Pothole Damage

[Adam]

So how does this work? If you choose to buy it back it will the cost of doing so will be deducted from the settlement?

Surely it's not worth buying it back unless you make a profit once it's been repaired otherwise you'll have the exact same car but recorded as a right off?

What's your estimate for the cost of repairs?

 

[Addicted]

So how does this work? If you choose to buy it back it will the cost of doing so will be deducted from the settlement?

Surely it's not worth buying it back unless you make a profit once it's been repaired otherwise you'll have the exact same car but recorded as a right off?

What's your estimate for the cost of repairs?

You could break it for more than £200 odd easy, so you can gain your money back yes.

 

[[TW]Fox]

So how does this work? If you choose to buy it back it will the cost of doing so will be deducted from the settlement?

Surely it's not worth buying it back unless you make a profit once it's been repaired otherwise you'll have the exact same car but recorded as a right off?

What's your estimate for the cost of repairs?

Of course its worth buying it back, even with the offer on the table right now they are essentially giving him 2k and letting him keep the car. So he is quids in as it will cost a fraction of that to repair.

Sure its a Cat C but so what? It's not worth enough for that to be a big deal.

 

[iaind]

The way I'd see this in my head is just that - he can keep the car and has 2 grand in his pocket. A grand to fix it leaves a grand in his pocket to "compensate" for the fact it's CAT C (might lose a bit of value on resale I guess)

 

[GeForce]

Anyone have any experience of trying to get insurance companies to increase their settlement value?

Admiral were extremely unwilling to increase, I argued until they gave in and upped their offer by about 15% (£650 to £750), but that was a lot of effort.

I had had a lot of service work done on mine, meaning it was worth significantly more than the average market price. I offered to send in receipts for work done, but they refused

 

[ubersonic]

Pretty much right, but I don't think CAT-B in most cases can be put back on the road, mostly for spares only and I have seen lots of CAT-B with the roof cut off.

Actually in a lot of cases they could be, I have sadly seen a few cars car CAT-B'd that could have been put back in full working order for much less than the pay out

Get a list of currently advertised cars (that are similar to yours) off eBay, Autotrader, etc and email them to your insurer. That should do it.

Yeah, this, they always lowball their opening offer, its a negotiation.

 

[SaBBz]

I've just provided backup to Admiral, so fingers crossed they'll come back with an increased offer.

 

[SaBBz]

Just agreed a settlement of £2,750 with Admiral. They really wouldn't go any higher than that. Unfortunately going above £2.5k means the salvage value goes from 9% to 13%, which is now £357.50. So overall, after my excess of £350 has been deducted, I have £2,042.50 plus my car back. Not such a bad result.

The claim with the council is still ongoing, but is likely to take at least 2 months. I'll post an update once I know anything.

 

[iaind]

Daft question, there's a good chance that you might end up better off because of this - allowing a grand to fix the car, you're a grand better off - this will probably cover the increase in premiums for the next few years. What amount are you asking the council to pay?

 

[muon]

Daft question, there's a good chance that you might end up better off because of this - allowing a grand to fix the car, you're a grand better off - this will probably cover the increase in premiums for the next few years. What amount are you asking the council to pay?

There is also immediate depreciation on the car for being CAT C. Is resale value more than salvage value + repair costs?

2042.50 + (salvaged car) < or > £2,750?

or can think of it as

(2042.50 - repair costs) + working CAT C car < or > than £2750.

If repair costs are £1k he won't be that much better off. He may be initially cash positive though.

 

[Gribs]

. What amount are you asking the council to pay?

He shouldn't be asking the council for anything now. It's the insurance company who may try to reclaim what they've paid out.

 

[[TW]Fox]

There is also immediate depreciation on the car for being CAT C. Is resale value more than salvage value + repair costs?

2042.50 + (salvaged car) < or > £2,750?

or can think of it as

(2042.50 - repair costs) + working CAT C car < or > than £2750.

If repair costs are £1k he won't be that much better off. He may be initially cash positive though.

Resale value is not relevent unless his car was for sale, or was planned to be for sale in the near future. If he planned to keep it, say, another 3 years or so it becomes far less of an issue because the amount of money we are talking about value wise is trivial.

 

[SaBBz]

Daft question, there's a good chance that you might end up better off because of this - allowing a grand to fix the car, you're a grand better off - this will probably cover the increase in premiums for the next few years. What amount are you asking the council to pay?

I'll be claiming for all costs incurred by my insurance company, i.e. £2,400 (payout less my excess) plus any charges for the garage to give an estimate and store the car etc, and my £350 excess.

 

[[TW]Fox]

I'm not sure they can remove the Cat C marker if you repay them the cost of the claim though? Obviously you'll get your NCB back.

 

[SaBBz]

I'm not sure they can remove the Cat C marker if you repay them the cost of the claim though? Obviously you'll get your NCB back.

I'm not sure about this either. I don't think it effects the cost of insurance and I'm likely to keep the car for quite a while longer so it won't make much difference to me.

 

[muon]

Resale value is not relevent unless his car was for sale, or was planned to be for sale in the near future. If he planned to keep it, say, another 3 years or so it becomes far less of an issue because the amount of money we are talking about value wise is trivial.

My point is that saying he is up £1k is completely misleading. The car isn't worth £2750 to him anymore.

Otherwise we'd all just buy Cat C repaired cars for a discount.

 

[[TW]Fox]

My point is that saying he is up £1k is completely misleading. The car isn't worth £2750 to him anymore.

That depends entirely on his future ownership plans. If the car isn't for sale and won't be for the forseeable future then its current value is not relevent. He isn't looking to buy it, he isn't looking to sell it - the two scenarios whereby its value matters.

What its 'worth' to him is entirely subjective. Many people have a car which is worth more to them than it would be to anyone else.

Otherwise we'd all just buy Cat C repaired cars for a discount.

Yes, because buying a random Cat C repaired car is totally the same thing about making minor repairs to your own car which you know the exact history of, given you were driving it at the time.

 

[muon]

That depends entirely on his future ownership plans. If the car isn't for sale and won't be for the forseeable future then its current value is not relevent. He isn't looking to buy it, he isn't looking to sell it - the two scenarios whereby its value matters.

What its 'worth' to him is entirely subjective. Many people have a car which is worth more to them than it would be to anyone else.

Yes, because buying a random Cat C repaired car is totally the same thing about making minor repairs to your own car which you know the exact history of, given you were driving it at the time.

It is relevant because he always had the alternative of going and buying a £2,750 car with a better history.

As for sentimental value, that's up to the person.

 

[[TW]Fox]

It is relevant because he always had the alternative of going and buying a £2,750 car with a better history.

No, he doesn't. Have you seen what sort of 330i £2750 buys you? The odd diamond amongst the rough but in general the market is full of tired, multiple owner cars which have had varying degrees of corner cutting applied to maintenance.

Nothing like having a car you already own, have owned for a substantial period of time and have properly maintained.

I dispute that he could buy a car with 'better' history. The only 'bad' thing about the history of this car it's Category C marker. But it's an 11 year old car. It's residual value will, by the time he sells, be so low that it simply doesnt matter. The actual accident itself was minor and caused little damage which is easily fixable. I'd take a car which had a few new airbags fitted and some new alloys over the sort of junk that festers at the bottom of the classifieds market for E46's every single day of the week.

 

[muon]

No, he doesn't. Have you seen what sort of 330i £2750 buys you? The odd diamond amongst the rough but in general the market is full of tired, multiple owner cars which have had varying degrees of corner cutting applied to maintenance.

Nothing like having a car you already own, have owned for a substantial period of time and have properly maintained.

I dispute that he could buy a car with 'better' history. The only 'bad' thing about the history of this car it's Category C marker. But it's an 11 year old car. It's residual value will, by the time he sells, be so low that it simply doesnt matter. The actual accident itself was minor and caused little damage which is easily fixable. I'd take a car which had a few new airbags fitted and some new alloys over the sort of junk that festers at the bottom of the classifieds market for E46's every single day of the week.

I'm not saying it wasn't a good deal. Just saying that it isn't as easy as adding up the figures.