Santafe 1st Gear September 21, 2011 Share September 21, 2011 Hi all, my car may be declare total loss by the surveyor. Can anyone advice me how do insurance calculate total loss value and how will the insurance compensate me? I read my policy and it states based on market value at the point of loss, how do that determine that? My PARF & COE Rebate is 29.5k according to onemotoring.com.sg calculator. SG carmart 2nd hand selling price is 80k. Any expert can advice me on this? ↡ Advertisement Link to post Share on other sites More sharing options...
Beehive3783 Turbocharged September 21, 2011 Share September 21, 2011 Hi all, my car may be declare total loss by the surveyor. Can anyone advice me how do insurance calculate total loss value and how will the insurance compensate me? I read my policy and it states based on market value at the point of loss, how do that determine that? My PARF & COE Rebate is 29.5k according to onemotoring.com.sg calculator. SG carmart 2nd hand selling price is 80k. Any expert can advice me on this? Insurance compensates you based on market value if I'm not wrong. So if you're not happy with the offer, go to SGCM, print out a few adverts for the same car that you have and then show those to the insurance company. That will prove the actual market value of the car. Link to post Share on other sites More sharing options...
Tigershark1976 Turbocharged September 21, 2011 Share September 21, 2011 the insurance cmpany will usually pay you the so call "market rate'.... The market rate offered by them are usually ridiculars. Try to bargain and ask them what is the max value of are they willing to pay for repair. Dont worry, no matter how bad is the condition of the car, it could be repair, just the matter of whether its worth of it... Get a quote from a workshop on the total repair cost... From there, calculate how much do you have to top up and decide yourself whether its worth to repair or declare total loss n get another car... From my friends whom experienced similiar situation, you should be able to cut some losses by repairing and sell it, compare to total loss. but dont expect that you can get the same car at the same age from the 2nd hand market without topping up.... Link to post Share on other sites More sharing options...
Tigershark1976 Turbocharged September 21, 2011 Share September 21, 2011 Insurance compensates you based on market value if I'm not wrong. So if you're not happy with the offer, go to SGCM, print out a few adverts for the same car that you have and then show those to the insurance company. That will prove the actual market value of the car. no point.. it was reported in ST where a few mths old Murano stolen at Mal.... Insurance company declare total loss... and the owner get back around 50% of the car value... the owner complain and ask the insurance company to show how to get another murano at the same age with such compensation in the 2nd market but the insurance company simply bo chap and dont even reply how they come out with the compensation... Link to post Share on other sites More sharing options...
Santafe 1st Gear September 21, 2011 Author Share September 21, 2011 I better keep my finger cross they repair my vehicle and not to declare total loss. Link to post Share on other sites More sharing options...
Stiener 1st Gear September 21, 2011 Share September 21, 2011 From my friends whom experienced similiar situation, you should be able to cut some losses by repairing and sell it, compare to total loss. Isn't it a lemon by then? Link to post Share on other sites More sharing options...
Ithunk 1st Gear September 21, 2011 Share September 21, 2011 what car is it Link to post Share on other sites More sharing options...
Achtung7 Neutral Newbie September 21, 2011 Share September 21, 2011 Not all are bad... i've had a total loss in 2008 and was insured with aunty lucy... she gave me abt 13K more than what my car (4yo) would have been able to fetch on the resale mkt.. based on the sale price of a similar car and abt the same age.. Link to post Share on other sites More sharing options...
Dalenico 1st Gear September 21, 2011 Share September 21, 2011 If I remember correctly, If the Paper value (COE,PARF,Body) + cost of repair is more than their perceived market value, they will declare total loss. But I think fret not, ask the insurer what is the budget for the repair. Usually, the workshop handling this case will want the business and will ask you to top up the balance for full repair. After repair, you can decide what to do with the car. When I claim OD before, my workshop explained to me on this before. Unless your car is really beyond repair, then dun worry so much and lose too much sleep over this. Hope that helps. Link to post Share on other sites More sharing options...
Dalenico 1st Gear September 21, 2011 Share September 21, 2011 Not all are bad... i've had a total loss in 2008 and was insured with aunty lucy... she gave me abt 13K more than what my car (4yo) would have been able to fetch on the resale mkt.. based on the sale price of a similar car and abt the same age.. wah..you are lucky!! Link to post Share on other sites More sharing options...
PSP415 Supersonic September 21, 2011 Share September 21, 2011 (edited) Yup, someone I knw also got his total loss compensated at very near the selling market price. Maybe compensation is different for rides being stolen and those wrecked in an accident. Best to enquire about e compensation first b4 proceeding to opt for repairs as it may be a pain later to maintain/drive/became a lemon car. Cheers Edited September 21, 2011 by PSP415 1 Link to post Share on other sites More sharing options...
Mecontle 1st Gear September 21, 2011 Share September 21, 2011 if i get ner scrap car to accident, can get $$ from insur before sell as scrap ? Link to post Share on other sites More sharing options...
Santafe 1st Gear September 21, 2011 Author Share September 21, 2011 My insurer is Chartis...hopes they have deeper pocket. Link to post Share on other sites More sharing options...
Tigershark1976 Turbocharged September 21, 2011 Share September 21, 2011 wah..you are lucky!! he is not lucky... just dreaming.... [laugh] you think insurance company will allow that to happen? like that everyone total loss the car and can sit don there earn moeny liao... dont need to work alrd. Link to post Share on other sites More sharing options...
Tigershark1976 Turbocharged September 21, 2011 Share September 21, 2011 Isn't it a lemon by then? yap. but what to do? Link to post Share on other sites More sharing options...
Tigershark1976 Turbocharged September 21, 2011 Share September 21, 2011 (edited) I better keep my finger cross they repair my vehicle and not to declare total loss. by the way, how bad is the damage? the impact go all the way into the A pillar? Edited September 21, 2011 by Tigershark1976 Link to post Share on other sites More sharing options...
Mllcg 3rd Gear September 21, 2011 Share September 21, 2011 get the dealer to quote. Link to post Share on other sites More sharing options...
Aimnfire 4th Gear September 21, 2011 Share September 21, 2011 he is not lucky... just dreaming.... [laugh] you think insurance company will allow that to happen? like that everyone total loss the car and can sit don there earn moeny liao... dont need to work alrd. there are cases like that most probably the case officer might overlook something happen to an aquantaint of mine too...got roughly 8k above ↡ Advertisement Link to post Share on other sites More sharing options...
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