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total right off-what are our rights

by yana and den
(united kingdom)

ouch!

ouch!

We have a mercedes benze 320E elegance.I was parked in the road, when a 32 ton lorry backed into it.We know who done it, they have agreed liability.
Our insurance has classed it a total loss.They were offering us £2200-00 and we have the right to buy the car back.
We have had to the running ourselves, to send in copies of advertisements of the same car as ours.The prices ranged from £2495 to £2995.

We suggested that we require £2000 plus the car back so we can get it repaired our selves. The problem is by the time we spent 26% of there valuation it will take the offer down to £1600 there abouts.And we would not be able to get the repairs done our selfs and we would be out of pocket for an accident that was not our fault.

Could you please give your view on what we can do.
As this was their last offer.

We have today got in touch with our insurance,there is nothing that they can do and a business letter will be sent out.

Comments for total right off-what are our rights

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Dec 06, 2007
 Answer
by: Hector

We are going to outline the normal process (here in the U.S.) We are not sure of what application it would have in UK. Per your questions, it looks like the process is the very similar if not the same, but we are not 100% positive on that.

When you buy the vehicle back, you are retaining the salvage of it. The savage value is the value the scraps would sell your in an open market. If the car is very damage, then we are talking about the value of the steel and that is about it.

Insurance companies can give you a choice to buy the car back or to keep it. It is only an option. You can elect either way. Some people are good repairing vehicles, so it could be a great deal for them, however, some cars simply cannot be fixed or it would be too expensive. Looking at the picture and considering that you have a Mercedes, we are not sure you can fix the car on that budget, (maybe you can, we are not sure).

If you simply think that buying the vehicle back will put you further on the hole, then don’t buy it back. Ask for full value of the car per your valuation (£2995 or more). If you feel that this is fair then press for that. Having a valuation done, will help you. The valuation is usually pay by the insurance company, so we are not sure why you are 26% out, but maybe in the UK is different.

One thing we can tell you is universal, the insurance company final offer is never final you can get them to move some more.

Good Luck,

Hector.

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