Just wondering if any people here have bought there modified VL turbo back off the insurance company after it being declared a write off? and for how much?
I just updated my insurance on Shannons and they said they get two wreckers to value it after an accident and decide what its worth.
Having spent a lot on different engines, parts and all that, ya reckon the wreckers would ask for a really expensive salvage price?
Thanks
might do just to piss you off lol
then again its wreckers and they would lowball the value in the event you decide not to buy it so they could possibly get it off shannons
not sure how it works tbh
In my experience if the car gets written off and you propose to buy it back they generally take 15 to 20% of your payout figure after your excess has been deducted and give you the car so say your car is insured for 11k and you excess is 1k your payout figure would be 10 k so after the 15 to20 % you would be getting 8 to 8.5k in your hand and your car back
If there is obviously upgrades and the wrecking yard knows they will make that of which they've offered you back on the car, no point really, but if the car is worth less than what you think he has offered you, get the phone number of the guy from the wrecking yard who gave the price on the vehicle. If he has said e.g. 2.5k, speak with him tell him what it "really" has.. you talk the car down.. things he wont be able to check, n'a box, 25 na diff, na injectors, na ecu... he wont bother to come and look at the vehicle as its not worth the money or his time.. then have your wrecker mate up the road say its worth $500 as its damaged and give that to the insurance company. tell the insurance company you'll give them $750 and they take the $250 "better offer"
Do wreckers deal in modded ****? i know the ones around here wouldnt want too touch it and cant blame them. no idea what is what, what the bottom end is, diff, injectors and so on.
Shannon's use performance wreckers like jap wreck etc as they are car enthusiast insurance and no what they're talking about others not so much an it generally doesn't go on mods etc they usually just go on year make and model
depends really if the car is based on "market" value or agreed value. I know shannons are good with the agreed value of vehicles especially older and modified cars. If your cars market value and they threw a price at you.. argue it mate, they base is though they are purchasing the car off you.. put a price on your own car. jap wreck i assume would be a good wrecker but the rb30 is ancient compared to the parts they stock and sell these days. AND you proberly would want some crap wrecker who has no idea to give you a crap price so you pay that to the insurance company to keep your car.
At the end of the day go for what is reasonable.
I recently went through the pain of having to buy my car back from my insurer (it was a repairable write off). First of all they wouldn't let me buy it back claiming that it was against their 'policy'. After a week or two of calls back and fourth I used their own PDS against them to buy back the car. In the end I paid the price that Pickles Auctions were going to pay for it, which to my surprise was quite low...
I think the more important point is to make sure you have the option of buying back your wreckage as the line they initially gave me was that I had to go to the auctions and bid on it along with everyone else!
How long is a piece of string?
Also, you're not buying the car from the wrecker, the insurer owns the vehicle and they should have a rough idea what it's worth as a "wreck".
It'll be cheap, let's say your car is insured for $10,000....it's written off, all excesses sorted, you'll probably only pay a grand or two...if that! It'll be a very small percentage because it's a "wreck" and in the end it's a VL.
Quote:
Originally Posted by Kasman88
[View Post]
If there is obviously upgrades and the wrecking yard knows they will make that of which they've offered you back on the car, no point really, but if the car is worth less than what you think he has offered you, get the phone number of the guy from the wrecking yard who gave the price on the vehicle. If he has said e.g. 2.5k, speak with him tell him what it "really" has.. you talk the car down.. things he wont be able to check, n'a box, 25 na diff, na injectors, na ecu... he wont bother to come and look at the vehicle as its not worth the money or his time.. then have your wrecker mate up the road say its worth $500 as its damaged and give that to the insurance company. tell the insurance company you'll give them $750 and they take the $250 "better offer"
You're making it as if the wrecker has any say in what is paid out, what is insured and what is not.
The insurer should already know what is modified on the VL and as I explained above...he will be buying his wreck back from THE insurer and not the wrecker.
I dunno what you're trying to say, but going around "getting mates down the road" to judge how much it's worth and low-balling etc, saying it's stock or "talking it down" sounds somewhat....fraudulent and that is illegal and isn't relevant here.
I bought mine back as a repairable write off, it was only insured as a N/A as I did a turbo conversion on it myself, market value was $2700 at the time and bought it back for $200, they did not know it was turbo as the bonnet was smashed shut
Some original photos have not been recovered yet.
when i got my shannons insurance i was told i'd have first option to buy it back and a % of what it's insured for, made it about 2k / 2.5 k which is half the price of the gearbox, so i was happy
Some original photos have not been recovered yet.
Quote:
Originally Posted by genki
[View Post]
How long is a piece of string?
Also, you're not buying the car from the wrecker, the insurer owns the vehicle and they should have a rough idea what it's worth as a "wreck".
It'll be cheap, let's say your car is insured for $10,000....it's written off, all excesses sorted, you'll probably only pay a grand or two...if that! It'll be a very small percentage because it's a "wreck" and in the end it's a VL.
You're making it as if the wrecker has any say in what is paid out, what is insured and what is not.
The insurer should already know what is modified on the VL and as I explained above...he will be buying his wreck back from THE insurer and not the wrecker.
I dunno what you're trying to say, but going around "getting mates down the road" to judge how much it's worth and low-balling etc, saying it's stock or "talking it down" sounds somewhat....fraudulent and that is illegal and isn't relevant here.
Its neither fraudulent or illegal, the insurer seeks a price for the salvage from the wrecker who guesstimates the price the vehicle based on photos. I said if the vehicle is given a fair price take it, otherwise tell them what the vehicle really is and that the vehicle is worth in less what they thought it to be, then have another legitimate wrecker put a fair price on the vehicle - price that a auction house would pay for ANY vehicle that older than 15 years.. $500 to $750. with that price you give it to the insurer and purchase your car back AT that price. I say the assessors who "value" the car based on websites and cars that are on the MARKET at the time is fraudulent, as much as they are an "independent assessor", they are still employed by the insurer and going to favour them. They are never going to give you the 15K value of your car if you've had it for 5 or more years and is owes you over 20k, its a constant fight back and forth. If saving yourself money and not getting ripped off is fraudulent, especially when your not at fault of the accident, then hey dont take my advice.
