by hl.yates » Fri Jul 09, 2010 01:54 pm
I have a 1998 Form Puma with a cherished number purchased from new.It is imaculate.I have just had a new exhaust.Had body work done last year.I keep it prestine.It has just passed its MOT.The insurance company suggest it could be written off due to its age.I understand there is what they call a BUY BACK SCHEME.Which seems to mean that I could have it repaired myself.However, if the car is classed as written off by the insurers how would I go on with getting it insured.I have always had comp with a protected bonus.Before the accident I had 8 yrs NCB.I don't know how much the insurers would value my car for.Do I have to accept their estimate?The repairs are approx £1500.00.I am retired and cannot really afford another car and as I said I keep the car in pristine condition.Your advices would be appreciated.
Posted: Fri Jul 09, 2010 02:31 pm Post Subject:
OP, most states allow an owner to 'retain salvage' or 'buy back' their totaled vehicle for the salvage value.
If you don't know how much they have determined your vehicles ACV (actual cash value), and how much the salvage is worth you really can't make a decision yet.
If you want to keep your beloved vehicle then you certainly can. You'll just need to negotiate that salvage value. Before you agree to retaining it however, have it checked by your body shop to see how much it will cost you to repair. If you can't swing it with the money the insurance company will give you, then you may need to make a different decision.
As to getting comp/collision back on the vehicle, most carriers will allow this once it's repaired (many even if not repaired :roll: ). You'll need to check with your carrier on that.
OP, understand what I'm posting applys to the US, where are you located?
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