Advice on Car Write Off?!

Treasurer · February 24, 2009, 01:00:33 PM

Crashed my 03 Peugeot 307. According to the vrt.ie site, current market value is around 6,500. I'm told it's borderline write off and the insurance company are ringing me later with an offer for me to decide whehter to proceed with repair or not. I presume if they give me anything close to market value it's better to take it than go for the repair option? (leaving aside sentimental attachment to my poor ol' car:() Any advice???

cbg.ie gives me an average of 7,900 - just to confuse me further.

muppet · February 24, 2009, 01:06:09 PM

Don't expect them to offer anywhere near market value. They will try it on for a while so be warned.

Also any sentimental value usually disappears after a crash, even for the girls. If it is that expensive write it off but fight for a fair settlement from the insurer.

Treasurer · February 24, 2009, 01:14:21 PM

Thanks Muppet, I really could have done without this

the Deel Rover · February 24, 2009, 01:17:15 PM

there are a few 03 Puegots on carzone going for around 5 k treasurer

supersarsfields · February 24, 2009, 01:31:29 PM

muppet's right. You'll definitely not get Forecourt value for the vehicle. The pre accident value by most insurance companies is around Mid book value which is half way between private value and trade value. But alot are dropping down even lower than that with the way the market is going.
If it's a borderline W/O your prob better taking the money rather than getting it repaired. As when you go to sell it on later the value will have dropped due to the accident aswell. I'm guessing by your post that you were at fault for the accident or it was a single vehicle accident? If not and your not at fault and you do decided to push for the repairs be sure to request deprecation aswell.

When the Insurance company come back be sure to disagee with the value and you should be able to get it pushed up a little.

Treasurer · February 24, 2009, 01:34:51 PM

No, the accident wasn't my fault.

Thanks for the replies, I really haven't a clue!

gerry · February 24, 2009, 01:37:03 PM

Take your money. Any car that is borderline to either fix or write of are never the same to drive again when they are fixed.

A friend of mine decided to fix his car after a crash and it give him nothing but bother.

brokencrossbar1 · February 24, 2009, 01:41:33 PM

Only take it if it is a good write off value. I have done a lot of work with insurance companies in he past and they will try to screw you as well, tow away charges, storage charges, etc so be very careful what they offer you. EG they could offer you 5,500 value, which wouldn't be too bad but then deduct tow away charges etc. Now if it is the other persons complete fault they will have to pick up a lot of these charges but just be careful.

Billys Boots · February 24, 2009, 01:42:54 PM

Bad luck Treas, hope you're alright.

Treasurer · February 24, 2009, 01:44:24 PM

The other person drove straight out in front of me and the guard told me I should have no problems as she admitted full liability on the spot. So hopefully that's one less headache.

longball · February 24, 2009, 01:48:26 PM

Quote from: gerry on February 24, 2009, 01:37:03 PM
Take your money. Any car that is borderline to either fix or write of are never the same to drive again when they are fixed.

A friend of mine decided to fix his car after a crash and it give him nothing but bother.

theres an old saying where i come from 'if in doubt, burn her out'

Rois · February 24, 2009, 02:54:17 PM

Jeez Treasurer, mine was written off last week in fact.

I basically told the guy I wanted it written off as it would have taken a while to fix it. In the market at the minute, I was much better off coming into it with the cash. Got about what I expected at bottom book value - you can check what that is on websites. No trade-in, bigger discount.

Arranged a purchase yesterday by calling on a contact made through Club Tyrone

and got myself what I consider a good car - plus £4k cheaper than they'd advertised. Plus had a good old chat about football while test driving.

If you're in the market for a new one, come across the border.

Lar Naparka · February 24, 2009, 03:13:38 PM

Hard luck, Treas, I have been down that road too and the experience is not a happy one. I think you have been given some very practical advice above from a good few posters and there is little need to expand on most of the points already made.
It's hard to state categorically what should be done as I don't have the facts but I'd be inclined to take the money and let the insurance crowd worry about disposing of the car.
For one thing, the second hand car market is depressed at the moment. Sooner or later, probably sooner, you will need to sell your '03 Peugeot. It will be hard enough to sell it on without any major repair work.
If it becomes known your car was a borderline write off case, you will probably be unable to give it away.
I know that's talking about something in the future but it is something to keep in mind.
On the other hand if you go scouting for a replacement, with cash in hand, you will seldom find a better time to pick and choose. That will also take care of the problem of getting your crashed car out of the way.
Deel Rover is right; the asking price for an 03 Peugeot 307 is around the 5000k mark.
Remember that that is the asking price. A cash buyer could probably get one for at least 1000k less.
BC1's advice to make sure of what you are agreeing to when they come back with an offer is sound. IMO, if you are happy that you're getting around €4,000 into your hand, I take the offer and go looking about. To my way of thinking, if you can turn what you get from the insurance into cash and wave it in some seller's face you'll get at the very least the equivalent of what you had before the accident..

Treasurer · February 24, 2009, 05:12:55 PM

Thanks everyone, it all helps.

Thanks for the pm's too

[Smart arse]

Puckoon · February 24, 2009, 05:15:08 PM

I thought pms came naturally?