Car written off

freeofdebt1

Hi,
Can someone advise me please, I have just been informed my car is a write off :-( this has never happened to me before. I am waiting on my insurance company to get back to me with a valuation. If I accept what happens? do they just pay the amount into my bank account or do they provide a like for like car?
Thank you

System

It depends on your policy , what does it say ?

When mine was written off they put the money into my account then it was upto me as to whether I fixed or scrapped my car . It had no scrap value so they didn't want to keep it.

TBagpuss

when mine was written off, the insuraers arranged for the car to be collected and scrapped and they paid me the value of the car.
I don't think the insurers would normally provide an equivalent car but you would need to check your policy documents.
Be aware that if your insurers have provided you with a hire car then this will end once they pay you for your car. (If you want to keep the hire car for a bit longer, return it and then arrrange a separate contract for yourself, it's much cheaper than paying insurers rates!)

Aretnap

They will usually settle with money (a cheque last time it happened to me - maybe a bank transfer these days). The only situation in which they'd provide a replacement vehicle is where the car was less than a year old and you've owned it from new, in which case most (not all) insurers will replace it with an equivalent new car.

If the damage is relatively minor it is worth considering whether you would want to buy the car back from the insurer for scrap value. If you're willing to use second hand parts, a backstreet garage and/or do some work yourself then it may be possible to get it fixed for less than the settlement figure - leaving you with your car repaired and money left over. Obviously it depends on the nature of the damage whether this is feasible.

huckster

You don't have to accept offer. It needs to be for the current market value of what it would cost you to buy a similar replacement. So get checking local advertisements. Check with a local garage for the make/model of the car. Insurers don't pay full garage selling price, as they expect a small discount to be negotiated.

When Insurers do settle, it will be less the policy excess and they might deduct remaining premium, if you had been paying monthly. When you claim, you have to pay the full years premium and after a write off, some Insurers will cancel cover, deducting remaining premium owed from the settlement. This is to stop those people who take full claim payment and then stop paying the monthly premiums.

If a third party was at fault for the accident, you can claim back the excess from the third parties insurers and also claim any other costs e.g hire car, injuries.