Car Valuation

[Ezy03]

Hey guys, my dad's 250GT s2 was involved in an accident, and today I went down to a repairer to get a quote on the cost to fix it so I can send it down to the insurance company. The smash repair guy said its a write off for sure, by chance there was a NRMA assessor their who also said it would be a write off according to him. So the smash repairer is still going to write an appropriate quote so I can send it.

Anyway if the insurance assessor also agree's and says its a write off im wondering who can I get to assess the value of the car so I don't get a bad price on the market value the assessor from the involved insurance company gives me and also so I have some back up that he is low balling the car.

p.s wasn't at fault in the accident, it was a pile up...

[sonicii]

Most insurance companies will have a set value for the car, if you have comprehensive insurance, it should be listed on the policy.. if you don't have comprehensive insurance and you are relying on the insurance of the 'at fault' vehicle.. it could get a bit tricky if that company doesn't insure imports, as they may not have a listed market value. - in this case you might want to try calling a few insurance companies who do insure imports and ask what value they would insure it for.. that way you have some ammunition if you feel it gets undervalued.

Edited July 12, 2012 by sonicii

[n15m0]

So what is the agreed or market value on your insurance policy? If its anywhere above $13K, accept the write off, take the money and buy something else.

Don't take the chance of it being repaired properly because it won't be the same regardless and if anything will make it harder to sell in the future if it has an accident history.

Edited July 13, 2012 by n15m0

[iamhe77]

They might be writing it off as it is in the "too hard basket". That's what happened with my Stagea. Estimated repair bill was around the $10k mark. Agreed value was considerably more than that. Too hard to repair so got the payout.

[n15m0]

It would have been worked out based on a % of the agreed value. If cost of repair exceeds this % then its a write off. There is no benefit for the repairer to low ball you as if the amount of work required + the cost is too high it would be deemed as a write off by the insurer anyway.

[iamhe77]

And if the repair bill is 1/3 of the agreed value as was in my case?

Like I said, if it is too hard (or they think it is too hard) they will write it off

[t5iv]

If it isn't financially feasible for the insurance company, it's a write off. Usually if the cost if the cost is greater than 20% of agreed value.

[Ezy03]

well the situation as said by the repairer on the quick look he had stated some bad things about it, said things like we would have to take the whole cabin out and fix it and that's if it can be fixed as some of it might not be able to be put to place or redone (something along those lines) said the rails have had damage and the front and rear reo's have had it (this is also minus addition of repairing the actual bumpers and hood and boot and exhaust system).

I also called the repair guy today he will have my quote ready to email today but he didn't get back to me so ill make my way down there and see what happens.

quick question about the price/value, say it is a write off and the insurance say they will give 10k, obviously its low balling, what can i do in that instance

forgot to mention that the car is only 3rd party.

[iamhe77]

If the rails have damage, the car is finished. It is illegal to repair damaged chassis rails.

[sonicii]

I think the cut off for repairs is more than 20% in most cases.. I have know people with $30,000 cars which needed $12,000 of repairs after an accident and the insurance company repaired it. From what I understood (but could be wrong) the cut off is 20% less than the value of the car. so if the car is insured for $10,000 and repairs will be more than $8,000, then it's a write off. it doesn't make much financial sense for an insurance company to pay out $10,000 for a write off, when they could have paid $2,500 in repairs.

To the OP, if you don't have comprenhensive insurance, then you might not have much to go on if you get a 'low ball' figure. all I can suggest is ring a few insurance companies and find out how much they would insure your car for (if it wasn't damaged), companies like shannons or just cars (to mention a few). You can then go back to the insurance company making the low offer and ask them to increse it based on the figures you get.

Maybe have a look on car sales and see how much a similar car is selling for.. this might help your case too.

However, if they feel they can justify their figure, I don't like your chances of getting it incresed.. especially since you aren't one of their customers.

You could try going to your 3rd party insurance company and see if there is anything they can do from their side (assuming you mean 3rd party property, not 3rd party compulsory included in your rego). But I doubt there is much they can do either.

[Manya]

Look at it this way, my 1989 Skyline wagon with the lower half re-sprayed with rattle cans was written off last year when i was in a not at fault accident.

The at fault persons insurance company offered me $2800 minus $150 for the wrecking fee.

I bought the car for a slab of VB, let my old man drive the BMW I had because his car was rooted.

Don't think negative and wait. I had my stuff sorted within a week.

Edited July 14, 2012 by Manya