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Total loss declare by insurance company.

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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?

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Turbocharged

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.

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Turbocharged

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....

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Turbocharged

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...

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I better keep my finger cross they repair my vehicle and not to declare total loss.

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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?

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Neutral Newbie

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..

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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.

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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!!

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Twincharged (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 by PSP415
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if i get ner scrap car to accident, can get $$ from insur before sell as scrap ?

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My insurer is Chartis...hopes they have deeper pocket.

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Turbocharged

wah..you are lucky!!

 

 

he is not lucky... just dreaming.... [laugh] [laugh] [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.

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Turbocharged (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 by Tigershark1976

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he is not lucky... just dreaming.... [laugh] [laugh] [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

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