How does Car Write Off work

1

149oaks

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I had a bit of an accident the day after passing the NCT and Taxing the car for a year - it's a 00 reg. The repair is estimated at €800, however the guy feels that Insurance Co will declare it a write off, with a book value of approx €1000, or as a repairable write off for about €500. How does this work? I think I could get a "rough" repair done for €350. I have a policy excess of €250. So would the Insurance Co give me €500 and I can do what I like with it? The reason I'm looking at Insurance is that I have a policy allowing 1 claim/year with no affect on the Full NCB.
 
If you go with the 'rough' repair, you'll get €100 from the insurance company towards the repair cost.

You will keep your NCB, but only with that insurer. You won't be able to shop around when your insurance comes due and will likely be stuck with them for a number of years, over which time they are likely to gain more than the €100 back.
 
Leo thanks for that. I thought that once you had a NCB it transferred between insurers. Why would I only keep it with my current insurer? As if thats the case it may probably be better to pay for the rough repair myself.
 
Not all insurers treat protected no-claims bonuses in the same manner. Some will insist that the claim is dealt with by stepping back your no-claim bonus, etc. In effect it serves moreso to tie you where you are.
 
Yes, they like to sell it as covering everything, but when getting a quote from a new insurer, they only ask if you have had any claims in the last 5/6/7 years. Having a fully protected or step-back NCB protection is meaningless to anyone other then your current insurer. If you have had a claim, you must tell them, and they'll then load the quote accordingly.
 
NCB protection is pointless as it effectively handcuffs you to the current insurer for up to 5 years.
 
Thanks for all this guys. The Insurance Assesor is coming tomorrow to look at it so he'll probably write it off. In which case I won't pursue the claim and get it "roughly" repaired my self. Am I missing anything in doing this?
 
Look at the bigger picture. You had a 'bit of an accident'. What are the circumstances? Did you damage the car by hitting another car? If so, then there will be a claim against you by that driver/owner?

Did you hit a wall? Will owner claim?

Or are you the innocent Third Party, in that is someone else at fault? If you are the innocent party, then you will get a cash settlement from the culpable insurer, provided that the car is deemed an economic write off, rather than a total write off.
 
Ravima I reversed into a gate pier - no damage to it. So my own fault totally and no claim by the owner.
 
Im interested in the points made on NCB protection here. I am about to renew my car insurance and have been quoted an extra 36e/10% on my insurance to fully protect my NCB beyond step-back. Just to check that I fully understand - if I have an accident in the current year, my current insurance company will still provide me with a cert to say that I have 5+ years NCB but will in reality penalise me financially?? If I get a quote from a different insurer they will penalise me for having had a claim despite the fact that my cert still says 5+ years NCB?? If I've got this right - any sort of NCB protection seems a bit pointless
 
No, they can't penalise you financially. But rates may increase so you may still pay a higher premium.

Not all insurers will stand over a protected no-claims bonus when transferring to a new company. i.e. the new company may step back the bonus. Or they may allow it subject to you purchasing bonus protection with them.

Unforntunately it differs from company to company and is not cut and dry.
 
The last 2 posts have been interesting to say the least, it simply underlines "buyer beware" which is extremely difficult if insurers treat you differently. Anyway to update on my situation. The car was classified as a Class C - uneconomical to repair and between valuations and excess I could get €800 and keep the car. I couldn't understand this at first as based on getting a rough repair at €300 I could make €500 out of it all. I checked prices with different insurers for the premium differences between having a claim for €1000 and no claim at all. It was making little if any difference. However when I asked my current about next years renewal they told me that provided I got the repair done by an "authorised" repairer they would insure it and this repair would cost €1000. It was too good to be true after all. So I think I'll not make any claim and just go ahead with the rough repair. Or am I missing something again?
 
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