Insurance Problem

[Andy]

Got a big problem now,need some advice!!!

 

I crash my car,and my insurance company declare total loss on my car.they compensate 5k.but the problem is i still owe finace ard 42k and my paper value is only ard 32k.i still need to top up more than 5k .but if i repair,the repair cost will be ard 16k ..wat am i going to do.can any kind soul pls advice.thks

[Arowana1]

insist on repair. bring to e@dr (or whatever, dunno who come up with such stupid name).

[Andy]

bro,how to insist on repair?btw wat is that workshop?

[Toy_car]

what is the damage?y so much?

[Andy]

Both air-bag spring out .front engine gone case

[Toy_car]

didnt know it cost so much to replace the airbags and engine.

what is ur ride?

[Toy_car]

since they only pay our bro 5K for the body, dont think they will approve 16k to repair

a 5k body.

[Andy]

03 mit colt..

[Andy]

wat to do???

[Gz0707]

andy, this eg as per my previous post - this is for ur understanding ...

 

My friend, Desmond owns a car with a market value of $60,000.

If he scraps it, he'll get $55,000 - from the Preferential Additional Registration Fee (Parf) plus residual Certificate of Entitlement (COE).

He had an accident that caused $7,000 in damages to his car.

The insurance company paid Desmond $5,000 and told him to scrap his car for $55,000. That gave him $60,000 in total.

Desmond told me: 'I've been paying insurance premiums that are based on the value of my car which is $60,000. But the insurance company would never pay me that amount. The most they would pay is $5,000, which is what I got.'

From the insurance company's viewpoint, however, Desmond has nothing to complain about. His car was worth $60,000. He got $60,000. He should stop complaining!

 

http://www.mycarforum.com/forum/General_C1...rong_P2050480-3

[Andy]

then i can go holland liao

[Toy_car]

look on the brighter side than is time to change ur ride....

[Gz0707]

no lah bro, this is explain to u the insurer's point of view as to lower their payout ... do ur homework by checking other workshop repair costs or mkt value of ur car now ... some bros may give u very gd advice too ...

[Andy]

i think can only ask ard to see how mush the repair cost...but is quite serious

[Andy]

how to change car when i cant settle the loan now

[Toy_car]

if ur job scope really need a car, no choice but to get the cash rebates to settle ur

loan. if not than take public transport at the mean time while u save up a bit than

hai shi hao han yi tiao..

[Hilander4650]

if u really can't fork out the additional 5k for the full settlement then the only solution is to get a new car with a cash rebates of 10k to pay off the loans & also to finance your first installment & insurance of the new car..

[Gz0707]

That is NOT the only solution - i would not suggest this until all options are exhausted. even so, there's no need to get a new car whose depreciation is always higher than a 2nd hand car. imo, thats digging an even bigger hole than the one he is in. and i think andy realises it too. if the 2nd new car goes kaput for whatever reason, it will bankrupt him.