insurance advice after accident

Claymore said:
When there's enough damage to write the car off, there will always be issues afterwards, and because you repair it yourself, you have no comeback with the insurance company. Been there, done that. :(
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And remove some parts to sell maybe ?and go sell it off to scrap yard for a few bucks ..sure that's fine?
 
djbrendan said:
Hi all,

So i just like to get some tips

My wife was in a accident last week,Long story short...Guy did not look where he was driving and rammed my wifes car at 80kmph ...

Got two quotes so far at the insane prices of +-R79000 for the damage,Mind you this is for a Ford Figo!

So yeah book value at a dealership is R69000..As well,the guy that caused the accident said to claim through his broker.

Now this is what gets me,i know they will write this car off and pay her out,problem i have with this is that she owes R64000,So she gets R5000?How can someone be worse of than before after something that was not your fault?Or am i missing something here?! Any advice would help
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djbrendan said:
That was the settlement amount i gave you :) we phoned the bank.On her insurer it was for retail value.But the 3rd party will be settling
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FARK NO!!!!

Claim through your insurer, they will pay you retail and claim it back from the third party...

Don't fall for this!
 
Pitbull said:
FARK NO!!!!

Claim through your insurer, they will pay you retail and claim it back from the third party...

Don't fall for this!
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and lose our excess we don't have?Like i said earlier...i know a few people that went through the route of claiming and paying the excess to their insurer(which they will get back) what and which they haven't seen yet in years
 
djbrendan said:
and lose our excess we don't have?Like i said earlier...i know a few people that went through the route of claiming and paying the excess to their insurer(which they will get back) what and which they haven't seen yet in years
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Plus what's done is done.We already gave the other guys broker our papers.
 
Let us know how much they eventually pay out. Will only know then whether the R0 to R5k saving was worth it.
 
What will retail be, as payout? Is it perhaps not better to pay (and not expect back) the 5k.
Or is the difference not worth it?
 
djbrendan said:
And remove some parts to sell maybe ?and go sell it off to scrap yard for a few bucks ..sure that's fine?
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Unless you are a scrap dealer that's not going to work out well, you will have to buy the wreck from them and then hope to make a profit from selling it. Also most insurers make it a pita to buy back your written off vehicle, many hoops to jump through.

Not sure why the insurers are expecting the R5k excess upfront, that's dodgy, I'd refuse to pay upfront. The excess comes off the settlement payout it isn't a separate fee and it's not like you can refuse to pay it after the fact either because you never get it in the first place, seems something fishy is going on.
 
The_Traveller said:
What book value ? Trade or retail ? They must pay out retail value
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They pay out what you stipulated in the contract, retail or trade.

Edit: nvm, I see other guy's insurance is paying
 
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airborne said:
Unless you are a scrap dealer that's not going to work out well, you will have to buy the wreck from them and then hope to make a profit from selling it. Also most insurers make it a pita to buy back your written off vehicle, many hoops to jump through.

Not sure why the insurers are expecting the R5k excess upfront, that's dodgy, I'd refuse to pay upfront. The excess comes off the settlement payout it isn't a separate fee and it's not like you can refuse to pay it after the fact either because you never get it in the first place, seems something fishy is going on.
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This. OP, your broker is dodgy. Get a new one.

My dad just went through a similar process. He decided to keep the car. They paid out about half of what he would have gotten if they took the car, and then deducted the excesses. Upfront excess. lol.

Also, always go through your own insurer. You have a contract with them, not with the other guy's insurer, who are obviously already underpaying.
What's the difference between trade and retail on the car?
 
Kerrits said:
This. OP, your broker is dodgy. Get a new one.

My dad just went through a similar process. He decided to keep the car. They paid out about half of what he would have gotten if they took the car, and then deducted the excesses. Upfront excess. lol.

Also, always go through your own insurer. You have a contract with them, not with the other guy's insurer, who are obviously already underpaying.
What's the difference between trade and retail on the car?
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Don't forget the third party can now drag this on and on and on. I've seen it where the third parties insurance can drag out payment for months.
 
OP, you should claim through your own insurance.

If not, you will come and post in here on what a big mistake you make. Don't let people con you this will end up badly for you I guarantee it!
 
Pitbull said:
OP, you should claim through your own insurance.

If not, you will come and post in here on what a big mistake you make. Don't let people con you this will end up badly for you I guarantee it!
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X2
 
There are ways around this little situation and let me give you a break down of my policy (will provide contact details for my broker for those interested).

My car was purchased and financed for R169 000. It was then insured with my broker and upon inception my broker added an Initial Value Policy to my insurance policy. The car is valued at R212 000 (when I purchased it). Every month I pay a premium + 8% (the 8% is for the IVP).
If my car is ever written off then the insurance will pay me out R212 000. And at this point only half would go to the bank to pay off whats owed.
Every year my broker phones me and informs me of the reduction in my premium (because my car is worth less) and with that reduction in the premium the 8% extra for the IVP also comes down. However (and I have asked this specifically) the R212 000 amount remains fixed.
This gives me huge piece of mind. I would hate to be in the same position as OP.
 
djbrendan said:
That was the settlement amount i gave you :) we phoned the bank.On her insurer it was for retail value.But the 3rd party will be settling
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I always used to insure on book value, but my last purchase I insured on retail value. Seeing as I spent the difference between what it cost and retail value on repairs I won't loose out should the car get totaled.
 
killerbyte said:
There are ways around this little situation and let me give you a break down of my policy (will provide contact details for my broker for those interested).

My car was purchased and financed for R169 000. It was then insured with my broker and upon inception my broker added an Initial Value Policy to my insurance policy. The car is valued at R212 000 (when I purchased it). Every month I pay a premium + 8% (the 8% is for the IVP).
If my car is ever written off then the insurance will pay me out R212 000. And at this point only half would go to the bank to pay off whats owed.
Every year my broker phones me and informs me of the reduction in my premium (because my car is worth less) and with that reduction in the premium the 8% extra for the IVP also comes down. However (and I have asked this specifically) the R212 000 amount remains fixed.
This gives me huge piece of mind. I would hate to be in the same position as OP.
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That's clever what insurance company/underwriters is it?
 
Rouxenator said:
I always used to insure on book value, but my last purchase I insured on retail value. Seeing as I spent the difference between what it cost and retail value on repairs I won't loose out should the car get totaled.
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Why do some of you guys always think "TRADE" = "BOOK" . The "BOOK" has a "TRADE" and "RETAIL" value.

Geez man ... you opel fanboys ...
 
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