when does a car become a write off
19 May 2005, 09:15 AM
#1
Scooby Regular
Thread Starter
Join Date: Dec 2001
Location: just simple old me
Posts: 2,170
Likes: 0
Received 0 Likes
on
0 Posts
when does a car become a write off
does a car become a write off when it costs more then the car is worth to repair or when it goes over a certain percentage of its worth? say 75% of its book price?
19 May 2005, 09:24 AM
#2
Scooby Regular
Join Date: Jun 2001
Posts: 8,021
Likes: 0
Received 0 Likes
on
0 Posts
It varies between insurers, the term usually used is "beyond economical repair", which means different things to each insurer. The insurer would also add in costs such as hire cars and balance that up against a quick cash settlement.
Where the car is new and on a new for old basis, the insurer will get a preferential price on a new car so a new car may get written off at a seemingly low price.
Where the car is new and on a new for old basis, the insurer will get a preferential price on a new car so a new car may get written off at a seemingly low price.
19 May 2005, 09:36 AM
#3
Scooby Regular
Join Date: Apr 2004
Location: New Jack City
Posts: 1,500
Likes: 0
Received 0 Likes
on
0 Posts
I think they work at 55-65% of the value of the car as the guide. If the assessor gets a nice drink at Christmas, from the garage that are holding the car, he will do his best to get the car repaired.
Thread
Thread Starter
Forum
Replies
Last Post
ossett2k2
Engine Management and ECU Remapping
15
23 September 2015 09:11 AM
Adam Kindness
ScoobyNet General
0
15 September 2015 03:31 PM
