Insurance Write-Offs

Does anyone know how insurance companies determine a write-off?

I assumed it would be when the cost of repairs is at least the
value of the bike, but somebody told me that with cars it is
less than that.

I suppose it probably differs a bit with different insurance companies
too.

 

Basically, if the cost to repair is greater than the value of the vehicle
(or policy, or whatever) less the value of whatever's left of the
bike/car/whatever, then they write it off. Whatever is going to have them
paying out the least cash.

 

when cost of repairs equals what they have to pay you minus what they
can sell the wreck for.

Charlie

 

Does anyone know how insurance companies determine a write-off?

With cars i heard 10% of value calls for a write off. But im not sure of the
validity of that.

 

Do you mean 90%?

 

Do you mean 90%?

probably?....like i said...i wasnt sure...

 

I assumed it would be when the cost of repairs is at least the value of the bike,

No its less than the value of the bike.

if the bike is worth $15000 they arent going to spend $13000
rebuilding it.

 

when cost of repairs equals what they have to pay you minus what they

minus transport, insurance assessor, auction commission and general
admin/fuckaround costs.

 

Hi

I had a BMW written off by the insurance company in 95 after an
accident. They wrote it off well below market value (their market value
of $1100, when I could get appraisals from the major dealer in Sydney of
about $4000) and about 2/3 the cost of repairs. I ended up getting
$3900 as a payout and was able to buy the "wreck" back for $800. It was
going to cost me about $2500 to return it to pre-accident condition and
unfortuately about 12-14 months, so itraded it in for a good value
(better than their original write off value).

Beaky

 

After the accident the oldies were in, the insurance company spent over what
the car was worth to get it fixed.

Not that it was ever the same car.

Hammo

 

What car was it ??

Dumb blind assessor?!

 

Just a Falcoon, had less than 18 000 on the clock. Took eight weeks before
it came back (during which the olds had a hire car through insurance).
Then, it went back the next day with trans failure, then electronics
failure, then wouldn't start in park, only neutral, remote locking wouldn't
work, fuses would blow. By the time it was fixed (except the starting,
would only do so in park, not neutral now), it had taken 13 weeks (whole
time with hire car, well, more than one), parts and labour on top of initial
"fix" came to a rather large amount.

Never the same car again, then was then run into whilst parked They sold it
a few days later.

Hammo

 

Write off point is normally around 70-75% of the market or agreed value of the
insured vehicle

Nev..
'03 ZX12R
'02 CBR1100XX

 

I just had a look at the bike today (for the first time since the crash)
and the quote is currently around $4500 and might increase a bit more.

Looks like it may be a write-off after all.

 

DoinitSideways said....

Do> With cars i heard 10% of value calls for a write off. But im not sure of
Do> the validity of that.

Doubt it. I had a roo clout my Commode a year or so ago. $5,500 worth of
damage. The car's definately not worth $55k.

 

I have just been through it, if the bike in it's stuffed state is worth
$2000 and market value on the policy is $8000, you have $6000 to spend to
fix the bike over that write off.

 

Doubt it. I had a roo clout my Commode a year or so ago. $5,500 worth of

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