Sourcing and Buying My Written Off Car from Salvage Company

[Deleted User]

A few weeks ago I crashed into the rear of a van after it braked sharply to a halt to avoid an accident up ahead. I left my car with a body shop of my choice and it was declared a total loss (Cat N for non-structural damage) after an at-fault claim with my insurance company. I was offered a settlement and the option to keep my car. I would like to keep my car as it only requires a second hand front grille, bonnet and a radiator. I have not yet accepted the offer and the car is still at the body shop.

The problem is that I also remembered I have return to invoice GAP insurance. On contacting the GAP insurer they stated that I must 'forfeit' my car to receive the payout. On further questioning they said that they need proof of transfer of ownership from me to the insurer. I have contacted the motor insurer and they cannot swap ownership from me to them and back to me again - I need to retain ownership of the car.

I have decided that the GAP payout is too large to justify passing up for the sake of my written off car so I am going to forfeit the car. The motor insurer has said that they will tell me where the car goes and to which salvage company it goes to once they have this information.

What are my chances of:
a) being able to find the car;
b) being able to purchase the car from the salvage company for a not-too-unreasonable mark up from the buyback price;
c) my actually wanting the car back (i.e. not being butchered for it's parts/being treated like scrap/whatever salvage companies do to these cars)?

tl;dr - car written off, want to keep the salvage, GAP insurer won't let me, hoping to buy it after it goes to salvage company; am i screwed?

foxy-stoat

You are far from financially screwed as you are being paid out what it cost you.

Just contact the scrap yard and ask them to call you once they have your old car with a price to buy it back. Seeing as its valuable to you, you will pay a premium for it as they know you want it and there may be a chance that bits go missing from it, but they are both out of your hands as its no longer your car once you receive the payout.

What car is it and why do you need it back ?

[Deleted User]

I don't necessarily mind paying a premium because as you say I'm getting what it cost me 4 years ago.

Hopefully I'll get a chance to check it over before buying if it got to that stage.

The car is a 2011 Honda Civic Type R GT. I just want it back because I love it, it's been well looked after and I've put a fair wad of money into it over the years.

motorguy

Deleted_User wrote: »

A few weeks ago I crashed into the rear of a van after it braked sharply to a halt to avoid an accident up ahead. I left my car with a body shop of my choice and it was declared a total loss (Cat N for non-structural damage) after an at-fault claim with my insurance company. I was offered a settlement and the option to keep my car. I would like to keep my car as it only requires a second hand front grille, bonnet and a radiator. I have not yet accepted the offer and the car is still at the body shop.

The problem is that I also remembered I have return to invoice GAP insurance. On contacting the GAP insurer they stated that I must 'forfeit' my car to receive the payout. On further questioning they said that they need proof of transfer of ownership from me to the insurer. I have contacted the motor insurer and they cannot swap ownership from me to them and back to me again - I need to retain ownership of the car.

I have decided that the GAP payout is too large to justify passing up for the sake of my written off car so I am going to forfeit the car. The motor insurer has said that they will tell me where the car goes and to which salvage company it goes to once they have this information.

What are my chances of:
a) being able to find the car;
b) being able to purchase the car from the salvage company for a not-too-unreasonable mark up from the buyback price;
c) my actually wanting the car back (i.e. not being butchered for it's parts/being treated like scrap/whatever salvage companies do to these cars)?

tl;dr - car written off, want to keep the salvage, GAP insurer won't let me, hoping to buy it after it goes to salvage company; am i screwed?

(a) Very good.
(b) Depends how you define not-too-unreasonable. But they will want to make a decent markup, bearing in mind they buy these cars in job lots and some they make money on and some they dont.
(c) Should be fine if you get to it quick enough.

You run the further risk of it being sold on quickly to a preferred buyer of the salvage company. Most salvage cars never get as far as being advertised.

OR it could go to salvage auction like copart.co.uk and then you'll be up against everyone bidding for it.

[Deleted User]

(b) The salvage company could theoretically charge me just over 300% of the insurance company's buyback price and I would break even with how I would end up had I passed up the GAP money - I've got some decent leeway.

I'm hoping I can pester the insurance company for the salvage company's details as soon as they have them and make a quick phone call to make clear my intention of buying (should the car be as I left it).

I've heard about Copart and that they are probably best avoided in these situations. Are there any other salvage companies like this to be aware of?

foxy-stoat

I would look at what you can buy a straight Type R for, same mileage, same year, same spec, good history - so you know how much you need to replace it like for like. Take 25% off that figure and the cost to repair yours....less an amount for the ball ache. That should be the top price you will want to pay to buy it back.

Personally I would look to buy a straight one as you have already won with the 4 years worth of depreciation in your bank account.

caprikid1

I would not hold your hopes out, it could get into a yard and get out quite quickly as an internal buy if its got the right bits and someone makes a good offer.


Chances are it will end up with one of the auction sites, I had a mates car that went this way and I was shocked at what it went for !.

[Deleted User]

The guy at the body shop says it will most likely go to Copart to be auctioned so to keep an eye out for it each week. Just hope it gets to the point of being auctioned without being snapped up by someone else.

[Deleted User]

If the car was really that important then why go through the insurance, if like you say it just needs a front grill, bonnet and radiator, why didn't you just fix it yourself in the first place.

Trying to buy it back in your case sounds like a lottery.