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

[Unltd]

1 minute ago, tubbies said:

Total claim was $45k

I cannot go to other workshop cause I did not opt for that when I bought my insurance.

I do not want to opt for total claim cause I will only get back +/-$30k and if I get a new car, I will start my instalment all over again versus the fact that by the end of 2020, I would have settle my loan. 

This part about going to other workshop you can probably negotiate with the insurance, ask them why their authorized workshop is so expensive and you are trying to save them $.

the insurance company workshops can’t do within the limit so you only need to pay the excess? Do be mindful I am not referring to AD.

[Apple-Tree]

25 minutes ago, tubbies said:

Sorry for the late reply. I waited for 2 days but I did not get any responses so I gave up coming back to see. [Was very desperate] I try to answer as many questions as possible, thanks in advance.
Model: Honda Jazz , 1.5

Registration Date : Jan 2016

Price : $104k (High COE then, haiz)

Type of claim: Own  Claim Policy

Repair cost : +/- 16k ( Authorised Workshop by Insurance co)

The person in change of my claim said that due to Economic Repair Limit, they are only willing to pay 9k for the repair and the rest I have to top  it up. How they derived this sum? He said market value of the car ($50k) minus away the paper value ($41k). [ something like tt] 

The authorised workshop said tt they below things need to be changed: 
1) Front bonnet $1400 2) Front and rear fender 3) Fog Lamp $1200 4) Radiator 5) Suspension 6) They said under carriage badly damaged. 

(To me, I don’t think the car was badly damaged from view, but I also understand I cannot see the inside of the car.)

I got another 2 workshops to get a second opinions, both said tt they are able to repair at +/- $8k.

Also, before I agree to repair or do a total loss claim, I need to pay $1600 excess, to me either way it not worth it. The insurance company is offering $45k for my car. I still owe the bank $9k.

Sorry for the long post and a big thank you to everyone.

OK. So you pay 104K for a 20K car.  Hmmmm.....problem.  I spent 102K total for a CAT B MPV lor.  You see the problem.

Option:

a) The insurance is like telling you to ownself repair ownself lor.  Try spend 4K to see anyone want to repair.  

b) Ownself scrap car and buy a Kia .... Need to redeem loan then can scrap lor.  Forget about any middleman that can "Help" lor.  Unless go sucker willing to pay Scrap++ scheme.

Keep your insurance.  

For me, ownself bang ownself is not that it never happen to me.  I usually wait for people to bang my car again for a full repair lor. So never spent a cent to ownself repair.  My case also minor lor.

You go bang tree ah ? Skidded like .....errr....

[Ct3833]

53 minutes ago, tubbies said:

Sorry for the late reply. I waited for 2 days but I did not get any responses so I gave up coming back to see. [Was very desperate] I try to answer as many questions as possible, thanks in advance.
Model: Honda Jazz , 1.5

Registration Date : Jan 2016

Price : $104k (High COE then, haiz)

Type of claim: Own  Claim Policy

Repair cost : +/- 16k ( Authorised Workshop by Insurance co)

The person in change of my claim said that due to Economic Repair Limit, they are only willing to pay 9k for the repair and the rest I have to top  it up. How they derived this sum? He said market value of the car ($50k) minus away the paper value ($41k). [ something like tt] 

The authorised workshop said tt they below things need to be changed: 
1) Front bonnet $1400 2) Front and rear fender 3) Fog Lamp $1200 4) Radiator 5) Suspension 6) They said under carriage badly damaged. 

(To me, I don’t think the car was badly damaged from view, but I also understand I cannot see the inside of the car.)

I got another 2 workshops to get a second opinions, both said tt they are able to repair at +/- $8k.

Also, before I agree to repair or do a total loss claim, I need to pay $1600 excess, to me either way it not worth it. The insurance company is offering $45k for my car. I still owe the bank $9k.

Sorry for the long post and a big thank you to everyone.

Option 1  if you claim total loss, can you use 45K to buy a same model at the same age for  the same price? Assuming if you have to top up, it should not be more than 9K which is what you have to pay for repair.  So if you buy another used car of the same age, you should pay about 45+7 = 52K max. can you buy one at or lower than this value? look at Sgcarmart, and do some research and nego. Of course, condition of the car will be unknown,  good, average or bad.

Second.  you send it for repair by the authorized workshop , top up 7k and move on. but would that repair guarantee the car to be back to good condition? you need to assess it yourself as we are unable to assess the extent of the damage. 

Third option, ask the insurance guy why cant you send your car to other workshop when others are offering only half the value ? After all you would claim up to only 9K which is the economic repair limit or whatsoever. How about telling him to  settle for 9k and you will choose your own workshop. 

Fourth option, tell your insurance guy,  what if you refer the case to the general insurance association, see if he will barge, meantime, call the hotline of general insurance association and ask for some advice, you have no loss for asking questions. 

https://gia.org.sg/frequently-asked-questions/9-consumers.html

https://gia.org.sg/consumers/motor.html#

One more point, you also mentioned that if you will to  opt for claiming of total loss, you would have to start your installment again when you buy a new car, you should not do this comparison because you  are complicating the comparison. If money is not a concerns, go ahead to buy new car, but if you have a budget concern, then your comparison and consideration should be repair vs buying back a same model  at the same age with the similar condition. Anything beyond that, a newer car, a bigger car etc, is your own wish but that should not be brought into the consideration of the above..  

The other question to ask is with each of the options, would your insurance premium increase in the subsequent  year? by how much? take this up with the insurance guy.

Edited June 11, 2020 by Ct3833

[Eth4nc]

Damage sounds bad. Even after the repair, would you feel comfortable with you and your family riding in the car?

Anyway I think 45k is a decent price after I did a quick search on the market price. There are many promotions these days and it is a good opportunity to get a new car!

[Shibadog]

1 hour ago, tubbies said:

Sorry for the late reply. I waited for 2 days but I did not get any responses so I gave up coming back to see. [Was very desperate] I try to answer as many questions as possible, thanks in advance.
Model: Honda Jazz , 1.5

Registration Date : Jan 2016

Price : $104k (High COE then, haiz)

Type of claim: Own  Claim Policy

Repair cost : +/- 16k ( Authorised Workshop by Insurance co)

The person in change of my claim said that due to Economic Repair Limit, they are only willing to pay 9k for the repair and the rest I have to top  it up. How they derived this sum? He said market value of the car ($50k) minus away the paper value ($41k). [ something like tt] 

The authorised workshop said tt they below things need to be changed: 
1) Front bonnet $1400 2) Front and rear fender 3) Fog Lamp $1200 4) Radiator 5) Suspension 6) They said under carriage badly damaged. 

(To me, I don’t think the car was badly damaged from view, but I also understand I cannot see the inside of the car.)

I got another 2 workshops to get a second opinions, both said tt they are able to repair at +/- $8k.

Also, before I agree to repair or do a total loss claim, I need to pay $1600 excess, to me either way it not worth it. The insurance company is offering $45k for my car. I still owe the bank $9k.

Sorry for the long post and a big thank you to everyone.

if u go insurance authorised workshop to repair, your bill will be $1.6k (excess) + $7k (top up) = $8.6k

On top of that, your insurance premium will likely go up substantially for the next 2-3 renewals.

If you settle the repairs yourself (not via insurance), your outlay is approx. $8k and probably no impact on future insurance renewals.

so, given this two scenarios, I think it's better to settle it on your own rather than via insurance.

 

Then the next qns is, whether to repair it ($8k) or claim total loss n get a replacement car.

The total loss value of $45k is before deducting excess of $1.6k? if so, if you claim total loss, you will get back $34.4k after paying off the bank.

You can use this to get a new car at the current low COE. Also, I think the used car industry is hit badly so it's a buyer's market.

[Vinceng]

I suggest you scrap your car, as the repair is extensive and you can use the $45K to get another used Honda Jazz 1.5 of the same age, or a newer car at a lower annual depreciation than your Jazz.

Your options (prices are before bargaining - can easily get 5% off the listed price). Some may cost slightly more tan $45K, but you have up to 19 more mths to drive as the cars are newer.

If you are on a tight budget, I suggest the Mitsubishi Attrage / Space Star  or Nissan Note. These cars are reg in Dec 2016 or 2017, so you have many additional  mths to drive compared to your Jazz and they cost less than your $45K  insurance payout. 

Feb 2016 Honda Jazz 1.5 - $49K
https://www.sgcarmart.com/used_cars/info.php?ID=897395&DL=2283

Feb 2016 VW Golf 1.2 turbo - $47K
https://www.sgcarmart.com/used_cars/info.php?ID=903923&DL=2392

May 2016 Mitsubishi Attrage 1.2 - $37K (You have additional 4 months to drive) - asking $7K above paper value - very safe buy
https://www.sgcarmart.com/used_cars/info.php?ID=903069&DL=2495

Sep 2016 Toyota Axio 1.5 - $47K (You have additional 8 months to drive) 
https://www.sgcarmart.com/used_cars/info.php?ID=904261&DL=3737

Dec 2016 Mitsubishi Attrage 1.2 - $40K (You have additional 11 months to drive)  - asking $4K above paper value - very safe buy
https://www.sgcarmart.com/used_cars/info.php?ID=904274&DL=1172

Jan 2017 NissanNote 1.2 - $43K (You have additional 11 months to drive) - asking $7K above paper value - very safe buy
https://www.sgcarmart.com/used_cars/info.php?ID=897814&DL=3317

March 2017 VW Polo 1.2 - $48K  (You have additional 14 months to drive) 
https://www.sgcarmart.com/used_cars/info.php?ID=896618&DL=2953

June 2017 Mitsubishi Space Star - $43K (You have additional 17 months to drive) - asking $7K above paper value - very safe buy
https://www.sgcarmart.com/used_cars/info.php?ID=902554&DL=2163

August 2017 Opel Astra 1.0 turbo - $49K (You have additional 19 months to drive)
https://www.sgcarmart.com/used_cars/info.php?ID=903053&DL=2341

Edited June 11, 2020 by Vinceng

[Mkl22]

I would try to squeeze for another 1-2k to make it 46-47k given that they were willing to pay 9k or 7.4k if you count the excess, to repair. So if the paper is 41k then 5-6k out of pocket for the INsurnace isn’t hardly any under writing loss. 

[Shibadog]

6 minutes ago, Mkl22 said:

I would try to squeeze for another 1-2k to make it 46-47k given that they were willing to pay 9k or 7.4k if you count the excess, to repair. So if the paper is 41k then 5-6k out of pocket for the INsurnace isn’t hardly any under writing loss. 

the insurance coy said paper value $41k and mkt value is $50k but they offered $45k for total loss... unless they already deduct the excess of $1.6k

probably can nego abit.

[Sugimoto]

2 hours ago, tubbies said:

Sorry for the late reply. I waited for 2 days but I did not get any responses so I gave up coming back to see. [Was very desperate] I try to answer as many questions as possible, thanks in advance.
Model: Honda Jazz , 1.5

Registration Date : Jan 2016

Price : $104k (High COE then, haiz)

Type of claim: Own  Claim Policy

Repair cost : +/- 16k ( Authorised Workshop by Insurance co)

The person in change of my claim said that due to Economic Repair Limit, they are only willing to pay 9k for the repair and the rest I have to top  it up. How they derived this sum? He said market value of the car ($50k) minus away the paper value ($41k). [ something like tt] 

The authorised workshop said tt they below things need to be changed: 
1) Front bonnet $1400 2) Front and rear fender 3) Fog Lamp $1200 4) Radiator 5) Suspension 6) They said under carriage badly damaged. 

(To me, I don’t think the car was badly damaged from view, but I also understand I cannot see the inside of the car.)

I got another 2 workshops to get a second opinions, both said tt they are able to repair at +/- $8k.

Also, before I agree to repair or do a total loss claim, I need to pay $1600 excess, to me either way it not worth it. The insurance company is offering $45k for my car. I still owe the bank $9k.

Sorry for the long post and a big thank you to everyone.

Does the workshop mention any structure damage on the car?

If don't have then is it possible to just back out from the authorized workshop's offer & just go ahead to second opinion workshops & foot the repair bill yourself?

They can just buy a front half cut from scrapyard & repair your car like it never happen before. Some workshop done it years ago with my uncle's nissan latio & it still running well until COE expired.

This way your insurance premium is not affect by it too.

Edited June 11, 2020 by Sugimoto

[Mockngbrd]

Just scrap it. If it was a big impact, repair finish also won't be back to how it was. Pay 8k cash out to fix, no guarantee won't have other unseen issues crop up in future. Take the $$$ zao. Maybe see if they can go 1-2k more for u lo. 

[Mockngbrd]

But then again, you seem quite set on repairing. So... Up to u

I wouldn't. Been there done that. 

 

One more thing to note is if u opt for repair, forget bout selling it. 

Edited June 11, 2020 by Mockngbrd

[Mkl22]

7 hours ago, Mockngbrd said:

But then again, you seem quite set on repairing. So... Up to u

I wouldn't. Been there done that. 

 

One more thing to note is if u opt for repair, forget bout selling it. 

Agreed. After repairing and dumping money in. I’m quite sure there will be quite some anguish. Repair cheap means corners are cut. Somethings might never be right. And when you sell, some can see the repair marks and given the high coe he might have no choice but to scrap. And worst still body value will be low since the repair is probably shoddy. So might as well take the 4-5k above paper and scrap now, rather than dumping more money in. 

[inlinesix]

Car value

Paper value: 41k

Market Value: 50k. Suggestion: Do your due diligence on sgcarmart and negotiate it up.

Repair cost

Authorised repair: 16k. Insurer willing to pay 7.4k. TS pay 8.6k

Non-authorised repair: 8k.                                           TS pay 8k

Total Loss

TS get back 39.4k.
After loan settlement, NET amount is 30.4k.

Suggestion

Take total loss. Zero out of pocket

[Volvobrick]

12 hours ago, Ct3833 said:

Nobody will dare to defend an old bird  when he gets whacked because he is trying to pretend like a  newbie😛😛

Gave you a thumb up to make it 20,000 pts! 

[Beregond]

10 hours ago, tubbies said:

1) Front bonnet $1400 2) Front and rear fender 3) Fog Lamp $1200 4) Radiator 5) Suspension 6) They said under carriage badly damaged. 

the bonnet dun look that bad, i think can hammer and spray back. didnt see the fender clearly, but from the look i dun think need replace also, hammer patch spray , u wont see the different.

radiator plus coolant oem parts 400 settle.. front absorber front lower arm x2x2.  1k got changes i think. u throw in absorber link, cross member anti roll bar maybe another 1.5k 

8k by private ws to fix is on the high side, i recommended u to find another 1, and

DO NOT show them the quote that insurance show u . 

[BabyBlade]

12 minutes ago, Beregond said:

the bonnet dun look that bad, i think can hammer and spray back. didnt see the fender clearly, but from the look i dun think need replace also, hammer patch spray , u wont see the different.

radiator plus coolant oem parts 400 settle.. front absorber front lower arm x2x2.  1k got changes i think. u throw in absorber link, cross member anti roll bar maybe another 1.5k 

8k by private ws to fix is on the high side, i recommended u to find another 1, and

DO NOT show them the quote that insurance show u . 

Don't think TS attached any photos?

[Blueray]

seems like TS is keen to repair, and I agree with bro @Sugimoto if no structural damage perhaps can ownself look for workshop for repair quotation, which should be cheaper than repair quotation via insurance route. just that a bit more legwork but should be able to save a few bucks. 

though from a numbers perspective, seems more logical to scrap a high COE car and get back as much cash as possible now.

and yes, once its accident car, have to use to year 10, resale value will probably be paper only. 

just thinking out loud here, does IDAC offer service to assess damage and estimate repair cost ?

Edited June 12, 2020 by Blueray

[Beregond]

24 minutes ago, BabyBlade said:

Don't think TS attached any photos?

The blue car not his? 

Then mistake lol