How can they write it off ? - Page 2

ltd_on20s · 07-01-2009, 12:55 AM

mate i work for SGIC. they are affliated with nrma/sgio/cgu/swann etc etc. if you had agreed value and you can show the car is worth more then the agreed value usually they will pay you the higher price, if you have market then its what the market dictates. if you have agreeed and the market value is lower they will pay you the market value price no matter what becuase thats what you have been paying a premium on

most cars have what they call a 1$ 2$ 3$ value with 3 being the highest value. your car being pristine they would work off that figure HOWEVER, they may do an ECONOMIC write off of your vehicle not a statutory write off which means you can still get the car fixed. you'll find fitting two new airbags is close to 2.5 k in itself as you cant use 2nd hand steering wheels and stuff like that.

with sgic and i think nrma work the same way, is that if the vehicle is over 15 years you can keep the salvage, however if like in your case it is not, they pay you out your car, less any premium still owing, and keep the car and sell it off at auction. the main reason this is done is so that they recoup some of the money thye have paid you out for yours. basically if it didnt work that way you'd be paying 4x as much for insurance. to get your car back you will have to bid against others at the auction.

the clown that wasnt insured will be paying that back for donkeys years. however you'll most likely be out of pocket a little bit but at least thye will pay you most of it and you can get on with life.

if and when you speak to an assessor depending on who you are insured with make sure you take all your reciepts with you as proof of the work you have done. they do take it into account.

Unco · 07-01-2009, 01:05 AM

Quote:

Originally Posted by ltd_on20s

mate i work for SGIC. they are affliated with nrma/sgio/cgu/swann etc etc. if you had agreed value and you can show the car is worth more then the agreed value usually they will pay you the higher price, if you have market then its what the market dictates. if you have agreeed and the market value is lower they will pay you the market value price no matter what becuase thats what you have been paying a premium on

most cars have what they call a 1$ 2$ 3$ value with 3 being the highest value. your car being pristine they would work off that figure HOWEVER, they may do an ECONOMIC write off of your vehicle not a statutory write off which means you can still get the car fixed. you'll find fitting two new airbags is close to 2.5 k in itself as you cant use 2nd hand steering wheels and stuff like that.

with sgic and i think nrma work the same way, is that if the vehicle is over 15 years you can keep the salvage, however if like in your case it is not, they pay you out your car, less any premium still owing, and keep the car and sell it off at auction. the main reason this is done is so that they recoup some of the money thye have paid you out for yours. basically if it didnt work that way you'd be paying 4x as much for insurance. to get your car back you will have to bid against others at the auction.

the clown that wasnt insured will be paying that back for donkeys years. however you'll most likely be out of pocket a little bit but at least thye will pay you most of it and you can get on with life.

if and when you speak to an assessor depending on who you are insured with make sure you take all your reciepts with you as proof of the work you have done. they do take it into account.

good info there. and true about the other guy... if you weren't insured, you'd be forever going to courts trying to get any money out of him. since you're insured, your insurance company will do all of that for you. that's why it's a good idea to get comprehensive insurance on a car worth more than 4-5K. you pay the higher premium, yes, but imagine being in the same accident with no insurance and the two of you trying to settle things.

mik · 07-01-2009, 01:31 AM

you were very unlucky indeed at least no one was injured, something very similar happened to my young brother ....car was a write off he was a lucky one, the assessor came out to check the car and my brother pointed out extra`s on the car +it was in good nick, he got $3000 more than he paid for it and was able to buy the wreck back for about $1500, he later bought a car with the money and it was much better than the oldie, perhaps have a chat with the assessor if possible he might be able to help you out.

desGT · 07-01-2009, 07:13 AM

Remember that buying the wreck back usually (Vic?) means that you have an unregistered car and have to go through the whole rigmarole of registering the car (including road worthy etc). Need to factor the cost and hassle into your calculations.

Why we do not have compulsory 3rd Party property damage insurance (like UK etc) beats me. Sure it is going to be a few extra $100's, but at least it would mean coverage.

Also note that even if the other car was insured, the situation regarding a write off still exists.

The Yeti · 07-01-2009, 07:46 AM

if the air bag has deployed the canses are its more than a head light and bumper adn you might not like what you get back after a repair any way,could be time ot move on.

as for insurance, I feel that 3rd party property insurance should be compolsery just like 3rd party personal (CTP) I'm sure every one on here has either been the victim of or knows some one close who has thats takn a hit form some tool with out insurance.

hopfully you can name the red lght runner with no insurance and they can chase the guy for the $$$$$$

LTDHO · 07-01-2009, 08:54 AM

Quote:

Originally Posted by Mr Hardware

100% Correct sir. One gold star.
Also
MAKE PROFIT

ie
$7k payout
$2k buyback
$3k repair job
=$2k profit!

Ha ha ha, not quite.

If the car is valued at $7k.

$7k payout
$2k Buy back
$4k+ repairs
$1k on roads
No profit and you now own a repaired writeoff.

bob^ · 07-01-2009, 08:55 AM

Quote:

Originally Posted by Green X

Think i remember someone telling me once that airbag's are around 2K a shot to replace, so if that's true you looking at 4K on that alone!

$350 for a steering wheel air bag for a BA

Pedro · 07-01-2009, 09:06 AM

Quote:

Originally Posted by Unco

normally they will give you a figure, so you won't have to bid for it at auction. that's what happened when dad wrote his car off, when my sister wrote her car off and when my brother wrote his car off. it may depend on the insurance company though.

Insurance companies must love your family ... LOL

LTDterri · 07-01-2009, 09:27 AM

The sad part 80k car in pristine condition will be hard to replace with the money the insurance will give you for it.

ltd_on20s · 07-01-2009, 10:08 AM

Quote:

Originally Posted by bob^

$350 for a steering wheel air bag for a BA

yeah but that doesnt include fitting, sensors, testing by specialists etc which i think you need it to be tested to see if power and sensor is owrking correct. hatye to fit a new 'bag and find out it doesnt work when someone plows into you again

Smoke Pursuit · 07-01-2009, 12:05 PM

It costs about 350 plus 150 to have an airbag reset in place....

Fev · 07-01-2009, 12:39 PM

i had a small rear ended in my ba - barely any damage ..- 15km/hr tap on the front.. 4,500 to repair and the airbags did not need to be replaced as they hadn't deployed.

get the pay out, buy a BA.

Quicksand · 07-01-2009, 12:53 PM

if you really have your heart set on keeping the car, perhaps you could consider not going through your insurance company, cancelling the insurance claim and paying for it yourself...a drastic idea but if you really want to keep it, this is an option

Spanrz · 07-01-2009, 02:01 PM

Quote:

Originally Posted by COOGES

hmmm, you might have seen it parked at casey central shops

Thats's probably where. Frequent there a few times a month......

Uhhh so that's where all the black lines in the car park, came from.....LOL (jk)

**GasoLane** · 07-01-2009, 04:33 PM

Quote:

Originally Posted by Unco

normally they will give you a figure, so you won't have to bid for it at auction. that's what happened when dad wrote his car off, when my sister wrote her car off and when my brother wrote his car off. it may depend on the insurance company though.

WHOAA! That'd be a fun family to ride passenger with

Nikked · 07-01-2009, 06:55 PM

Quote:

Originally Posted by ltd_on20s

yeah but that doesnt include fitting, sensors, testing by specialists etc which i think you need it to be tested to see if power and sensor is owrking correct. hatye to fit a new 'bag and find out it doesnt work when someone plows into you again

exactly, the airbag doesn't come with the cover, possible wiring, airbag reset etc + fitting.

Spudz27 · 07-01-2009, 11:50 PM

Wow if highest market value is 7300 and that is all they are insuring it for that is crap. My ED is insured for 7700.

Iggypoppin' · 08-01-2009, 12:07 AM

Quote:

Originally Posted by EDfutura25

Wow if highest market value is 7300 and that is all they are insuring it for that is crap. My ED is insured for 7700.

WHATS YOUR PREMIUM???????

**Professor Farnsworth** · 08-01-2009, 12:42 AM

Quote:

Originally Posted by EDfutura25

Wow if highest market value is 7300 and that is all they are insuring it for that is crap. My ED is insured for 7700.

that's a good 5 grand or so more than it's worth. And that's being lenient! Your premium must be pretty damn high.. depending on where you live of course.

S3SR · 08-01-2009, 11:39 AM

Quote:

Originally Posted by SLWXR6

wernt the cars insured for more than that? My xr6 is insured for 22,000 and that's what I get if it's written off. Unless you claimed the wrecks for parts then I can't see a BF being insured for 14k

sorry no what happened was the AU SR was insured for market at the time that was $15500 , damages came to $13k or so..... as they did they repaired it rather than write it off....seems pretty textbook

it would if the mechanicals were actually repaired or replaced..... tell me if anyone would like their steering coloumn move up and down freely after its locked in place.... or the horn and airbag disconnected on you and told that you disconnected it... theres a few pages listing the problems with it

anyways when i got it back i just traded in it on the BF XR6 for $6k and when i traded the BF xr6 i got $14k for it none of them were written off

honer · 08-01-2009, 12:10 PM

Yeah airbags alone will be 3k at least to replace... Plus whatever other repairs its needed.

Iggypoppin' · 08-01-2009, 12:38 PM

sorry S3SR didn't realize that at first! Cheers.

lowriding · 08-01-2009, 12:56 PM

yeah the market value is not high , labour to repair and paint and replace parts such as airbags will sail it very close or even over the write-off cost .
An example I know Pickles (vic) sold a 04 BA XT 100k on clock in excellent condition for $4k on tuesday if that gives you a guide

regards

Bobman · 08-01-2009, 02:34 PM

Quote:

Originally Posted by bob^

$350 for a steering wheel air bag for a BA

That's if you want to pay for new.

You can get 2nd hand air bags for 1/3rd of that price for a BA.

That would be the least of my worries though. The repair price all depends on how much structural damage there is to repair. That's what usually costs the most in labour time.

Nikked · 08-01-2009, 06:30 PM

Second hand air bags eh, yep, i'ld want one of them...

Bobman · 08-01-2009, 06:51 PM

Quote:

Originally Posted by Nikked

Second hand air bags eh, yep, i'ld want one of them...

No difference between that and what air bags you have in a 2nd hand car as it is.

Apart from that, new air bags are still available cheap if you look around and don't like being ripped off.

Nikked · 08-01-2009, 07:07 PM

Quote:

Originally Posted by Bobman

No difference between that and what air bags you have in a 2nd hand car as it is.

Apart from that, new air bags are still available cheap if you look around and don't like being ripped off.

But the airbag has been pulled out, whos knows what kinda wreck it could of came from.

Spudz27 · 08-01-2009, 08:55 PM

Quote:

Originally Posted by SLWXR6

WHATS YOUR PREMIUM???????

I pay $19.45 per fortnight with a $250 excess. I have HBF car and health insurance. So there is 10% off just for having my health insurance with them. I also had a clean driving record no insurance claims etc.

I get $6000 for the car, $1200 for the mags and $500 for the amp and sub.

I am in W.A car insurance is much better here.

I could not believe in Sydney to drive my aunties 2002 pajero even with my clean record it was a 2000 excess

: .

Iggypoppin' · 08-01-2009, 11:44 PM

ouch kibibble. That's so cheap. 1200 a year for me and 2900 excess. And my records clean too! All I can say is that's sweet insurance.....

Hunter · 09-01-2009, 12:57 AM

FYI airbags DO actually have a useful lifespan - there has been a lot of debate about older cars with airbags and whether or not the airbags are going to be as effective. We're only now finding these sorts of things out because its only now that we're at the point where there are cars that are starting to approach 20 years old that have airbags fitted. Not that you'd have to worry with such a recent car but its still a point to remember.