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  • FIRST POST
    • simonmt1981
    • By simonmt1981 7th Jul 17, 8:03 PM
    • 16Posts
    • 6Thanks
    simonmt1981
    How do insurance companies calculate the cost of repair
    • #1
    • 7th Jul 17, 8:03 PM
    How do insurance companies calculate the cost of repair 7th Jul 17 at 8:03 PM
    Hello


    Yesterday I was involved in car accident and my car is currently at the repair shop waiting for approval from my insurance company. I am worried that because the car is about 10 years old with 100,000 miles on the clock that they are going to write it off. How do insurance companies calculate the cost of repair when I have a voluntary excess?


    my car is worth around £1500 based on the estimates I have got online.


    I have a voluntary excess of £345 on my insurance policy.


    if, for example the repair was estimated to cost £700, would the insurance company view the cost of repair to be £700 or £355 when they make a decision regarding whether to allow the repair or write off the car?


    If anyone can help advise me on this I would really appreciate it.


    Many Thanks
Page 1
    • paddyandstumpy
    • By paddyandstumpy 7th Jul 17, 8:38 PM
    • 703 Posts
    • 271 Thanks
    paddyandstumpy
    • #2
    • 7th Jul 17, 8:38 PM
    • #2
    • 7th Jul 17, 8:38 PM
    They value the repair at the cost of the repair.
    The excess is just your contribution towards it, and the amount you must pay towards any repair or settlement.
    • simonmt1981
    • By simonmt1981 11th Jul 17, 9:43 AM
    • 16 Posts
    • 6 Thanks
    simonmt1981
    • #3
    • 11th Jul 17, 9:43 AM
    • #3
    • 11th Jul 17, 9:43 AM
    thank you for your reply, I now have an estimate from the garage but they had not yet heard from the insurance company yet as to whether they are going to authorise the repair or not.


    If the insurance company were to contact me to tell me they wanted to write off the car for economic reasons, what are my options? would I be able to cancel the claim and just pay for the repairs out of my own pocket? the car only needs a new bonnet, front bumper and grille so there doesn't appear to be any further structural or mechanical damage, but the cost of paint etc has made it quite an expensive repair. the garage are also quoting for brand new parts rather than after market.


    thanks
    Last edited by simonmt1981; 11-07-2017 at 9:45 AM.
    • glentoran99
    • By glentoran99 11th Jul 17, 9:46 AM
    • 4,392 Posts
    • 3,241 Thanks
    glentoran99
    • #4
    • 11th Jul 17, 9:46 AM
    • #4
    • 11th Jul 17, 9:46 AM
    thank you for your reply, I now have an estimate from the garage but they had not yet heard from the insurance company yet as to whether they are going to authorise the repair or not.


    If the insurance company were to contact me to tell me they wanted to write off the car for economic reasons, what are my options? would I be able to cancel the claim and just pay for the repairs out of my own pocket? the car only needs a new bonnet, front bumper and grille so there doesn't appear to be any further structural or mechanical damage, but the cost of paint etc has made it quite an expensive repair. the garage are also quoting for brand new parts rather than after market.


    thanks
    Originally posted by simonmt1981

    You could accept the write off and buy it back off them, You get money (albeit less) and the car
    • Quentin
    • By Quentin 11th Jul 17, 9:53 AM
    • 32,038 Posts
    • 16,111 Thanks
    Quentin
    • #5
    • 11th Jul 17, 9:53 AM
    • #5
    • 11th Jul 17, 9:53 AM
    See if they will let you keep the car if it's a write off - many insurers will allow this and deduct the salvage value off the settlement figure.


    If it's true market value is £1500, and your excess is unrecoverable from a liable third party (ie if you were to blame), then you would expect to get £1155 less the salvage value.


    So presumably you could do repairs with that sum??


    You can cancel the claim, though if there is a valid claim from a third party who was involved, then you would still lose some NCD (unless you have it protected)
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