Car crash when trading car in

cyclonebri1

Flyboy152 wrote: »

Karenx, my opinion, such that it is, would be to sell the car to the people who have offered you four hundred pounds and dip your hand into your pocket for the remaining two hundred. The claim will be settled fairly shortly and you should have your money, within two or three weeks at the most (sometimes even quicker, if you do exactly as the insurance company asks). There is one sticky fly in the ointment though. The insurance company may wish to retain the vehicle, at which point you will need to negotiate a purchase price with them.

As far as the other party is concerned.....is she crazy? You have just offered her the opportunity to save herself hundreds of pounds and she has turned you down.....they do say, "there is nowt strange as folk."

I would totally agree, plus we all know how low PX allowances are on older cars so what is the insurance value of the car? It should be that of a similar not it's trade in value.

What I'm trying to say is the payout from her insurers could be (more than), no pun intended, the £600 trade in you were offered.


I often wondered about this as on the couple of times I have px'd a car I driven it more carefully in the interim than I have the new one.
What is the legal position if you've signed on the dotted and then write off the trade in as yor fault??
(I think I know the answer to my own question),

Lum

If the dealership are offering you 600 quid trade in then your car is easilly worth more than 600 quid.

Can you stump up the extra 600 quid on Friday?

If so then start the claim process. You will not need to take out a separate policy, as you can just transfer it to your new car on Friday.

Your insurance will take the car and assess it and decide whether to repair or write it off. When the assessor arrives push for a write off. Be prepared to negotiate but you should get more than 600 quid for it, leaving you better off than you were before the incident.

fred7777

If the dealer is saying your car would be a write off and the other party is at fault then the other party owes you the complete value of the vehicle, which has just been valued at £600.

So talk nicely to the dealer and tell them you will have to wait before collecting the new car, also get them to quote on the repair to your damaged car, which they have already estimated. Send all this to you insurance company and chase them every day to get it sorted out.

You shouldn't need to insure two cars as you're not taking possession of the new car yet and with a bit (OK a lot) of pushing if the accident was as simple as you stated it could be settled very quickly.

cyclonebri1

fred7777 wrote: »

has just been valued at £600.

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No no no, it hasn't Only the trade in allowance has been agreed. The value will greater than the trade in allowance, how many more times please???

MrRedundant

Careful as if you let the other insurer know its being traded in they will only pay you that £600 regardless.

Based on the fact its getting written off I would find the £600 from somewhere then take the insurance payout for the full value. Also ensuring I bump up the price and losses as much as possible to thank everyone for the extra effort.

If you can't find the £600 I'd suggest asking the dealer to defer payment of the £600 until the insurance is settled. I can't see them losing the sale for the sake of £600

fred7777

cyclonebri1 wrote: »

No no no, it hasn't Only the trade in allowance has been agreed. The value will greater than the trade in allowance, how many more times please???

The value is whatever you can get a buyer to pay for it and the OP only had one buyer, the dealer.

I understand that a trade in allowance is less than you could get selling privately. I assume, based on experience, that the insurers would try and beat the OP down on the value. So the trade allowance and the insurers valuation would probably be very close.

It looks to me like the OP wants a quick resolution where they are not out of pocket. Presenting the insurance company with a trade in valuation of £600 and a high repair cost (which they already have) should make the insurance company decide to write off quickly.

It's probable that the OP could have got more money selling the car privately before the accident. But now it's damaged it would be difficult to assess what it would have been for that car although a price guide could give a good idea for the model and spec.

MrRedundant's plan may be good but the OP has to weigh up the possibility of getting a bit extra out of the insurers and how much that would be, against the extra delays involved. Worst case: the value of the car the insurers accept is so much higher that they decide to repair rather than write off.

cyclonebri1

fred7777 wrote: »

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Worst case: the value of the car the insurers accept is so much higher that they decide to repair rather than write off.

And under those circumstances who wins. This really has gone from the sublime to the rediculous.

look, what is the purpose of insurance? let me answer, it is to ensure that you do not lose out, not make a healthy profit, :wall::wall::silenced:

MrRedundant

Its a pointless argument.
I don't think the car is worth £600 but I do think this is what will get paid out if the insurers gets the whole story and tbh the OP probably wont think its worth the hassle fighting it.

I do think his best hope is finding the £600 from somewhere until the insurance settle. A dealer isnt going to lose a sale for £600 though and if the worst comes to the worst I can see him having to slightly delay the sale.

Flyboy152

cyclonebri1 wrote: »

No no no, it hasn't Only the trade in allowance has been agreed. The value will greater than the trade in allowance, how many more times please???

That is not strictly a given. If the car has an over-allowance, then it will worth less than the part-exchange value.

Flyboy152

MrRedundant wrote: »

Careful as if you let the other insurer know its being traded in they will only pay you that £600 regardless.

Based on the fact its getting written off I would find the £600 from somewhere then take the insurance payout for the full value. Also ensuring I bump up the price and losses as much as possible to thank everyone for the extra effort.

If you can't find the £600 I'd suggest asking the dealer to defer payment of the £600 until the insurance is settled. I can't see them losing the sale for the sake of £600

On a fully comprehensive insurance policy, it will by the OP's insurers who will settle the claim and they will then claim off the other party's insurers.