Seeking advice on next steps for damaged vehicle - insurance voided

System

This discussion was created from comments split from: Insurance Voided After Accident.

deckz

Hello Everyone,

I'm reaching out to this community for guidance on an unfortunate situation involving my damaged vehicle and a voided insurance policy. 

Long story short, my insurance policy is voided, and I have a damaged vehicle for which I am unable to pay for repairs.

At this point, I am looking in selling the vehicle as it is as there is likely some value.

I have approached CashForCars, providing them with photos and am awaiting their response. Has anyone used this service before?

I'm reaching out to ask for advice on how to best proceed under these circumstances.
Are there any other options for what I can do with my damaged vehicle?
Any recommendations for how I can find buyers or salvage yards that might offer a fair price? Or perhaps there's another route I haven't considered?

I would sincerely appreciate any guidance on this.

FIRST THREAD
Insurance Voided After Accident (Discrepancy with Policyholder & V5C details)
https://forums.moneysavingexpert.com/discussion/6462364/insurance-voided-after-accident/p1?new=1

teddysmum

We have never used the company that you mention, but often read of cases where people using 'Cash for --' have the offer reduced at a later stage.
When we have scrapped cars, my husband has called local scrap yards, as offers, including charge or not for collection, do vary.


In your case, it would probably make more sense to contact establishments nearer to where the car is stored, of course

HillStreetBlues

Have you checked to see if the company you took out insurance with would have insured you with the correct details?

deckz

HillStreetBlues said:

Have you checked to see if the company you took out insurance with would have insured you with the correct details?

If the V5C was correct, yes. But if the policy was under the business' name and address, they wouldn't have.

I actually have an existing thread in regards to insurance here:
https://forums.moneysavingexpert.com/discussion/6462364/insurance-voided-after-accident/p2

Just want to see if you guys have any suggestions going forward with a damaged uninsured vehicle that can still be repaired.

deckz

teddysmum said:

We have never used the company that you mention, but often read of cases where people using 'Cash for --' have the offer reduced at a later stage.
When we have scrapped cars, my husband has called local scrap yards, as offers, including charge or not for collection, do vary.


In your case, it would probably make more sense to contact establishments nearer to where the car is stored, of course

Sorry, I missed this.

I am aware that "Cash for..." services usually overquote the price they are willing to offer as that price is usually the very best-case scenario in terms of the car's condition.

Yes, I will consider calling local scrap yards.
But as this is (or was) a higher-value vehicle, I want to try to recoup some value out of the car and would like to find out if there are any possible buyers.

I have come across Copart through some research, has anyone had any experience with these guys as a seller?



Also, does anyone have any other possible avenue I can go down that I am not aware of?
Any help would be greatly appreciated.

jimjames

I'd suggest listing it on eBay or similar with full details and photos. Likely to get a better price than selling to one of those services as the person is likely to fix it up themselves to use or sell on. If it's not had a claim made on it and has no category marker then you may well get a higher price too as it won't be listed once repaired. Here's some similar ones listed that will not appear in adverts as damaged once fixed.

https://youtu.be/Dh06O8ZStBA

deckz

jimjames said:

I'd suggest listing it on eBay or similar with full details and photos. Likely to get a better price than selling to one of those services as the person is likely to fix it up themselves to use or sell on. If it's not had a claim made on it and has no category marker then you may well get a higher price too as it won't be listed once repaired. Here's some similar ones listed that will not appear in adverts as damaged once fixed.

Thank you for your suggestion jimjames.

As this vehicle is currently held in a repair shop garage (accumulating daily storage fees), that is 80 miles away from my business (and 115 miles from home), this makes things logistically difficult (including taking photos etc).

If I am to go ahead with this idea, how would you recommend me to proceed?
The examples shown on the YouTube video seem to show cars on big private lands.


Also, in the meantime, if anyone has any tips, it would be more than welcome.
I'd like to have a few options available, including jimjames' suggestion.

deckz

jimjames said:

deckz said:

jimjames said:

I'd suggest listing it on eBay or similar with full details and photos. Likely to get a better price than selling to one of those services as the person is likely to fix it up themselves to use or sell on. If it's not had a claim made on it and has no category marker then you may well get a higher price too as it won't be listed once repaired. Here's some similar ones listed that will not appear in adverts as damaged once fixed.

If I am to go ahead with this idea, how would you recommend me to proceed?
The examples shown on the YouTube video seem to show cars on big private lands.

Do you have any space to store it near home? If so then I'd arrange a company to move it or hire a trailer and move it yourself if you have the means to tow it. Alternatively ask the shop to take some photos or drive there to do so and list it at that location. At the right price I'd suspect it might sell quite quickly.

I live in a flat complex with secure underground parking. But because of tight spaces and difficult ease of access, it is not logistically viable to store a damaged vehicle that can't run there.

Is there a way you can recommend where I can calculate a good price, or do people simply wing it on eBay?

jimjames

deckz said:

jimjames said:

deckz said:

jimjames said:

I'd suggest listing it on eBay or similar with full details and photos. Likely to get a better price than selling to one of those services as the person is likely to fix it up themselves to use or sell on. If it's not had a claim made on it and has no category marker then you may well get a higher price too as it won't be listed once repaired. Here's some similar ones listed that will not appear in adverts as damaged once fixed.

If I am to go ahead with this idea, how would you recommend me to proceed?
The examples shown on the YouTube video seem to show cars on big private lands.

Do you have any space to store it near home? If so then I'd arrange a company to move it or hire a trailer and move it yourself if you have the means to tow it. Alternatively ask the shop to take some photos or drive there to do so and list it at that location. At the right price I'd suspect it might sell quite quickly.

I live in a flat complex with secure underground parking. But because of tight spaces and difficult ease of access, it is not logistically viable to store a damaged vehicle that can't run there.

Is there a way you can recommend where I can calculate a good price, or do people simply wing it on eBay?

I can only suggest what I'd do and that would be to work out the repair cost or insurance valuation if you have either of those then look at what the selling prices are for the same car if running in good condition. Compare the 2 and deduce a hefty discount to cover labour and other costs and that might give an idea.

As an example a friend had a VW Scirocco worth £8k that was written off. Insurance buy back value was £2k and cost around £2k to buy parts to repair so total cost £4k. As it was a category car after it would probably be worth around 30% less - but you won't have that issue if it's not recorded. If it had been sold for £4k to repair the buyer would have made very little to no profit so would need to have been somewhere between the insurance value of £2k and £4k to make it of interest to someone.
I'd also suggest trying to search for the make & model for sale for repair and see how that compares too.

HillStreetBlues

MSE_ForumTeam5 said:

We've merged a couple of threads.  Please be mindful that our rules ask users to avoid creating duplicate threads.

But the threads were completely different, although same car.
One was about insurance, and posted in the insurance  forum the other about selling the car and how to get the best price and that was placed in the motor forum.
Now it's a total mess.