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Should I claim total loss or pay 8k out of own pocket for repair?

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(edited)
My car skidded and I went to make a claim.
My car insurance company gave me 2 choices:
1) Claim total loss - $45k
2) Claim repair cost - Car Repair Cost $16k+/- after reducing 
   the market value of my car, insurance company is only willing 
   to pay $9k( they called it Economic Repair Limit) so I got to fork out 
   $8k out of my own pocket.

Which option would you guys take? Is there a third option?

 

Edited by tubbies
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Help a newbie out.

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Take total loss. No cash outlay 

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What's the paper value? Model? 

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Find out if any other workshop can repair below 16k then show the quotation to insurance coy...

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15 minutes ago, Volvobrick said:

What's the paper value? Model? 

yeah, need to have paper value and approx price of a similar car in the market.

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5 minutes ago, mersaylee said:

Find out if any other workshop can repair below 16k then show the quotation to insurance coy...

No use 1 lol.

Instead another way round.  Bring to a private ws for a quote on  burget repair and sell the car after that.

Dun be surprise maybe a burget repair using used parts hammer panel beating could cost u total of arouns 4-5k only.

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Market value is subjective. 

Try negotiate if the value given is too far off from the ones in the market. 

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Need to know a few facts before people can advise.

1.  Car type, model and date of registration

This is to determine if 45K make sense for you to scrap and buy another ride or you should bit the bullet and proceed with the repair.

 

2. Repair cost of 16k, this is from AD or 3rd party WS ?

IF 16k is from AD, there is a chance that you can get it fix at a lower price at 3rd party WS. Seek a few WS for estimated quotes to decide.

 

After knowing 1 and 2, you probably can do the maths and see what works for you.

 

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55 minutes ago, Beregond said:

No use 1 lol.

Instead another way round.  Bring to a private ws for a quote on  burget repair and sell the car after that.

Dun be surprise maybe a burget repair using used parts hammer panel beating could cost u total of arouns 4-5k only.

u forgot to mention the most important repair 

"mileage"

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Also, how much do you still owe the bank? If after insurance paid you, you still owe the bank more than $8k, then the choice will be to repair it then.

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2 hours ago, Hondaes8 said:

Need to know a few facts before people can advise.

1.  Car type, model and date of registration

This is to determine if 45K make sense for you to scrap and buy another ride or you should bit the bullet and proceed with the repair.

 

2. Repair cost of 16k, this is from AD or 3rd party WS ?

IF 16k is from AD, there is a chance that you can get it fix at a lower price at 3rd party WS. Seek a few WS for estimated quotes to decide.

 

After knowing 1 and 2, you probably can do the maths and see what works for you.

 

You will have a more accurate indicator of the option to take when these questions are answered.

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Thanks for the responses all! Newbie may not be active on MCF yet as we've lapsed by two days so be patient and hopefully he'll log on again. Maybe he'll end up a one hit wonder but no hate ok, only love! [flowerface]

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1 hour ago, BabyBlade said:

Thanks for the responses all! Newbie may not be active on MCF yet as we've lapsed by two days so be patient and hopefully he'll log on again. Maybe he'll end up a one hit wonder but no hate ok, only love! [flowerface]

😍

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No head no tail leh.  But never mind.

When insurance chio this kind of pattern usually is Car is on the 8th or 9th year liao or COE Car lor.

Although I never did it,  ownself claim ownself always problem lor.  Fraud prune lor.

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7 hours ago, BabyBlade said:

Help a newbie out.

This kinda question no head no tail

Gotta at least give more info like what car, paper value lah

If it's a no resale model, take the accident as a blessing and take the 45k and run

If it's paper value higher than 45k then bang table

And what insurance company so at least MCFers can learn something in return for giving free advice

 

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1 minute ago, Soya said:

This kinda question no head no tail

Gotta at least give more info like what car, paper value lah

If it's a no resale model, take the accident as a blessing and take the 45k and run

If it's paper value higher than 45k then bang table

And what insurance company so at least MCFers can learn something in return for giving free advice

 

It's a newbie and it's a first post. Hence my reply to ask for patience.

Sometimes people create accounts to post but don't login frequently because it's not a habit unlike for many of us. I was the same with my Flowerpod forum account years back. 

Relax.[flowerface]

 

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(edited)

Repair price sounds expensive. The damage might be quite serious?

Would it be mechanically reliable after repair?

If no, might want to consider claiming total loss.

Edited by Albeniz
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