Can I get the their insurance to pay me cash?

kekaru

I there,

Last week some one ran up the back of my car and did quite a bit of expensive damage (the car is still legal and safe to drive though). I have been quoted £1765 for repairs and though I haven't heard what their insurance has decided to do I'm assuming that they will give me a total loss settlement; the car is worth £1500 after all.

Seeing that the car is still legally driveable I'm not interested having their insurance buy my car in exchange for another, I'd rather take the money and save it until the the end of the year when I can get a better car.

What I would like to know is; would it be possible to get their insurance to give me a check without taking my car away?

Quentin

Yes.

They will let you keep your car in return for a deduction for the salvage from the settlement

kekaru

roughly what percentage?

Quentin

All depends on the model, mileage, damage etc.

(Should be what the salvage is worth.)

kekaru

ok cool, thank you for your help

mrstresshead

Hi i'm about to go through the same agony,my wife was hit from the behind which has caused cosmetic damage but cost is more than the car,i want the car back with compensation so i can buy the parts and have it fixed myself.As i understand you have the car back if cat4 but the insurance are making it very difficult for this to happen but i wont give in as the ohrt car driver has admitted full responsibility.

vaio

talk to them and ask what they will give you as a "cash in lieu" payment, if you can get one it avoids your car ending up on the database as written off

OnanTheBarbarian

The usual rule that is followed by independent engineers I instruct to inspect client's vehicles is that for cars worth less the £3k, the salvage value is usually 10% of the pre-accident value. So a £1700 car would mean £1700-£170 = £1530.00 and you keep the car.

The problem arises when you let the third party insurers inspect. The reason being that they have much more preferential rates through their salvage agents, so the sum they would get for the salvage of your car via their own salvage network will be far higher than 10%. So their argument will be that as they could achieve say 30% in the salvage market, that is what they will deduct from your total loss settlement.

[Deleted User]

mrstresshead wrote: »

Hi i'm about to go through the same agony,my wife was hit from the behind which has caused cosmetic damage but cost is more than the car,i want the car back with compensation so i can buy the parts and have it fixed myself.

You won't get any compensation. Just the value of the car, nothing more.

[Deleted User]

OnanTheBarbarian wrote: »

The problem arises when you let the third party insurers inspect. The reason being that they have much more preferential rates through their salvage agents, so the sum they would get for the salvage of your car via their own salvage network will be far higher than 10%. So their argument will be that as they could achieve say 30% in the salvage market, that is what they will deduct from your total loss settlement.

You can usually argue for the 10% rate by getting your own quotes though. After all, if you have the car back it's the value of it to you, not to them. Be prepared for an uphill struggle though.