Understanding insurance total losses and write-offs | Episode 94

This is a subject dear to my heart after the flood of November 28...

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In this video I look at how insurance companies decide if your car is a "total loss" and how it applies to insurance in Australia.

[kianustarr]

Car parts are replaceable... Don't let the R8 flood experience diminish the value. If a shock absorber or any other part needed replacing, it wouldn't be given a second thought. From the results you've shared, you'll still have a clean title, and if anything the car will be of greater value due to the ordeal. I understand the actual rejection is rooted in emotion, but the car didn't decide where it was parked. Enjoy your car and hit the reset button on enjoying it. Congratulations on saving the car it'll contribute to content.

[robseignior]

Thanks for the erudite explanation of insurance assessments.So it is nearly two months since the flood damage.Hopefully there is a resolution in sight.

[jamesjacob]

I have comprehensive insurance for my vehicle. but when it met with an accident of total loss, the insurer says collision coverage is excluded in your case. only opp party will be paid repair fee and I am told to do whatever I want with my vehicle. with air bags out, they consoled saying treatment charges for my wife will be processed. can the company do this to me I am paying $1000 deductible now. please answer me what to do, ? Thank you for your response.

[cassidyjonson]

my insurance co has estimated my vehicle damage at $3, 950.00 and wants me to settle at $4, 300. vs fixing the damage. My deductible is $500. so total is the $3, 950 less the $500. the car runs fine and i want to repair the car
should i accept the offer or consider another option thru a none affiliated body shop??? HELP?!?

[alasdairbrowne]

And then they sometimes try to write off a £7k audi S3 for having a tiny hole in the oil sump. It's all a massive scam, it normally ends up leaving the customer far worse off

[davionmcpherson]

If my car value 32k an the cost to repair car is over 21k is that a total lose ?

[r.k]

If a car in NSW got its airbags used because of frontal minor accident, is that considered a write off?
I checked PPSR and everything looks good but the guy might of had the car repaired privately without me knowing

[michaeljames]

is it a total loss if my cars vaule is 10k in cost to repair 7k

[alexmalmstrom]

Get the car back, then get rid of it!.... that’s what I would do

[zanefrag]

Hi sentimentfor my car trying not to get to attached to mine ony had it 3 weeks.
Some fk kid hit it and i got it valued with the damage they say it a write off bull shit.
I am very tempted to keep it and do the repair my self.

[ashwikakotian]

Hi, if the vehicle is not total loss and custom dnt want to repair in that the insurance company will sale that vehicle to buyers? If yes then how they manage transfer process taken care?

[antwan]

Just had an accident on December 31, car hydroplaned and hit a wall. Damage was done to the fender, head and taillight, bumper and two rims, the car is 11 years old with 198, xxx miles will they try to total my car ?

[edwinlu]

Hi, if someone writes off your car and you've spent 50 grand worth of modifications on it. Do I still only get the market value their insurance deems my car to be worth? So I lose that 50000 dollars when the situation wasnt even my fault? If so how is that fair? Doesn't seem right to me.