Car Insurance Crisis

CRO_2

I have recently had a bump ( which was my fault ), this has placed my car into a catagory where the car is unable to be fixed due to the age and value of the car.

In other words if i go through insurance company then, they will take my car, value it in its present state (both front lights smashed, bonnet bent, bumper cracked and as ive just found out CV joint cracked and leaking), deduct £250 excess then send me a cheque for the rest - what's this guys problem i hear you ask.... well if i get them to take it away, no matter what the value they give me i am unable to get my car back and they will not give me a value other wise !

Is this allowed ? Any takers on this matter ?

So i could end up taking it to a salvage place and getting more, i'm just trrying to find out to help my pockets fund a new car.

Ian_W

CRO wrote: »

I have recently had a bump ( which was my fault ), this has placed my car into a category where the car is unable to be fixed due to the age and value of the car.

How do you know this if you haven't informed the insurer and they haven't inspected the damage?

In other words if i go through insurance company then, they will take my car, value it in its present state (both front lights smashed, bonnet bent, bumper cracked and as ive just found out CV joint cracked and leaking), deduct £250 excess

Unless I'm missing something specific to your particular circumstances/insurance the norm is to value the vehicle at it's market replacement cost PRIOR to any accident damage. The Financial Ombudsman Service website describes it thus:
" In most cases, we assess the market value as the retail price which the policyholder would have had to pay for a comparable vehicle at a reputable dealer, immediately before the date of the damage/theft."

You may have to haggle about the amount the insurer offers but it shouldn't be valued as damaged goods but in its state before the crash - otherwise it wouldn't be insurance against accidental damage.

If you want to keep the car and get it repaired yourself then you can offer to buy it back from the insurers after you've accepted their offer - where the write-off is on economic rather than safety grounds.

CRO_2

Thanks for info.

How do you know this if you haven't informed the insurer and they haven't inspected the damage?

I have informed the insurer of the circumstances and they told me that due to the age of the car this would be uneconomical to fix, although they did say that they would repair it if the repairs came under 60% of the cars value - which leads me to my original question ? catch 22

If you want to keep the car and get it repaired yourself then you can offer to buy it back from the insurers after you've accepted their offer - where the write-off is on economic rather than safety grounds.

This was my origninal theory, much to my misery they soon 'snipped that in the bud' and revealed that they would not let me buy the car back ?

I used Budget insurance who put me with Advantage, as this was my cheapest option i didnt think i would have any problems - due to the cost of the insurance being cheaper than quoted anywhere else i feel i still should recieve there full co-ooperation and help with this matter but i really dont seem to be getting the normal insurance services - eg buy back option !

ANY ANSWERS WELCOME