is correct. After the payout the car belongs to the insurance company. If you make a deal you could get 15k less what they value the wreck at in hand and the vehicle.Quote:
Originally Posted by jimb
It is a business. Loyalty is worth about 10% of the premium cost and they may give that to you as a discount when you pay for the premium, they feel they don't owe you anything.Quote:
Originally Posted by Lyle
For us LR owners the insurance game can be a bit emotional as we tend to put a lot into the vehicles.
You can not blame the insure co for paying what your policy stipulates...Market value.
Defenders etc are overpriced on the 2nd hand market as they are 'prized' by owners...
If you have something you want to be able to step into another the same.. Then you need to go agreed value..
There is no choosing...
Same as if you want all the 'good gear' off the wreck... Then you need to consider covering it too... Because once the insurance company is involved they legally own the vehicle, accessories AND contents...
racv phoned today on hail damage on the defender, they valued the car at $22k guess what the quote is $21.5k said to them that i want it fix explain to them that i don't want the whole car fixed and a total respray , only wanted the panel and roof repaired , going to another panel shop for another quote , interesting that the price to repair the car was from a specialized audi dealer ,, the saga continues
I've just managed to have mine quoted, no panel beaters want to touch it as they need an "aluminium spot welder" to repair the roof had to drive to malvern for a quote, now the waiting game begins again.
should get the deffa home next week let you know on the quality of work that was done . should be interesting (its only been 5 weeks )