Insurance question about cat d write off
Wilky18
Posts: 3 Newbie
I am thinking of purchasing a car which is a cat d write off. I have absolutely no problem with the cars state of repair its has a full engineers report and is in stunning condition. The car is for sale for £20000 but if it wasn't cat d it would be valued at £27000. So my issue is if any thing was to happen to the car (stolen,written off etc) in my ownership what is the likely value an insurance company will pay out. E.g. After 1 year the car is stolen are the insurance company going to pay out £12000 or £5000. I totally understand that the car will depreciate but I would hate to loose £15000 if anything were to happen.
Many thanks in advance
Many thanks in advance
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Comments
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They would pay the market value, adjusted by the fact it's a previously written off vehicle and therefore worth less money (you've indicated it's already 25% under market value)0
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As above, they will (or should) pay the full market value for a car of that age and mileage, less a deduction to reflect the fact that it's previously been written off. The Financial Ombudaman's position is that the deduction should not normally be more than 20%. See here
https://web.archive.org/web/20151110033226/http://www.financial-ombudsman.org.uk/publications/technical_notes/motor-valuation.html#14
(Web Archive link as the Ombudsman have, in their infinite wisdom, recently made the page on their website more "user-friendly" by removing most of the information from it.)0 -
Do you have pictures of the damaged vehicle? The damage on a £27k car could have been substantial.
Stunning condition like the paintwork looks like new, well it probably is brand new paint. Still wet in places?
The engineers report wont tell you whats beneath the skin.Censorship Reigns Supreme in Troll City...0 -
Thats great, so based on the saving with the purchase price it's worth it?0
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The car was damaged in the near rear 3/4 which was replaced. The car is an ex jaguar uk car with only 4800 miles which was damaged while in their ownership
I am unable to post a photo as a new user it will not allow me to post links0 -
In terms of insurance it should not be a problem - the valuation for insurance purposed will depreciate from what you're paying, of course, but not to a significantly worse extent than it would for any other car.Thats great, so based on the saving with the purchase price it's worth it?
When buying insurance check the assumptions carefully to make suret hey don't say anything along the lines of "the car has not previously been written off".. There are a small number of insurers who won't insure a car which has previously been written off (Swiftcover spring to mind - or was it eSure), though it will be no problem for the majority of insurers.
The wider question of course is whether the car is worth the money you're paying for it. If the repairs have been carried out to a high standard then it should be. If they haven't then you could have problems down the line which would more than outweigh the saving, so you do have to be confident that it's been repaired properly (and I wouldn't pretend to be an expert on judging such things).0
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