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Write off or Repair??

Bluesky

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VE 60TH ANNIVERSARY
Worth 8.5K,written off
 

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Natbart23

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Worth 8.5K,written off
Oh wow. That’s good to know. Thank you. I’m hoping to hear back by Tuesday from the assessor. Might just get started car hunting in the meantime just in case as I guess it’s in that grey area.
 
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Fu Manchu

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shane_3800

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The killometers come into play on these. Wreckers don't like anything 150+ so if that white one is low KM compared to OP's if it say had 250 km on it (I don't know the KM's) It might be repaired.
A 250km VE will sell for significantly less at auction over a 130km one.
 
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Natbart23

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The killometers come into play on these. Wreckers don't like anything 150+ so if that white one is low KM compared to OP's if it say had 250 km on it (I don't know the KM's) It might be repaired.
A 250km VE will sell for significantly less at auction over a 130km one.
Good to know. I have no idea the kms so I guess I’ll just have to wait and see what they say.
 

DavesSV6Tonner

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Worth 8.5K,written off

I fail to understand how that VE is a Statutory Write Off. An Economic Write Off (repairable write off) perhaps but does not look to be that badly damaged.
 

Skylarking

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Good to know. I have no idea the kms so I guess I’ll just have to wait and see what they say.
Whether something is classified as write off is based on the % of its pre accident value (or possibly a % of what’s listed in your agreed value policy though I don’t know which but if there is no specific wording within yje policy, always assume the condition is in your favour). The salvage value has no bearing in the normal scheme of things, only if you want to keep the wreck...

If indeed the used car market has moved such so that a wreck is worth more than your agreed value, you may need to talk to the insurance company about the ethics of them directly profiting from your a misfortune. After all, if they keep your car and pay you $6900 ($7700 - $800? excess) and then sell the wreck for $8500, they’d be making a tidy $1600 in the deal. Insurance companies are supposed to make money via premiums, not by screwing their clients in this way... Tjere is also the issue of the used car market going nuts due to COVID and insurance companies screwing clients by bullishly sticking to agreed value in such cases is morally wrong, so I’d also question the ethics of that...

If the insurance company won’t play ball, and in my case a decade ago they did play ball on such claim profiteering*, then you may be better off not going through the insurance claim and selling at auction (though there is always risk you won’t achieve the height per price).

Having crashes is a real pain... in many ways...

* in my case I had a 3rd party fire & theft policy where car was insured for 5k if burnt or stolen. The car was worth 10k pre accident while post crash the wreck was worth 6k. Insurance company wanted to keep the wreck and pay out 5k - excess... After some discussions, they agreed that it wasn’t ethical so payed out the 5k - excess and I kept wreck. Sold the wreck the following week for 5k as I just wanted it out of my front yard... But it was a headache dealing with insurance companies....
 

stick3

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if the repairs are worth more than the value of the vehicle of course it will be written off and you get a amount its insured for minus the excess
 

shane_3800

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Whether something is classified as write off is based on the % of its pre accident value (or possibly a % of what’s listed in your agreed value policy though I don’t know which but if there is no specific wording within yje policy, always assume the condition is in your favour). The salvage value has no bearing in the normal scheme of things, only if you want to keep the wreck...

If indeed the used car market has moved such so that a wreck is worth more than your agreed value, you may need to talk to the insurance company about the ethics of them directly profiting from your a misfortune. After all, if they keep your car and pay you $6900 ($7700 - $800? excess) and then sell the wreck for $8500, they’d be making a tidy $1600 in the deal. Insurance companies are supposed to make money via premiums, not by screwing their clients in this way... Tjere is also the issue of the used car market going nuts due to COVID and insurance companies screwing clients by bullishly sticking to agreed value in such cases is morally wrong, so I’d also question the ethics of that...

If the insurance company won’t play ball, and in my case a decade ago they did play ball on such claim profiteering*, then you may be better off not going through the insurance claim and selling at auction (though there is always risk you won’t achieve the height per price).

Having crashes is a real pain... in many ways...

* in my case I had a 3rd party fire & theft policy where car was insured for 5k if burnt or stolen. The car was worth 10k pre accident while post crash the wreck was worth 6k. Insurance company wanted to keep the wreck and pay out 5k - excess... After some discussions, they agreed that it wasn’t ethical so payed out the 5k - excess and I kept wreck. Sold the wreck the following week for 5k as I just wanted it out of my front yard... But it was a headache dealing with insurance companies....

The salvage value has everything to do with it. If they can't sell the car to recover costs it can effect if the underwriter wants it to be written off or go for the repair.

I work in the back end of thos industry so I know how it operates.

Basically they are trying to deal with customers the cheapest way and if selling a car at auctions gets them 4k in salvage that is included in their internal balance sheets.
They don't care about the customer, just how much money they can make.
 

BowTie

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Last time I saw the annual stats for car insurance in Aus, was I think, 04-05.

They collected 20billion in premiums and paid out 4billion in claims.

Assessors are not your friend. They are being paid to screw you.

DO NOT put up with their bs.
 
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