Car might be a write off

[charlo_86]

Hi everyone, just wondered if you cold help me as I have no idea about these sorts of things! My car was involved in an accident that wasn't my fault (parked in my driveway at the time!) and it seems that due to the extent of the damage it might be written off although I am yet to hear from the other party's insurance people. I just wondered, if that is the case, do you get the amount the car has been insured for or the market value? and also, what happens to the car once it has been written off? Sorry for the many questions but I've never had an accident before - insurance has been somewhat of a decoration until now! Lol

[CheekyChops]

You get the market value, or what the insurance company decide is the market value!! As to what happens to the car...

Last time I wrote a car off (5 years ago), I was given 2 choices by my insurance co.

1 - Take �900 cash
2 - Take �600 and have the car back in the written off state

I went for option 1 as if I'd chosen 2, I would have spent most of the �600 getting it fixed! So, sometimes you do get the choice of having the car back after it is written off.

[sandmaster]

But be prepared for the insurance company's offer not matching what you consider to be market value. Try to argue for more.

[gouldc]

Market value will be what Galss's Guide values the vehicle at the time of the incident (including adjustments for condition, mileage, etc).

This is based o na natinal average of selling prices, so it MAY not necessarily reflect what cars sell for in your area, but we usually also have a quick look on Autotrader.

The mindset of ''reject the first offer'' sadly remains, and this is no guarantee of an increase in value - research the valuation using the internet (ie Autotrader as previously mentioned), and gather adverts ready to support your case if applicable.

The adverts would need to show vehicles of the same make, model, age, number of doors, and the mileage should not be lower than your vehicle in order for the adverts to be classed as comparable.

I, personally, get very few rejections. We can't go offering stupid amounts as we are goverened by the ombudsman who would simply overturn our decision at our cost if the offer was not deemed to be fair.

You will always get people who argue their car is a classic (ie rusty fiesta/mini/nova), or simply are greedy - this will not work - be realistic and look at cars currently for sale to get a good idea of what you should get.

[gouldc]

The amount you insured the car for has very little relevance - this is more for insurers to estimate the amount they may have to pay out over the course of the year, and generally you cannot insure a vehicle declared to be worth more than �5000 for less than comprehensive cover.

Equally, decalring your car to be worth �10000 when it is worth �250 will not increase your premiums!