Insurance write off / buy back

bromster

bromster

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Hello motor heads,

Insurance is wanting to write off my car after I got caught in the recent n2 riots. I've heard of the possibility of having first option to buy it back from them, but I'm not sure how it works.

I'd like to get it fixed by a private guy I know as it is only bodywork and glass which needs fixing.

Can anybody provide any insight as to what I can expect over the next few days? Is it worth the effort? It's insURED for retail, but money is tight and replacements are scarce.

Thanks
 
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bromster said:
It's inspired
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The little car that dreamed big.
bromster said:
I've heard of the possibility of having first option to buy it back from them, but I'm not sure how it works.
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Decades ago, the insurance industry operated in that way. Nowadays you can only "buy your car back" if it was a third-party claim. (Essentially that means that you can only choose to accept the vehicle -- or the remains of the vehicle -- as part of a settlement agreement from someone else's insurance company.)
SASRIA insurance (riot insurance) is not really a third party, as their premiums are listed on your policy.
 
"D" said:
The little car that dreamed big.
Decades ago, the insurance industry operated in that way. Nowadays you can only "buy your car back" if it was a third-party claim. (Essentially that means that you can only choose to accept the vehicle -- or the remains of the vehicle -- as part of a settlement agreement from someone else's insurance company.)
SASRIA insurance (riot insurance) is not really a third party, as their premiums are listed on your policy.
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Please say this in English.
 
bromster said:
Hello motor heads,

Insurance is wanting to write off my car after I got caught in the recent n2 riots. I've heard of the possibility of having first option to buy it back from them, but I'm not sure how it works.

I'd like to get it fixed by a private guy I know as it is only bodywork and glass which needs fixing.

Can anybody provide any insight as to what I can expect over the next few days? Is it worth the effort? It's inspired for retail, but money is tight and replacements are scarce.

Thanks
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Most insurers have conyracts with the likes of SMD and are bound to them for about 25-35% of the value.
Some insurers will all you to buy back your vehicle if a WO if you offer more. Sasria is a government owned entity/insurer and this would be their decision. You still work through your insurer or hopefully broker and enquire if possible.
 
Problem is insuring it or selling it ever again after it’s been written off since it’s now a Code 3.

Rather cut your losses now than later.
 
Thanks for the laughs and input. I hadn't considered that it would now be code 3. Plus there's a clutch replacement and timing belt service coming up which will probably run 10-15k. Even so, the car is in good knick otherwise, so still tempted to fix it. I'll probably give it away to a relative eventually, so resale is not a huge concern.

I've spoken to the broker about the buyback option. I'll wait for him to revert with some more info.
 
Out of interest, what was the book value of the vehicle (before the riot damage)?
 
"D" said:
Oftentimes it remains as a Code 2 vehicle - especially if the damage is not structural.
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Yup, many of the vehicles sold at the likes of SMD are code 2, takes a pretty big knock or fire to make it a code 3. I mean an old enough car literally damaging just the fender will be written off.
 
Napalm2880 said:
Out of interest, what was the book value of the vehicle (before the riot damage)?
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Retail is only 70k, so it wouldn't take much damage to write it off I guess.


The car is fine structurally and mechanically, so let's hope for code 2.
 
It's always a sad story when this happens.

Had similar with my sister's car after a hail storm where it was 100% perfect to drive, but no economical to fix back to it's original status.
 
SauRoNZA said:
It's always a sad story when this happens.

Had similar with my sister's car after a hail storm where it was 100% perfect to drive, but no economical to fix back to it's original status.
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Thank you. Especially considering that the car was destroyed by a mob of ungrateful idiots, most of whose monthly grants come from my tax money.
 
It won't necessarily be code 3.
If your car is let say insured for R100K, if you decline to have it written of and want to keep the car, you will probably only be paid R60k - R70k, and get to keep the car.

I suspect they take the insured amount, minus the amount they can sell the wreck for, and give you the remainder.
 
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