Hi Everyone, Quick question for your opinion. As you may have noticed on the forum, I have written my Zed off. When I took my insurance policy out 2 years ago I advised them (in writing) that my car was a Twin Turbo model. They insured it, but it turned out it was listed as an Australian NA. I advised them of the mistake (over the phone) and was told that it was their mistake but they would honour the policy anyway, but when it came time to renew they wouldn't offer me a renewal. Not long before it came time to renew, they changed underwriters. Then when it was time for renewal they offered it to me again, making the assumption that the new underwriter did cover imported cars.Now my problem... I don't think they have realised when assessing the car that it is twin turbo import. I saw on the assessor report that they have it listed at a total value of $23800 (thinking this is what they were going to payout, I was happy with). Speaking with the claims department this morning they said they will probably offer around $18501 for it, not as happy considering the amount of money spent on the car.What I'm not sure about is, do I just accept the $18500, shut up and leave well enough alone. Or do I point out the fact that this is turbo import? And possibly get into a disagreement about the cover with them?In experience, does the australian model have a higher or lower market value than a import?Cheers Mark
Id have a little play with pricing normally a assessor will offer the lowest amount and explain to you his figures. I would question his valuing as he may offer more then. But due to youre situation be carefull. Most clients at work are offered a amount and if you bring it up with the assessors normally you can get a bit more if yo can prove to him the car is better then the ones he has found in the trading post. The value they have offered sounds good thoughGene
I'd accept the offer, as it's reasonable, but I'd also maybe be hinting that, assuming that you want to buy the wreck, that since they aren't paying out what you consider the car to be worth, that they come to the party with a reasonable offer on selling the wreck back to you. If you think that the payout price to you is a grand or two low, ask them for a grand or two off the assessed salvage value of the car.Don't forget that your excess comes off the value of the car too, as well as in some cases the remainder of the anuual premiums, if you pay monthly. So, if it's assessed at $20k, and your excess is $1,000, they will only pay $19k, and a bit less if they sting you for any residual annual policy premiums. I think most insurance companies would rather sell the wreck back to the owner if they can, and still receive a decent price on it, as they get to reduce the payout to you by the amount that you've agreed on to retain the wreck, rather than pay out the full amount, then have to go through an auction house, pay fees and percentages, wait for the money, etc.Good luck with it.
I think the payout figure is awesome even for a TT. Just Cars would only insure mine for $17,000.00. Then if I wanted to bump it up with extras to bring the agreed value up I could, only hitch....the excess went up too. Roughly around one eighth of the value of the mod.
Take it, cash it and run If there is a discrepancy over the policy details that aren't in writing in your possession then they could (maybe not ethically) dispute the whole claim.I would personally not raise the matter as it may flag someone's attention who could stall the whole thing. You might then have to dispute the matter in court which is just not worth the effort in cost etc.My two cents: take the money and quietly. Resolve to get complete details on the next policy with another company in writing upfront so no possible dispute later...But it's your situation and your money ...
I would accept it , IF they agree to let > keep the wreck. I would also get some Legal advice before settling anything, it wouldn't hurt your claim in any way, to have your Solicitor write to the insurance company stating your preferred "Terms of settlement" (which should include retaining the wreck, and accepting the $18500). They will be more inclined to agree if it comes from a solicitor rather than the owner. You can always "fall-back" to thier original offer if need be.
2nd that. Legal help on the issue won't do a thing! It is just like how VIC roads said i can drive my car if i insure it. As i had no proof of them saying this it wasn't believed by the manager at VIC roads. Unless you had a recording of you telling them it was a TT then i would just take the $$ and leave them alone.
This is a classic example which >>> >>> has been discussed many times on this forum. I agree with Chili, but also refer you to your policy documents - does it state anywhere the MODEL insured? (Some insurance co's sort Aus-spec NA's v Imports by VIN no.)If the Insurer has mistakenly insured your Zed as an Aus delivery NA, they may agree to pay out a higher 'IMPORT' value BUT deduct the difference in premiums between Aus/Jap spec at settlement ... which just might bring you back to square one. Do the maths on it yourself with a comparative IMPORT premium for your age & NCB rating (Will require a bit of ringing around for quotes on a fictitious TT). Worth a little circumspect investigation? BTW: Which company is it?
Have gotten a bit further along with this Have gotten a bit further along with this now.I spoke with the insurance company this afternoon and it turns out my car has already been picked up from Dubbo and taken to Sydney to the salvage auctions. This is all without 100% confirming with me that they were still going to write it off....I was just told that by someone in the claims department but they said I would get a phone call during the day for that to be "offical"...oh well.After a lot of chasing around on the phone and mostly being told that I don't have any option to purchase the wreck other than at the auction, I got a phone call back saying they will now allow me to purchase it.I just have to have a think about it tonight to decide if it's worth it. They are hinting around the $5k to $6k mark. If I knew the engine was ok, I wouldn't question it, but I don't know that.I'm trying to find out some info about rules for registration of a car once it's been written off. I do have a friend who is a mechanic and also another that is a panel beater...so may be worth looking a repairing. Has anyone tried this before?Otherwise I may still buy it back and hope the engine is ok and just sell it off as parts and try and cover the costs.Any opinions?Cheers Mark
Firstly, CGU don't own the wreck until> after they hand you the cheque. It would be illegal for them to dispose of the car without having ownership. This is why I suggested that you speak to a solicitor. I had a similar experience many years ago with NRMA Insurance, They wrote-off my slightly damaged car(the damage was less than 10% of the insured value). I demanded salvage of the car, but when I went to pick it up (it was completely driveable, and legal), they had stripped numerous parts, seats, radio, heater, lights etc. and had to find and refit them. They were about to use these bits on another repair job. Chances are CGU had a buyer lined up for it, so it must be salvagable.
My opinion - offer $5k and grab it. True, it's a bit of a risk, but even if it turns out to be not worth fixing, you'll still recoup a substantial amount from wrecking it, plus retaining some bits for yourself - I presume that you will be buying another Zed?Re repairing written off cars, all states have different rules, but as far as I know, in general terms, there is nothing wrong with repairing a written off car, as long as it is inspected to make sure that it is roadworthy (and not a 'rebirth') after the repairs.Have they mentioned a more accurate payout price yet?
