Car Insurance Beyond Economical Repair

I have contacted the car insurance company and explained the above.

Car insurance beyond economical repair. 13 replies 1 1k views davetherave87 forumite. The car s front wing and bumper was damaged and as it is an l reg car the insurance company have said it was beyond economical repair i insured it for 1000 and they say it would have cost 1900 to fix we are now in the stage where the insurance company are offering me money for the car i do plan to buy it back and fix it myself. This could vary between different companies and even between different cars. 18 january 2019 at 5 19pm edited 30 november 1 at 1 00am in motoring.

If you have been involved in a road traffic accident and your vehicle has been damaged it will need to be taken away from the accident scene and assessed to establish whether the vehicle can be repaired or whether any repairs necessary to make the vehicle road worthy again would cost more than what the vehicle is actually worth meaning the vehicle is beyond economic repair. You can buy the car back and then once more pay for the repair damage yourself. Some insurance companies hold a record of repair costs for similar repairs on the same base model of that vehicle. As an example if an insurer s repair to value ratio is 60 40 and the repairs on a car valued at 5 000 are 3 000 the vehicle would be deemd a write off.

Beyond economical repair is where the insurance companies engineers have valued the vehicle based on age mileage and condition. Dependig on the insurer the ber limit maybe from 50 of the vehicles calculated value upwards. If insurance wants to write off then you. This means the estimated cost of repairing your car exceeds the replacement or market value.

Only valid for comprehensive motor insurance policyholders. Regarding the car there are several types of write off. Following an incident where your car has been damaged your car may be deemed beyond economic repair. Note the word economical if repair costs are around 50 60 of the car s valuation it will most likely be declared a total loss or a write off.

One of them is a total loss where it will not be possible to put the car back on the road ever. When judging whether repair costs are economical insurers use a repair to value ratio. Just heard from my insurer that the car is beyond economical repair. Own damage claims beyond economical repair overview.

But it could be a lot less. There is no compulsory insurance for anything other than tp motor. Steps how to make a claim. The assessor follows strict criteria but could judge your car to be a write off if it is beyond economical repair.