Insurance Write Off - Take the Money?

[Alco]

I have a question. My mom's 1994 Toyota Conquest recently reversed into a lamp pole. The bumper, tailgate and boot area suffered damage. I went to the local panel beater recommended by the insurance company and they quoted nearly R24000 to repair. The beaut of a Conquest only has 135k km's on the clock and its insured value is R18k.

Needless to say the car will be written off if I continue. Interestingly they always ask at the panel-beaters, insurance or private. I went for a second opinion and said private. They quoted me R2000 + R1100 for the bumper. Thats a moer of a difference.

Question is. Do I have the car written off, pay the 30% buy-back and pocket the remainder R12500ish? Or do I just have the car repaired? What are the implications of having a car written off and fixing it yourself to 1. insurance cost and 2. resell value. These cars retail for around R30-35k with double the km's on the clock.

 

[Sinbad]

I have a question. My mom's 1994 Toyota Conquest recently reversed into a lamp pole. The bumper, tailgate and boot area suffered damage. I went to the local panel beater recommended by the insurance company and they quoted nearly R24000 to repair. The beaut of a Conquest only has 135k km's on the clock and its insured value is R18k.

Needless to say the car will be written off if I continue. Interestingly they always ask at the panel-beaters, insurance or private. I went for a second opinion and said private. They quoted me R2000 + R1100 for the bumper. Thats a moer of a difference.

Question is. Do I have the car written off, pay the 30% buy-back and pocket the remainder R12500ish? Or do I just have the car repaired? What are the implications of having a car written off and fixing it yourself to 1. insurance cost and 2. resell value. These cars retail for around R30-35k with double the km's on the clock.

Why is the insured value so low if that's what they retail for?

I'd probably talk to your insurance company, explain the disparity in quotes (what is your excess?) and see if they will pay for you to have it repaired...

 

[Fazda]

Get it fixed as a non insurance job.

This whole panel beating/insurance thing is a mess.

If you write it off and buy it back you will always have a Code 3 car, which is worth about a quarter of what a normal one is.

 

[RanzB]

Ask your broker about the process. Those Conquests are awesome.

 

[Kano]

Just get it fixed yourself. These insurance companies dont really care about older vehicles and find them cheaper to write off than fix professionally. As said before, don't write the car off either, it will be a code 3 vehicle which is a rebuilt vehicle.

 

[Rouxenator]

Sounds like you have a 'conquest' ahead of you. Good luck.

 

[Mars]

I would just have it fixed privately and claim that back from insurance.

 

[Pitbull]

I have a question. My mom's 1994 Toyota Conquest recently reversed into a lamp pole. The bumper, tailgate and boot area suffered damage. I went to the local panel beater recommended by the insurance company and they quoted nearly R24000 to repair. The beaut of a Conquest only has 135k km's on the clock and its insured value is R18k.

Needless to say the car will be written off if I continue. Interestingly they always ask at the panel-beaters, insurance or private. I went for a second opinion and said private. They quoted me R2000 + R1100 for the bumper. Thats a moer of a difference.

Question is. Do I have the car written off, pay the 30% buy-back and pocket the remainder R12500ish? Or do I just have the car repaired? What are the implications of having a car written off and fixing it yourself to 1. insurance cost and 2. resell value. These cars retail for around R30-35k with double the km's on the clock.

Cancel the comprehensive insurance, take 3rd party only and have it repaired yourself. No use insuring a car if a small bumper bash will have it totalled. Prob paying around R 300 a month now and they don't even want to fix your car... Save it by taking cover for around R 80.00 on 3rd party only.

 

[ToxicBunny]

Get it repaired yourself.

Def cancel the comprehensive, and just keep 3rd party fire and theft on it if its only worth such a small amount.

Panelbeaters take insurance companies for a massive ride. Had an accident a few months ago where I spun out on the freeway, front bumper and suspension was damaged, nothing else. Initial quote from the Panelbeaters was R30k, including R7k for the left front tie rod end. If I hadn't queried just that item, the insurance would have paid R7k for a part that costs a few hundred from the Dealer.

 

[FlashSA]

I have a question. My mom's 1994 Toyota Conquest recently reversed into a lamp pole. The bumper, tailgate and boot area suffered damage. I went to the local panel beater recommended by the insurance company and they quoted nearly R24000 to repair. The beaut of a Conquest only has 135k km's on the clock and its insured value is R18k.

Needless to say the car will be written off if I continue. Interestingly they always ask at the panel-beaters, insurance or private. I went for a second opinion and said private. They quoted me R2000 + R1100 for the bumper. Thats a moer of a difference.

Question is. Do I have the car written off, pay the 30% buy-back and pocket the remainder R12500ish? Or do I just have the car repaired? What are the implications of having a car written off and fixing it yourself to 1. insurance cost and 2. resell value. These cars retail for around R30-35k with double the km's on the clock.

Keep visiting panelbeaters. Always say you want a cash quote. Once you get 2 or 3 reasonable ones (per your first cash quote) submit to insurance and request to be paid out and not for them to pay the repairer. Have car fixed at panelbeater and settle. Hand invoice to insurance and get reimbursed less your excess.

We do this all the time with our fleet as it speeds up repairs and gets the vehicles back on the road faster by not waiting for approval from insurance before booking the vehicle in for repairs.