Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Dazzler on 16 June 2007, 21:41:19
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If a car was written off by insurance because it was stolen and not recovered can it be taken back off the register if the car turns up again 3 months later???? :-/
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If a car was written off by insurance because it was stolen and not recovered can it be taken back off the register if the car turns up again 3 months later???? :-/
It belongs to insurance anyway. I don't think it has the Cat A/B/C/D markings against it
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Stays on HPi register as stolen/recovered.
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Stays on HPi register as stolen/recovered.
Sorry....not trying to hijack thread.....but who puts it on the hpi register?......ins comp or police?
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I assume that this some what devalues the car then??
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Stays on HPi register as stolen/recovered.
Sorry....not trying to hijack thread.....but who puts it on the hpi register?......ins comp or police?
Not 100% as regards stolen/recovered but the InsCo certainly can for the cat A/B/C/D classes as regards accident damage or extended period between loss and recovery via their insurance assessors consideration of the vehicle or wreckage. Police can notify DVLA direct (form Polnot1/V73 if I recall?) if the vehicle is obliterated and not insured. HPi (Hire Purchase Indemnity) take notification direct from Insurance Companies as well as DVLA. Loan companies are extremely reluctant to loan monies to purchase an insurance write off, hence HPi...
HtH
B
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I assume that this some what devalues the car then??
Yes. Most recovery/salvage companies pay a flat fee to the insurance companies to purchase the salvage for breaking/resale. From memory, its something like 17% of bottom book, irrespective of whether its a broken headlight or a complete burnout. Trade vehicle dealers are aware of this and has a considerable knockon as reagrds values. If you as a private buyer enter the equation, you can get stung.... Dealers must, as far as I know, notify a potential seller that the vehicle is an insurance write off, irrespective of classification. Private sellers I am not so sure of..... :-[
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Yes, motor traders are obliged to inform any buyer if a car is on HPi register.
Insurance companies will pay up to 60% of their normal payout on a previously written off/repaired car. So, a £5000 car bought for £4000 because it is a Cat D is NOT a bargain! Only worth £3000 TOPS if it is fully repaird. It never, ever will be the same again, but remember some vehicles are written off with just a dent in a door, or even a deep scratch in the paint! Doesn't always means a smashed to pieces car.
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I guess it depends how long you are going to keep the car. If you want a car for your own personal use for 4-5 years, then it can be good. There is a scrapyard, Simpson Salvage, that had, until yesterday, a 1999 omega with a slightly dented boot for about £650, also an 'N' astra with no apparent damage for £200. My current 2002 car cost me all of £2500 a year ago; its a class D write off. And the damage ?. Some "intellectually challenged" person poured paint stripper over it. So the car was fine, mechanically, but didn't look pretty so it was scrapped. On the theme of scrapping usable cars, my omega recently died because of the ECU. The quoted repair bill was £650 + VAT for a new ECU. What happens when cars get 4 or 5 years old and fall below £700 value?. Are people going to pay more than the car's worth to have it fixed?. or will there be a lot more cars in the breakers just because they can't get access to a TeEch 2? :'(
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Its a sad fact of life that insurance companies consist of, basically, bean counters.
If something is beyond current economic repair (thats rising wages, cost of materials and general costs as well as corporate profits, if translated) then its economicaly untenable and is written off.
If a car worth, say, 2 grand is covered in paint stripper then it requires a complete all panel respray. That will cost a fair proprotion of its resale value at commercial paintshop rates. Insurance companies, as I understand, work on a 50 to 55% valuation factor. If costs exceed 55% of the retail value, its written off.....
If you then purchase the salvage at 30% of bottom book (600 quid in this example, salvage dealer still making almost £300 on the trade for simply selling it on) then spend 4 hundred or so doing the work to repair yourself (as you are a paint sprayer by trade ;) ) you have purchased a car at half price. Unfortunately, its badged as catD and carries a stigma. Same if the locks are punched and it takes £150 or so for a lockset and ECU from a friendly scrappy.....
Some, however, are oblitererated and are ripe for ringing on newer, desireable cars.
Caveat Emptor...... :y
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some vehicles are written off with just a dent in a door, or even a deep scratch in the paint!
omega springs to mind!
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Stays on HPi register as stolen/recovered.
Sorry....not trying to hijack thread.....but who puts it on the hpi register?......ins comp or police?
Not 100% as regards stolen/recovered but the InsCo certainly can for the cat A/B/C/D classes as regards accident damage or extended period between loss and recovery via their insurance assessors consideration of the vehicle or wreckage. Police can notify DVLA direct (form Polnot1/V73 if I recall?) if the vehicle is obliterated and not insured. HPi (Hire Purchase Indemnity) take notification direct from Insurance Companies as well as DVLA. Loan companies are extremely reluctant to loan monies to purchase an insurance write off, hence HPi...
HtH
B
Ah rite....cheers B :y
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Its a sad fact of life that insurance companies consist of, basically, bean counters.
If something is beyond current economic repair (thats rising wages, cost of materials and general costs as well as corporate profits, if translated) then its economicaly untenable and is written off.
Sadly its not down to rising wages, most insurance companies have the cars repaired at specific places where the labour rate is nomaly no more than 20-30 quid......this has resulted in some big outfits setting up production line style repair facilities.
Whats more some will only fit pattern or even second hand parts..........(More Than do this!)