mandelbrot
Registered User
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They value the car at 2k euro. 1500 euro is the cost to repair so the will declare it a Cat. C right off, meaning its not financially viable to repair it.
What happens then is they contact a scrap yard, who come out, have a look at it and make an offer. The insurance company then sends you an offer including the scrap yards offer. In other words, if the scrap yard offers 200 euro for the car, and you accept the settlement, the insurance company will send you a cheque for 1800, and the scrapyard will give you 200 euro.
So, if you decide to fix it yourself, (or not fix it, and drive it damaged), you can accept their 1800 but tell them you're going to keep it. They will still send you the 1800 euro, but the car will now be registered as a Cat. C writeoff. You then need to get certificate of roadworthiness to get it reinsured (although not all insurance companies care about this).
Yes I see what you mean with the bike, though the car's resale value is totally irrelevant to me anyway - we're together til she dies..! I'm unlikely to come out of this ahead by much if anything - I'm just hoping that their figure for value - scrap is at least the actual cost of the repair (if its anymore then it'll go towards tyres or regassing the aircon...!).
What you're actually hoping for is the scrap yard offer as little as possible for the scrap. If the offer 100 euro, the insurance company have to pay you 1900 euro. If they offer you 1000 euro, you will only get 1000 euro from the ins. comp. What you want is the lowest possible offer from the scrappy, as this maximises the cash you get from the insurance company..
How does one ensure the scrappy makes a crappy offer..?? A crisp €50 for his trouble I suppose...!
How does one ensure the scrappy makes a crappy offer..?? A crisp €50 for his trouble I suppose...!
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