Vehicle ownership, insurance write off

A look at the salvage section on several of the major auction sites suggests that in every state & Territory damaged vehicles are at auction under 3 catagories,


Repairable writeoff


Statutory writeoff


No WOVR .


A search seems to indicate if the vehicle purchased is Statutory writeoff it can not be re registered.


Cheers Ean

I have my Series 2a insured through Shannon's,for an agreed value with the provisothat I retain the wreck,so if it gets seriously damaged,They bring it home,and I can strip and rebuild it,even a chassis can be straightened or replaced,so up to a D2 they can be stripped and rebuilt,not sure about Rangies,I think you could do it up to P38a,not sure about L322> though.


cheers

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Originally Posted by UncleHo

I have my Series 2a insured through Shannon's,for an agreed value with the provisothat I retain the wreck,so if it gets seriously damaged,They bring it home,and I can strip and rebuild it,even a chassis can be straightened or replaced,so up to a D2 they can be stripped and rebuilt,not sure about Rangies,I think you could do it up to P38a,not sure about L322> though.


cheers

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So you'd replace the chassis & the body at the same time????

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Originally Posted by UncleHo

I have my Series 2a insured through Shannon's,for an agreed value with the provisothat I retain the wreck,so if it gets seriously damaged,They bring it home,and I can strip and rebuild it,even a chassis can be straightened or replaced,so up to a D2 they can be stripped and rebuilt,not sure about Rangies,I think you could do it up to P38a,not sure about L322> though.


cheers

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I have the same deal with Shannons, its called salvage rights. Costs a pittance extra, but you own the vehicle if its written off.

DL

As has been mentioned, check with your insurance company. I too have a policy with Shannons on my 101 aand RRC and have salvage rights. The other vehicles are insured with another company and I have first right of refusal on the wrecks.

If you are the not at fault party and your vehicle is written off by the other persons insurance comany (as happened to us a few months back) you have the right to first refusal on the wreck - if this happens DO NOT sign anything they give you until this is sorted and agreed upon in writting. They cannot take your car until you have signed it over to them in this case - no matter what they try and tell you - they try this on a lot, and most people don't care or know how to stand up for thier rights.

They will take off the value of the wreck from the payout figure. With our recent event, the other persons insurance comany was very easy to deal with, happily agreed to us retaining the wreck - and even delievered it back to our place free of charge. The reason I kept the wreck in this case (Our 97 Vectra) was that I had just put 4 new tyres on it and paid the rego all within a week. They took $500 off the pay out price for the wreck ($2,600 in this case minus the $500 for the vehicle - I was stoked with that!) I then cashed in the rego for just over $700 and sold the tyres on Gumtree for $400. I removed the stereo, amps and speakers as these were very good and worth more than the car, then I rang a guy up to pick up what was left - and he gave me another $150 as it was still driveable. :D

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Originally Posted by bacicat

As has been mentioned, check with your insurance company. I too have a policy with Shannons on my 101 aand RRC and have salvage rights. The other vehicles are insured with another company and I have first right of refusal on the wrecks.

If you are the not at fault party and your vehicle is written off by the other persons insurance comany (as happened to us a few months back) you have the right to first refusal on the wreck - if this happens DO NOT sign anything they give you until this is sorted and agreed upon in writting. They cannot take your car until you have signed it over to them in this case - no matter what they try and tell you - they try this on a lot, and most people don't care or know how to stand up for thier rights.

They will take off the value of the wreck from the payout figure. With our recent event, the other persons insurance comany was very easy to deal with, happily agreed to us retaining the wreck - and even delievered it back to our place free of charge. The reason I kept the wreck in this case (Our 97 Vectra) was that I had just put 4 new tyres on it and paid the rego all within a week. They took $500 off the pay out price for the wreck ($2,600 in this case minus the $500 for the vehicle - I was stoked with that!) I then cashed in the rego for just over $700 and sold the tyres on Gumtree for $400. I removed the stereo, amps and speakers as these were very good and worth more than the car, then I rang a guy up to pick up what was left - and he gave me another $150 as it was still driveable. :D

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Good effort to drive it without the tyres.

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Originally Posted by Pinelli

Good effort to drive it without the tyres.

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Wondered if someone would pick that up. :D

I had an old set of 18" rims and tyres for it that were stuffed, but would hold air for a few days.

My sister in law just had someone run up the rear of her car. Wrote it off, thankfully everyone is okay.

Her insurance company let her take any of the itemised accessories off the car if they were salvageable for no cost. The rest of the car was scrapped.

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Originally Posted by alien

A quick search for the 2 levels of write offs found this.
I'd expect it to be the same Australia wide.
Written-off vehicle classifications

Written-off vehicles are classified either as a statutory or repairable write-off.
Statutory write-off

A statutory write-off is too badly damaged to be repaired to a standard that is safe for road use. The vehicle identification number (VIN) is recorded as a statutory write-off, and the vehicle is not allowed to be registered. These vehicles are only suitable for use as parts or scrap metal.
A repairable write-off

A repairable write-off has been assessed as uneconomical to repair. The VIN will be recorded as a repairable write-off and the vehicle will only be registered if it is repaired, passes a Queensland safety inspection ( Rules for buying or selling a vehicle | Transport and motoring | Queensland Government ) and passes a written-off vehicle inspection ( Written-off vehicle inspections (Department of Transport and Main Roads) ).
Read detailed definitions of statutory and repairable written-off vehicles

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Repairable Write-Off is no longer an option in NSW, they all get a Statutory Write-Off. This is because even repairable write-off VIN were being used to re-birth stolen vehicles.

If you own a car with a low Red Book valuation, you are frequently better off insuring only for third party, fire and theft. This sort of insurance is much much cheaper than full comprehensive insurance and you are covered if you hit someone else.

When you weren't the cause of a crash, you then hit the at-fault driver directly for the repairs to your vehicle. He (sic) can deal with his insurance company for the repairs to your vehicle. Remember that his insurance company has no title to your vehicle so you own the wreck in spite of what any insurance assessor or tow truck driver may say when they arrive attempting to steal your wrecked vehicle.

When my MY85 cRR was about 8 years old the cost of comprehensive insurance had gone up significantly and the value down significantly so I changed to TP-F-T. In 2001 when I was run off the road and rolled caused by a hit and run driver, the cost of the repairs was significantly less than the costs I would have paid on premiums over the same time. You are however carrying a significant financial risk.