3rd Party Claim

[Wes_]

Hi there

Can you please advise me?
I was involved in a car crash (there were no injuries) just a few weeks ago. I did not have car insurance at that time and the other lady was at fault so i'm going to claim from her insurance. The insurance advised me to get three qoutations from different panel beaters and send it back to them.

The panel beaters are giving me quotation of R149K+. From the internet i'm finding that the retail value of my vehicle is R100K-R120K. And I bought my car for R95K.

I have read that in 3rd party claims that they might fix your car's damages if they dont exceed the car retail value at the time of the incident, else they will pay you out the retail value instead.

So my question is, what is the most amount the insurance would be willing to pay (for them to fix my car) before deciding to pay me out the value of my car?

The insurance is SANTAM.

Thanks and regards
Wes_

 

[Hemi300c]

Hi there

Can you please advise me?
I was involved in a car crash (there were no injuries) just a few weeks ago. I did not have car insurance at that time and the other lady was at fault so i'm going to claim from her insurance. The insurance advised me to get three qoutations from different panel beaters and send it back to them.

The panel beaters are giving me quotation of R149K+. From the internet i'm finding that the retail value of my vehicle is R100K-R120K. And I bought my car for R95K.

I have read that in 3rd party claims that they might fix your car's damages if they dont exceed the car retail value at the time of the incident, else they will pay you out the retail value instead.

So my question is, what is the most amount the insurance would be willing to pay (for them to fix my car) before deciding to pay me out the value of my car?

The insurance is SANTAM.

Thanks and regards
Wes_

They should settle on retail if no apportionment of blame is applied.
Normally damages in excess of 70% of retail is a write-off but their are aspects they consider like cosmetic or safety and crucial safety areas.

Get insurance please even if it's only third party cover.

 

[Venomous]

Yip, if the insurer assigns half the blame to the OP then that insurer will only pay half of whatever they would have paid out otherwise.

 

[Katelknaap]

They will more than likely offer you market value for your vehicle as it's clearly "beyond economical repair". Also remember that they will deduct a salvage value as the "wreck" does have a value (can sometimes be quite a lot) and you can still sell it. Say market value = R 100k minus R 20K iro wreck = R 80K. This is if the other driver was 100% to blame.

 

[Venomous]

Yip,

OP's going to sadly learn that sometimes it is cheaper to have insurance yourself instead of paying for it aftereards such as will likely happen here

 

[Wes_]

As you all predicted the insurance has written off my vehicle and will pay a settlement fee.
Does anyone know how they calculate the salvage value that they will deduct from the retail value?

I want to know if the amount they will offer me will be enough for me to get fixed somewhere cheaper.


The damage wasnt that bad. They crashed me into my vehicle from the front. So the left head light was damaged, radiator, bonnet, bumper, left side fender....

 

[Ecko_1]

As you all predicted the insurance has written off my vehicle and will pay a settlement fee.
Does anyone know how they calculate the salvage value that they will deduct from the retail value?

I want to know if the amount they will offer me will be enough for me to get fixed somewhere cheaper.


The damage wasnt that bad. They crashed me into my vehicle from the front. So the left head light was damaged, radiator, bonnet, bumper, left side fender....

That doesnt sound like R149k damage.

My old GTI had a R120k insurance claim which included:
2 new headlights R20k
New bumper and grills etc
New radiator, condensor, intercooler
New fenders
New bonnet
New back bumper
New windscreen

You damage seems less and somehow is R150k?

Quite possible that they overquoted and you may be able to get it repaired cheaper.

 

[Wes_]

That doesnt sound like R149k damage.

My old GTI had a R120k insurance claim which included:
2 new headlights R20k
New bumper and grills etc
New radiator, condensor, intercooler
New fenders
New bonnet
New back bumper
New windscreen

You damage seems less and somehow is R150k?

Quite possible that they overquoted and you may be able to get it repaired cheaper.

Yes, i can definetly get it fixed for a MUCH LESSER price. I have been doing my own price quotations

A bonnet that i was charged R10K by the panel beaters i can find a new one for less R2K.

Now i'm to figure out how much will the insurance pay me for a settlement fee?
How much did they pay you, if you dont mind me asking...

 

[Ecko_1]

Mine was a repair. Car was worth upper R200k at the time

 

[hellfire]

As you all predicted the insurance has written off my vehicle and will pay a settlement fee.
Does anyone know how they calculate the salvage value that they will deduct from the retail value?

I want to know if the amount they will offer me will be enough for me to get fixed somewhere cheaper.

The damage wasnt that bad. They crashed me into my vehicle from the front. So the left head light was damaged, radiator, bonnet, bumper, left side fender....

Just keep in mind that your vehicle will be considered a Code 3 and you will not be able to resell at the normal retail value (if you decide to sell at any point)

 

[Venomous]

Just keep in mind that your vehicle will be considered a Code 3 and you will not be able to resell at the normal retail value (if you decide to sell at any point)

Indeed.

Insurance going forward will also be a problem.

It might be better to take whatever they pay out and use it as a nice deposit on something newer, even if still second hand.

 

[Wes_]

Just keep in mind that your vehicle will be considered a Code 3 and you will not be able to resell at the normal retail value (if you decide to sell at any point)

The damage wasnt that significant. No one got hurt. My airbags didnt deploy.

They said it crashed and is now "beyond economical repair" I dont know if that would classify it as a code 3.

 

[Katelknaap]

The Third party's insurer (Santam in your case) cannot code 3 your vehicle. You are and will stay the owner and title holder of the vehicle. Have it repaired privately and you should have no issues insuring it going forward. Re the salvage value. They have a department that works will that and they will check their records of similar wrecks sold and for how much and will work on that.

 

[Lupus]

The Third party's insurer (Santam in your case) cannot code 3 your vehicle. You are and will stay the owner and title holder of the vehicle. Have it repaired privately and you should have no issues insuring it going forward. Re the salvage value. They have a department that works will that and they will check their records of similar wrecks sold and for how much and will work on that.

They might not be able to code 3 it, but it will be listed and future insurance will pick it up. Especially Santam who had me listed as an excessive claimant in 2009 due to my house being cleaned out, to this day it's there. Cannot remove it because I've not been their client since 2009 and they don't have a record of me.

 

[Katelknaap]

I am not aware of any system on which Santam records the vehicle details of Third Party claimants (not in my days with them anyway). If the vehicle is repaired properly (and was not code 3'ed), you can always voluteer it for an inspection if any future potential insurers have issues if you want to insure it.

 

[Katelknaap]

I still have some contacts at their legal branch. Will check up on the existence of a Third Party vehicle data base and will report back

 

[Wes_]

I still have some contacts at their legal branch. Will check up on the existence of a Third Party vehicle data base and will report back

Thanks @Katelnaap I would really appreciate it.
Let me know what you find.
It would really help me make a better decision going forward with the car.

 

[Katelknaap]

Just spoke with someone. They do not have such a data base. You should thus not have any issues with future insurance of the vehicle. My previous remarks thus stand.

 

[artistzzz]

Thanks @Katelnaap I would really appreciate it.
Let me know what you find.
It would really help me make a better decision going forward with the car.

Any update on your settlement? and what did you do with the car then? I am in a similar situation.