guarnatee Write Off's - The Inside Story Of The Full Process

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A car is declared a total loss when the estimated mend cost is more than the present shop value of a similar vehicle. Once the insurer decides that the car is a write off then they take the steps detailed here.

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How is guarnatee Write Off's - The Inside Story Of The Full Process

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1) The wreck will have been moved from the car repairers to a salvage yard. This is done to lessen warehouse costs imposed by car mend shops for cars in their yards.

2) They will ask you for the car documents. That is the Mot certificate if your car requires one, purchase receipts,V5 registration document, service records, keys and details of any superior finance. They will ask for your Certificate of insurance to be returned. They will need the customary paperwork before they determine your claim. Photocopies will be ok to start with but will slow down the process.

If you ask the insurers why they want these documents, they will probably tell you they want to check they have the right model of the car, that it possessed a valid Mot and proof of service record to make sure that is has been maintained. These are all approved reasons. However the insurers also need to check out your claim for fraud. Government documents have a estimate of anti-fraud measures designed by the issuing Government agency. A rigorous check on the originals will enable the claims lawful to build swiftly that these are admittedly genuine documents and not fake. If there is doubt, they will use forensic science tool to prove that the documents are fake or genuine. You would have to be a very clever crook to successfully forge this whole range of documents. My advice is - let the business have the customary paperwork as soon as they ask them. Just sending copies delays your claim.

3) Whilst you are waiting for your settlement details, your insurers will be doing other things as well. They will enter the claim on the 'motor insurance anti fraud and theft register'. (Miaftr) This is a Uk data base that has recorded all insurance total loss cars and stolen cars since the start of the 1980's. It checks your car against all the information in the database to see if it has ever been the field of an insurance total loss before, or whether it has ever been stolen and not recovered. It checks against your name and address; post code; your car's registration estimate and Vin (vehicle identification number). If there is a match supplementary questions will be directed towards you, and your insurance business might enter 'fraud investigation' mode.

Miaftr also as a matter of policy checks your car against the Hire purchase information (Hpi) database. If you borrowed money to purchase the car and you still owe money, it will be on this database. Have no doubt your insurance business will gawk it. So be honest and tell them about your superior balance. The loan business is the rightful owner of your car. Any settlement will be made to them whilst there is an superior balance. Whatever left over is paid to you. Similarly, your claim will be recorded on Cue (Claims and Underwriting Exchange). This happens as a matter of policy on all motor and household claims. Not all insurers subscribe but the vast majority do.

Problems can arise where the superior loan is greater than the worth of the vehicle. In this situation the insurance policy does not thoroughly pay off the loan. I remember a purchase plan for motor bikes. Teenagers went into a shop, bought a new motor cycle plus all the helmets, leathers etc with finance against the value of the vehicle. The interest on the loan was outrageously high. Some time later there would be an crisis and they would total loss it (or it was stolen). The value of the motor cycle was much less than the combined purchase price plus the interest. It caused a furor which was blamed on the insurance business rather than the stupidity of the youngster for getting complex in such a bad deal with the shop.

4) Your insurance business will be obtaining bids for the wreckage. The higher the salvage value the less the final cost of your claim. There has been a lot of publicity about cars which have been written off reappearing on the road, or being purchased by criminal gangs to aid their disguise of a stolen vehicle. The relationship of British Insurers (Abi) have come up with a code relating to the disposal of car salvage. All member fellowships comply with these rules. The corollary is that most salvage is sold by the fellowships to established salvage merchants. If the car is damaged to an extent that meets listed criteria, it will be issued with a code that requires the car to be scrapped or broken up. Vehicles with less damage can still be fixed and put back on the highway.

5) Once all of the above processes have taken place your insurers will make a settlement proposal to you.

Their engineer will have consulted the trade publications to value the vehicle, adjusting these figures to take into inventory the age, health and mileage of your car, and his knowledge of the current car market. The final total that he arrives at forms the beginning point of the settlement value given to you. Any policy excess will have to be deducted along with any finance still superior on the vehicle.

Your insurance business will make it very clear admittedly how much you will get and explain any adjustments to you. If you pay your car insurance by Direct Debit, the chances are that any remaining premium will also be deducted from the settlement amount.

6) When you have approved the offer (some insurers might need your signature to a document called a 'form of discharge') you will receive a cheque.

7) Your insurers then own the remains of your car and, field to legislation and those Abi codes, can do Whatever they want with it. This will admittedly mean that they will sell the salvage.

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