What you don’t know about decommissioned cars

When you hear that a car is “written off,” the first thing you probably think is that the whole car must look like a crushed can and you hope the people involved are okay. This makes sense, because many times an incident that results in a car being classified as “written off” usually suffers irreparable damage… And it appears that way to the untrained eye.

But, in reality, do you know that there are several reasons why your car could be declared deregistered? And do you know what to do if your car has been written off? Or how much could they pay you?

If you’re not sure, buckle up. We have what you need to know here.

The different car insurance cancellation categories

You’d be surprised how often an insurance company classifies a car as written off when the accident itself didn’t seem that bad or the damage didn’t seem that bad.

The thing is that car insurance companies usually have their own protocols when calculating repair costs, which they use to make their decision.

Some examples of why your car might be written off:

• It is too damaged or old to repair and cannot even be used for spare parts.
• It is too damaged or old to repair, but some parts could be used or sold.
• It could be fixed, but the repairs would cost more than the insured value of the car.
• It could be fixed and the repairs would be less than the insured value of your car, but the other costs make it too expensive overall.

This is what the king does

First, we contact you. We want to know if you are okay. If so, we will move on to what comes next. Basically, we’ll take it from there and take care of everything for you, from towing your car (if necessary) and assessing the damage to helping you file the claim. While our royal-approved advisors help us weigh up car repair costs against the car’s insured value, you will need to provide any documents or details we ask for.

Once we have made our decision and your car has been deemed written off, we will move on to the payment portion of your claim.

let’s talk about money

Well, then we have given you the news. His car is lost. Now comes the part where we break down your payment.

The amount you will receive depends on a few factors, such as the insured value of the car listed on your policy, the excess amount, whether you still owe the bank anything on the car, how much the value of your car has depreciated, and more. .

There is some complicated math, but a great example is to think that your car is insured to the value of R500,000. Your insurer will then subtract the excess (R2,500), the depreciation from the value of your car (R20,000) and what you still owe the bank (R45,000).

In this scenario, you are looking at R500,000 – R65,500, which = R432,500 they pay you to do whatever you want. That’s right, you could buy a new car, a used one, or even save it to accumulate interest while you compare prices.

What if you don’t have the king’s royal cover?

Let’s say you don’t have car insurance. What usually happens in this scenario is that an authorized vehicle inspector will need to evaluate your car to see if it meets safety standards. They will confirm whether the car is roadworthy or not, and if it is not, you will need to consider your options.

If your car is not roadworthy, you may be able to scrap it for parts or you may have to pay to get rid of the car. But if your car was roadworthy before the accident, you could pay for repairs out of pocket. If the repairs are too expensive, you may have to take out a loan or ask your family for help… Of course, if that’s not something you can or want to do, you could consider selling it for parts or selling it to someone else. who can fix it and resell it on their own.

It’s better if the king supports you

Ultimately, it is much better to have car insurance than not to have it. At least with the right insurance, you won’t be left out in the cold. Or worse yet, leave with debt and no car.

Let us help you get the insurance you need, whether it’s comprehensive, to help you overcome all risks (including accidents that write off your car), or even a combination of the important aspects (such as accident, fire and theft insurance, or simply to third parties).

We have the tools to create the perfect fit for you!

Summary

Article name

What you don’t know about decommissioned cars

Description

What does it mean when your car is deregistered? What are you supposed to do next? How much will they pay you? Here you will find everything you need to know.

Author

The king

Publisher name

king price insurance

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