Correct.
And thanks for finally posting after 6 years!!
Better late than never
Yes, code 4 = permanently demolished ito the eNaTiS codes:
No. At least not legally.
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Question of the Day: Did you buy your last car with cash or on a finance plan?
Any difference between a built-up and a code 3 car?
- Thread starter purejimcn
- Start date
Better late than never
Yes, code 4 = permanently demolished ito the eNaTiS codes:
No. At least not legally.
Just a few more thoughts on this, found it when researching something else...
From an insurance pov, a code 3 vehicle poses problems. As there is no retail value or market value for these vehicles, most insurers will struggle equitably indemnifying the policyholder.
Many motor dealers don't want to take the vehicles in trade-ins or sell them on, as their reputation is at stake. Consider the consequences if the dealer sells a vehicle which has a chassis with questionable integrity. One more collision may not protect the occupants of the vehicles, as it would if it weren't previously damaged.
So many insurance companies will prefer not to insure these vehicles. But if they do, depending on how the insured value of the vehicle was determined, you could see a deduction of 25% - 40% depending on the merits of the specific claim.
With no market value for the vehicle, it becomes a logistical nightmare to ensure that an equitable value is agreed. This is also referred to as "agreed value" and it usually comes with certain conditions such as how agreed value has been agreed, determination of value through renewal cycles, basis of settlement and agreement of loss, etc.
From an insurance pov, a code 3 vehicle poses problems. As there is no retail value or market value for these vehicles, most insurers will struggle equitably indemnifying the policyholder.
Many motor dealers don't want to take the vehicles in trade-ins or sell them on, as their reputation is at stake. Consider the consequences if the dealer sells a vehicle which has a chassis with questionable integrity. One more collision may not protect the occupants of the vehicles, as it would if it weren't previously damaged.
So many insurance companies will prefer not to insure these vehicles. But if they do, depending on how the insured value of the vehicle was determined, you could see a deduction of 25% - 40% depending on the merits of the specific claim.
With no market value for the vehicle, it becomes a logistical nightmare to ensure that an equitable value is agreed. This is also referred to as "agreed value" and it usually comes with certain conditions such as how agreed value has been agreed, determination of value through renewal cycles, basis of settlement and agreement of loss, etc.
Regarding a stolen and recovered vehicle...
A stolen and recovered vehicle that hasn't been involved in an accident should be coded as "used" or code 2 if the status of the vehicle before being stolen was "new" or "used". If was a code 3, it will keep its status as a code 3 vehicle.
From an insurer pov (and taken from the SAIA Code of Conduct I found through a Google search), "if a recovered motor vehicle was involved in an accident while it was stolen, the requirements for accident-damaged motor vehicles will be used to determine the status of the motor vehicle".
PDF iro the applicable Code of Conduct.
My understanding is that their code of conduct places a fair amount of pressure on the companies not to simply slap a code 3 on a vehicle (because of status implications, etc.).
The requirements for accident-damaged motor vehicles are stated in their code of conduct (pages 10 onwards).
A stolen and recovered vehicle that hasn't been involved in an accident should be coded as "used" or code 2 if the status of the vehicle before being stolen was "new" or "used". If was a code 3, it will keep its status as a code 3 vehicle.
From an insurer pov (and taken from the SAIA Code of Conduct I found through a Google search), "if a recovered motor vehicle was involved in an accident while it was stolen, the requirements for accident-damaged motor vehicles will be used to determine the status of the motor vehicle".
PDF iro the applicable Code of Conduct.
My understanding is that their code of conduct places a fair amount of pressure on the companies not to simply slap a code 3 on a vehicle (because of status implications, etc.).
The requirements for accident-damaged motor vehicles are stated in their code of conduct (pages 10 onwards).
Correct.
And thanks for finally posting after 6 years!!
OMG! do you know I'm only seeing this now....
Be careful. You're becoming a postwhore!
On this subject, if I may ask the more knowledgeable here:
What code of vehicle would be given to vehicles which are kit cars, i.e. a car that is available as a set of parts that a manufacturer sells and the buyer then assembles into a functioning car.
I suppose the example would be the Cobra replica manufactured by Factory Five Racing [USA].
What code of vehicle would be given to vehicles which are kit cars, i.e. a car that is available as a set of parts that a manufacturer sells and the buyer then assembles into a functioning car.
I suppose the example would be the Cobra replica manufactured by Factory Five Racing [USA].
ToxicBunny
Oi! Leave me out of this...
3rd post ... lols
I have a question. What if an insurance company have written off my vehicle and I found that exact vehicle at a dealership selling it as a normal code 2, not even having the correct year model on the advertisement of the vehicle.
I'm even sure that the dealership are aware of this fact
Fazda
Honorary Master
This won't be the first time it's happened! I would go to the dealer and tell him, and then it's up to him to sort it out with whoever sold him the car or to come clean with the buyer.
I sold a totally rebuilt Jetta CLX in 1997 - I was under the impression that we had bought in an immaculate 6000 km car, and when I was trying to sell it, I had plenty of interest, and one guy who decided to buy it but wanted to chat to the previous owner first, to see why the mileage was so low. Long story short, I pulled out the service manual and dialled the previous owner in front of this guy, and told her what I was doing, and she packed up with laughter, telling me that I must be joking, as she had last seen the car, totally written off, as they were loading her into an ambulance! I obviously lost that sale, but then after talking to the owner of the garage, I reduced the price on the car, and sold it with full disclosure. The guy who finally bought it was thrilled, as he had just bought an almost new Jetta, for a third of Book price!