wahts the score with buying back from insurance companies??

Inexperienced Joined: Dec 04, 2006 Posts: 47

Hi guys, This morning i had an accident with my car http://www.audifans.net/modules.php?name=Forums&file=viewtopic&t=16839 The insurance company will write it off but i want to fix her up if possible but whats the score with buying your vehicle back from an insurance company? all i know is this...

crash my car
gets taken away
engineer looks at it pronounces it dead to my insurance
they offer me F**K all for it

whats the next step? how does it work? how do the economics work? will i be able to buy back my car and still get some cash from the insurance company?

I really know absolutely nothing about this kind of thing so all simplified answers are very much appreciated i REALLY dont want to have to lose my car.

Posted: Thu Apr 12, 2007 6:58 pm

I had someone drive into the back of me a few years ago resulting in my car being written off, the insurance company paid up and let me dispose of the car myself, giving me the option to repair or scrap, I scrapped it but this was before insurance companies decided to take a tougher line on broken cars, I would contact the insurance company and ask if there is any chance of a buy back option once they have decided to write the car off,

Mick

Posted: Fri Apr 13, 2007 12:06 am

Hi mate sorry to hear about your crash as long as your ok, the rest is just metal and can be replaced.
ref the insurance.............

Basically, it all depends, an assessor from your insurance co will come out to view the damage and work out how much it will cost to put right, if thats more than two thirds of what your cars valued at they will probably write it off..

But, depending on the severity of damage, ie, if the chassis/suspension is out of line it will be classed as either damaged repairable/not repairable.

They may/may not let you keep the car depending on this classification. thats in case you fix it then have another accident and they get sued.

Another vicious rumour is that if you are claiming off SOMEONE ELSE'S INSURANCE then you usually have the option of keeping it providing its damaged repairable.

If you are claiming OFF YOUR OWN insurance, its much harder to negotiate to keep the car as they get a set previously agreed salvage value rate from their preferred salvage contractors for recovery of the car.

My 90 sport got written off a while ago (my fault) and my insurers would not let me keep the car and then tried to undervalue it, never accept their first offer.!!

good luck

Clive

ps. who are you insured with, its not Adrian Flux is it (fingers crossed its not).
do a search for posts
obituary of a red 90 sport, and
Adran Flux insurance

Posted: Fri Apr 13, 2007 1:07 am

Couple of things.

1/ Whatever happens, it's "your" car until you agree terms. DO NOT let them bully you.
2/ Instruct the salvage company/yard where the car is at present, that it goes NOWHERE, until you say so.
3/ In any correspondance with your insurance company, make sure you keep copies of all letters. Also worth sending any letters to them recorded delivery, and respond to theirs with a letter saying you have recieved it, again recorded.
4/ Follow up any telephone conversations with a letter.
5/ Any hassle, then notify them that you plan on taking it to the motor insurance ombudsman.

Again, it's YOUR car, not theirs "until" you agree (in writing) a settlement.

BTDT (there's that phrase again) twice now.
Both times I got what "I" wanted..

Jas..

Jas..
Cool

Site Moderator Joined: Jan 31, 2003 Posts: 9144

I've said this in another thread.

Withdraw your claim and give your insurance company 48 hrs to return the car to you. it is your car after all.

Audifans.net Site Sponsor Joined: Jan 15, 2007 Posts: 41

Hello

Please ring your insurers to check what catagory write off your car is. If the car is either a CAT A or B then this car is never supposed to be let on the road again. If it is just a CAT C etc your insurers might let you buy it back. As long as the insurers have not paid out to you yet then the car is still your property, please ask and see what your options are.

Thanks