Insurance Options on a Crashed car...

[biggreen]

Agrees with SR.. but fix it and sell it back..

[5onDfloor]

SR ftw!

[link]

Wait......
if the car is under a loan agreement, isn't the bank the 'owner' of the car. If you default on payments, dosen't the bank 'seize' yer car ???
.
let the bank take the wreck........let insurance deal with the bank.........in any case, the insurance company will make the cheque to the bank..........
rgds

[Rutless Tiida]

^^ Bad idea. No bank will lend him the $230k for a new car with that on his records.
I say fix and sell. more problems for you but in the end the bank will get there money and you can then buy a new car.

[masterofmindz]

then again, y ppl dus take out big loan to buy big ride and then whit shyt hook them they cyar pay for it???
like de feel dey is PM!

[Monk BANzai]

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.

final settlement is in the range of $148K (after the no claim is deducted blah blah blah)...i think I taking it seeing that as of today , the option of them fixing it has now become an "non-option" the adjusted price to fix is now $90K....

Will be wary of that VAT thing....thanks.

Wont post photos seeing that there are Insurance "lookers" here that will report back to their bosses if they recognize the wreck.

[wagonrunner]

^^
yuh acting like a 12 seater urvan is that common?
just sum it up to elections pass

[Mr. Red Sleeper]

Same crap here....

180k insured sum
73k quote for repairs
84k left on loan

Insurance wants to give 117k now, or 55k plus wreck.
What to do...??


(knowing that it wont happen , but collectively , i wish trinidadians would just boycott all auto insurance..
im also convinced them "fixers" in bobbol as well with ppl cars)

[pete]

Well, if they give you 55k then you just need to put in another 18k to get the vehicle fixed. If you then sold the vehicle for close to the insured sum (180k) You would "make" 78k to put towards another vehicle. If you take the money then you only have 33k.

[Mr. Red Sleeper]

2mths for parts to get here from date of order.... Rental car bill is running as well..loan installment ditto

[dgobo]

Sorry to hear about your accident, the good thing is that it seems as though your ok.

But, what car was it. If it was the legacy, dibs on parts

[Rooki3]

Same crap here....

180k insured sum
73k quote for repairs
84k left on loan

Insurance wants to give 117k now, or 55k plus wreck.
What to do...??


(knowing that it wont happen , but collectively , i wish trinidadians would just boycott all auto insurance..
im also convinced them "fixers" in bobbol as well with ppl cars)

what insurance is this?

If u need 73k for repairs, how come theu offering juss 55k, wah yur dedutables are like?

also, if u insured for 180k, how it boil down to $117k?

doesnt a car depreciate 1.2 or 1.5% monthly?

from my experience, this not adding up!!

i say so cause i was in d same situation one time & i actually came out on top financially

[Mr. Red Sleeper]

Rookie,
5yo vehicle......

[Rooki3]

oho i see, i wud take d 117k tho, but if i cud have had d repairs done for a a lil cheaper i wud have gone that way, even if u wud have to put a lil bit extra

[Mr. Red Sleeper]

UPDATE::

The "fixers" just made a bid to the ins. co. for the UNFIXABLE vehicle.....

[nemisis]

^^^ that some real bull right there. I would lawyer up. Pm me the insurance company and fixers so I know who to avoid in the future

[Mr. Red Sleeper]

Racket ....

Dont worry , as soon as its up for sale again for probably 150k+, ill be more than willing to gve info on the unfixable vehicle.......

[moti]

Racket ....

Dont worry , as soon as its up for sale again for probably 150k+, ill be more than willing to gve info on the unfixable vehicle.......

so you taking the 55K and the wreck, fixing then selling.

nice, it's the best way imo

[Mr. Red Sleeper]

So we are all at the mercy of these repair companies?

ok kool..

i going to arrange to purchase a dozer...

[moti]

So we are all at the mercy of these repair companies?

ok kool..

i going to arrange to purchase a dozer...

and insurance companies.

plus i really think 10% value of your vehicle is a bit too much for insurance

[Mr. Red Sleeper]

right......

fcuk it...


LF: http://www.tradecarview.com/used_car/ja ... 12321657/..


forget this new car and high insurance bizzz....

can anyone arrange licensing for this?

[pete]

So we are all at the mercy of these repair companies?

ok kool..

i going to arrange to purchase a dozer...

and insurance companies.

plus i really think 10% value of your vehicle is a bit too much for insurance

My insurance company starts off at 18% before no claim discounts.. Only went with them initially because the BUGWANA who broke the red light that wrote off my last car was insured with someone else and no other reputable companies wanted to give me insurance. Thankfully with no CLaim discounts etc its not so bad but I know for SURE I'm not ever taking insurance with them again.

[crazybalhead]

So we are all at the mercy of these repair companies?

ok kool..

i going to arrange to purchase a dozer...

and insurance companies.

plus i really think 10% value of your vehicle is a bit too much for insurance

My insurance company starts off at 18% before no claim discounts.. Only went with them initially because the BUGWANA who broke the red light that wrote off my last car was insured with someone else and no other reputable companies wanted to give me insurance. Thankfully with no CLaim discounts etc its not so bad but I know for SURE I'm not ever taking insurance with them again.

[Mr. Red Sleeper]

WOFT!

whats the requirements for owning a strictly auto ins company?

[nemisis]

WOFT!

whats the requirements for owning a strictly auto ins company?

1) famille member who bumps noses with the "big boys"
2) bank account to take people money
3) a thesaurus ( for creative ways of writing no money for you)
4) a lawyer partner who can help you bribe adjusters and go to court in case of emergency ( eg you take legal action)
5) a contact with fixers to keep all fully comprehensive insurance repairs expensive and get 3% of each policy they help in avoiding payout by giving the vehicles that total at reduced costs.

[bigchief3679]

^^^Sounds about right....

[Mr. Red Sleeper]

do-able....