Insurance Options on a Crashed car...

[Monk BANzai]

Need a general consensus on one of my vehicles that crashed recently.

Option one - bring offered $153K for the wreck and the Insurance company keeps the vehicle
Option two - Fix the Vehicle for $84K (dont like this option given the extent of damage....wud sell it after, but i know to fix it outside wud run me about $110K in parts and labour)
Option three - Offered $88K and I get to keep the Wreck.

Which is most prudent? (yes there is a loan to be paid off for the vehicle irregardless of option)

[UML]

might be helpful to include the value of the car new

and the value of what u might consider buying


but i wuda take the money and give them it...to avoid the hassle and headache and the parts that bent that u not seeing easily......when u done fix the car might be cutting tyre and all kinda other problems

but then again the insurance company gives u small money and fixes it and sells it and still makes money on it...so das also something tuh note

[pablo_tt]

Option one

win win situation

You get money from the insurance company plus the removal of an eyesore from the wreck taking up space in your garage

[phreakazoid]

^^^What he said...option one

[Edge]

Option 1 wins

[r3iXmann]

option 1

[Monk BANzai]

might be helpful to include the value of the car new

and the value of what u might consider buying


but i wuda take the money and give them it...to avoid the hassle and headache and the parts that bent that u not seeing easily......when u done fix the car might be cutting tyre and all kinda other problems

but then again the insurance company gives u small money and fixes it and sells it and still makes money on it...so das also something tuh note

worth $230K new....PCH series....

[pugboy]

sounds like not trivial damage
unless you or padnas in the fixing business then it might not be worth your headache to fix it

of course the insurance companies have their people who will fix it at a better cost for them to split than you doing it yourself...ie the car might be back on the road and sold for a little profit before you know it

[CBharath]

haw BAD is bad ?

[TechArt]

It depends on extent of damage to the car, you could let them repair the car and make sure its done properly (you have to accept the job on the car) and then sell it after (A car repaired by auto-body works or ventura should be good to go) .

[dragmaster]

Quick question, were these options offered by the insurance company?

I ask because as far as I know, insurance companies usually force option 3 unto you if the vehicle is irrepairable(written off). From personal experience btw.

Oh, they also always attempt to shaft you when offering a 'settlement' amount. However, if you believe that their offer is unfair even after initial protest, you can take up the matter with the Office of the Financial Ombudsman, located at the Central Bank building.

Luck be with you.

[Monk BANzai]

Quick question, were these options offered by the insurance company?

I ask because as far as I know, insurance companies usually force option 3 unto you if the vehicle is irrepairable(written off). From personal experience btw.

Oh, they also always attempt to shaft you when offering a 'settlement' amount. However, if you believe that their offer is unfair even after initial protest, you can take up the matter with the Office of the Financial Ombudsman, located at the Central Bank building.

Luck be with you.

my case is being fought for me by an executive of the Insurance company in question. Case of "who yuh know"...and i not refusing the offer...

[phreakazoid]

If you choose option 3 and you decide to sell...how much do you think you will get ? IF you get more than 175k ...then there is a possibility that this will be the better deal.... but you will have more headache and stress with this route.

[moti]

must take into account the amount still outstanding on the loan.
once this is done then weigh your options.

can't accept the money if the vehicle loan will surpass the amount given
and cant afford to keep a wreck if the money that will cost in repairs is surpassed the amount given
the second option where they fix and then you sell, well this may be the best option yet.

unless the amount owed to the bank is next to nothing but from what i read above, cost of new - $230k and with a PCH series i don't think 100k was repaid yet.

my opinion: option 2 - let them fix and sell it after.

[wagonrunner]

would option 2 or 3, give you more than $153k?
if so, given the hint at extent of damage, in what time frame?
would it be substantial enough to face the perceived downtime, headache of nigling fixes?
and what did the HYMC man tell yuh? yuh call him?

[SR]

insurance companies are big thieves

more to follow soon

[~Vēġó~]

pics?

[worksux101]

u ok though?

[Advil]

u ok though?

dem dread dem harder than helmet eh

[novastar1]

Consider availability of parts if you thinking option 3, and the time frame it can be repaired in.

That is alot of money to loose if you choose option 1.
I understand your pain but dont rush to a decision.

Mind telling us what happened to the vehicle?
Body damage?
engine?
suspension? chassis?

[novastar1]

WTF option 2.
You have to pay them 88k to fix the vehicle?

Thought all you would have to do was pay the excess and they'll handle the rest?
Isn't this what you are paying your premiums for?

Someone please enlighten me.

[masterofmindz]

ahhh....doh buy so expensive car! go option 1 n drive ah almeeeeera!

[eliteauto]

I've seen the vehicle, and considering the difficulty in getting parts and the extent of the damage choose option one and cut your losses

[link]

what losses ??
there is a huge outstanding debt on the vehicle- THAT'S WHY IT'S INSURED
.
you've had the benefit of use, insurance done 'shaft' you with depreciation...make sure you get settled for the rest of the loan, clear out & move to the next machine
.
rgds

[SmokeyGTi]

I'd take option one. it gives you the most amount of money upfront which you can use to clear a substantial portion of the loan. of course, that will leave you without a vehicle and a loan to service still.. (assuming the amount to be repaid is greater than $153K).

or, with option one you can buy a cheaper vehicle cash (and get it insured, remember that cost too) so at least you'll still have something to drive around with, while continuing to pay the old loan...if you want it that way...

other than that if you can sell the wreck for more than 65K in a short space of time then you can go with that option - but from what others saying here it does not look like an easy sell.

[SR]

insurance companies are a big firetruck ripp off

full comp insurance on a vehicle
but they dont want to pay full value for the new parts to replace
instead hinting at 35% depreciation on the parts

WTF

then question labour prices from a recognised competant garage

instead it seems they want you to carry the car by one of "thier" garages so that they can do a straighten and filler on the parts that can be seen and a straighten on the parts that cant be seen when for safety puporses the parts should be replaced and not straightend

[SR]

bottom line
eben if yuh not wrong it still gonna cost you out of your pocket to fix your car as it should be

[xtinguisher]

Option 1 seems like the best choice with the information you gave us. I experienced a similar situation but i was lucky. I bought a car valued @ 150k+ for 130k got into an accident nearly 2 yrs l8r and the insurance company compensated me with 120k so obviously I took it.

Option 3 if you do your research and find a way of repairing it for the cost of 65k or under then that would be your best option as you can always sell and get back more in the end.

[MadCrix]

pics?

[Mr Gear]

Option 1 but the settlement amount should be $156,000 so start a negotiation at $165,000. Make sure that you make it lear that you will not be responsible for the cost of the transfer tax and that the amount that you will receive is VAT inclusive.

I don't know which insurer you are dealing with but some may try to cut up the settlement payment with last minute deductions for transfer tax and the VAT. Now if you are VAT registered, they are entitled by law to withhold the VAT amount of the settlement amount and pay it directly to the VAT Office on behalf of your company. You can then claim the VAT payment in a subsequent VAT return.