Need advice about insurance after an accident

[grantmr]

Hi. First post. I've got a 2000 Boxster S and had a run in with a stationary object. I bought the car for $27k (Australian, it's a fair price) and have full insurance cover. Agreed vale is $21k.

The damage assessment was for $12-14k. This seems a little steep as there's no mechanical damage, the rear fender and exhaust were the only damaged items. It drove exactly the same after the accident. I think the repairer has quoted for new parts from Porsche.

My question is this - how likely is it that the insurer will write the car off? Is there any way i can minimise this happening, like using used parts or offering to pay a larger excess.

I really don't want to lose the car, it's got sentimental value and i wouldn't get one anywhere as nice for $21k. Anybody have experience or advice?

I can provide a photo of the damage but at the moment I'm still hiding my shame. So embarrassed. Aquaplaned into a freeway divider at freeway speeds.

Thanks.

[JayG]

I am not familiar with insurance rules in Oz, so I don't know how much help I can be.
That being said, yo can probably negotiate with the company should they want to total it. As well as maybe buy it for salvage value should they total it.

If you own it outright, I would think they would have to pay you the repair cost regardless of whether or not you repair it or they total it

BTW, Welcome to the forum and as they say, "It ain't real without pictures"

[BIGJake111]

You can buy it back if they do total it and take the settlement to fix it yourself for less if you want. You just have to deal with a salvage title (in America at least)

[grantmr]

Thanks JayG. My understanding is that insurers have a ratio of damage cost to write-off cost, I've seen figures mentioned of 50 to 90% but don't know what figure my insurer is using. With the values I've mentioned, $12k repairs is over 50% of the write-off ($21k).
Break-even for the insurer in a write off means that if they pay me the $21k, they must sell it as salvage for at least $9k, which isn't an unreasonable price given the car is sound except for exhaust and bumper.
So from my perspective, it's even odds on whether it's a fix or write off. I'm just trying to get forearmed on what my options and best strategy is. I've never dealt with insurance before.
I find out on Monday from the insurer I think.

[JayG]

Originally Posted by grantmr

Thanks JayG. My understanding is that insurers have a ratio of damage cost to write-off cost, I've seen figures mentioned of 50 to 90% but don't know what figure my insurer is using. With the values I've mentioned, $12k repairs is over 50% of the write-off ($21k).
Break-even for the insurer in a write off means that if they pay me the $21k, they must sell it as salvage for at least $9k, which isn't an unreasonable price given the car is sound except for exhaust and bumper.
So from my perspective, it's even odds on whether it's a fix or write off. I'm just trying to get forearmed on what my options and best strategy is. I've never dealt with insurance before.
I find out on Monday from the insurer I think.

Sounds like it is similar in Oz as in the USA.

Like I said, you can always negotiate with the ins company
Where did you get $9k as the minimum salvage sale price?

If they will give you $21k and sell it to you for $9k and the repairs are a lot less than the $12-14k they say, it could be a good deal for you

[jdraupp]

Most body shops can do better if you're not writing the quote for an insurance company. A lot of insurance companies will not allow used or salvage parts. Only new oem. This drives the cost up significantly.

[BIGJake111]

It's 75% in the USA

I had a car written off, insurance wanted to send 5k to fix damage all down the side. Body shop said that it would cost way more then that for him to do it properly the way the car deserved so the car got written off.

[FoxRvrBox]

Total loss thresholds vary by state in the US. If they wrote a 12K estimate on a 21K car, there is a 9K difference. If they have a bid from a salvage buyer for 9K or more, they would total it. The only variable would be hidden but expected damage - hard to tell more without photos or seeing the estimate. Not sure how all this plays in Australia ...

[grantmr]

Yes it seems the threshold here is around 75% - I spoke to the assessor and he said that there was about $1k leeway on the quote, which would make it $15k, or around 75% of $21k.

It's all good. I got a copy of the quote and it's totally wrong - almost all the parts they've quoted are for 987, including two exhaust systems and a whole bunch of crap that wasn't damaged. I'm working with the Insurer now to get a correct quote, it's definitely going to be less than the original one. My baby is safe and will at sometime come back to me!

Edit: the insurer also got an engineering report done - no structural damage, no alignment or suspension damage.

Thanks everyone.

[BIGJake111]

If there is no structural damage I say repair it and enjoy. Don't expect much out of resale but you'll have your pride and joy back.