Write off buyback

Chuppa · Postby **Chuppa** » Tue Sep 10, 2019 1:03 am

As a result of the weekend’s severe wind storm in the Illawarra, my 93 NA6 has sustained, what I strongly suspect, is a level of damage uneconomic to repair.

Just wondering what people’s experiences with buying back the wreck and parting out are?

She is insured with Shannons.

Thanks,
Chuppa

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apsilon · Postby **apsilon** » Tue Sep 10, 2019 7:43 am

Ouch, sorry to see that.

I must admit I haven't checked of late but back when I had my first MX-5 I recall Shannons had a clause where if you were a member of a car club you retained the wreck. It was one of my reasons for joining the NSW MX-5 club at the time. I won't be surprised if that clause no longer exists but if you're a car club member it might be worth looking into.

Otherwise it's a matter of see what they want in order to buy and if that lines up with what you could get back parting out and the time spent dealing with it all.

Purecaboos · Postby **Purecaboos** » Tue Sep 10, 2019 8:16 am

See that makes me feel less weird about running outside when the wind hit and putting the 4wd out in the weather and the MX5 in the garage....mind you the 4wd currently is non-operative and had to be pushed out....

That would gut me if that happened to mine

Chuppa · Postby **Chuppa** » Tue Sep 10, 2019 11:37 am

After talking with Shannons it seems it’s standard policy for the owner to retain salvage following a total loss.

That’s something at least.

Chuppa

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LiteIsRite · Postby **LiteIsRite** » Tue Sep 10, 2019 3:11 pm

I'd be very sad if that happened to me. Good luck with the part-out, and finding a replacement you're happy with.

bruce · Postby **bruce** » Tue Sep 10, 2019 3:49 pm

So there is no cost to keep the car (just the excess)?
You could almost pull all the dents and just re-register it and drive it as-is. Assuming there is no mechanical damage.

Chuppa · Postby **Chuppa** » Tue Sep 10, 2019 6:07 pm

I’m told the payout is the sum insured less the excess AND less the salvage value.

Remains to be seen what the salvage value is. Hoping it’s a real world figure and doesn’t ‘magically’ match the balance of the payout.

Getting it assessed tomorrow.

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bruce · Postby **bruce** » Tue Sep 10, 2019 7:23 pm

No such thing as a free lunch! I think the salvage value will be reasonable.

Mr Morlock · Postby **Mr Morlock** » Tue Sep 10, 2019 7:31 pm

An obvious write off. Retain the wreck- ok - some money for bits and pieces but one needs the space the time to remove parts and at the end of it there is still going to be a lump of bits and pieces that have to be removed legally. That entails further cost and time. You weight it up.

Wolfgang · Postby **Wolfgang** » Tue Sep 10, 2019 10:00 pm

What a shame, sad to see.

bruce wrote:You could almost pull all the dents and just re-register it and drive it as-is. Assuming there is no mechanical damage.

No can do in NSW (Nanny State Wales). Once it's a write off it can't be re-registered.

Chuppa · Postby **Chuppa** » Tue Sep 10, 2019 10:58 pm

Interestingly, it’s only a write-off if the RMS are told it’s a write-off and the vehicle details make it onto the WOVR.

For a car older than 15 years, Shannons will pay out the claim (less excess and salvage) and leave it at that, RMS are not involved. Or so I was told today by one of their consultants.

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bruce · Postby **bruce** » Wed Sep 11, 2019 9:38 am

Same in Vic, if over 15 years they don't record write offs.
Also there is a difference between economic write off (good to drive) and statutory (can't be registered).