CTL Claims

[Ciki]

Hello seniors, need some advice here.

Was involved in accident few days back, and reported to authorised workshop to claim against 3rd party as I was rear ended.

3rd party sent surveyor down and after assessment, declare it as "non-economical to repair", and offer a lump sum figure/mkt value

(made up of repair limit + my parf) to settle the case.

Workshop's advice to me is that if i'm going to claim CTL, (constructive total loss) i should go and claim own damage and claim CTL

as the process will be faster and i do not have to do anything as all paperwork, outstanding loan all will be settled by my insurance cmpy.

Compare to claiming CTL from 3rd party, where i have to find find scrap yard and send the car to scrap myself, deregister from LTA myself to get 

my parf back to make up the lump sum figure, as 3rd party insurance will only pay me the repair limit which is part of the lump sum compensated to me.

 

Question is, is this the correct process? That I had to scrap the car myself, deregister myself to get back the PARF and wait for 3rd party insurance payout

of the repair limit to me? Or should it be that my car will be under the possess of 3rd party insurance, they paid me the full lump sum(mkt value)  and they do the recovery etc. themselves?

 

 

 

 

[Sugimoto]

I think you should call up your insurance company & check with them if they are aware of the story now since the 3rd party assessor has went to check your car at the authorized workshop

I am sure they will advice you the next step to take. It sounds to me that the workshop are not interested on your car anymore since there is little or no profit to gain & hence going to heck care your case liao.

[Ct3833]

1 hour ago, Ciki said:

Hello seniors, need some advice here.

Was involved in accident few days back, and reported to authorised workshop to claim against 3rd party as I was rear ended.

3rd party sent surveyor down and after assessment, declare it as "non-economical to repair", and offer a lump sum figure/mkt value

(made up of repair limit + my parf) to settle the case.

Workshop's advice to me is that if i'm going to claim CTL, (constructive total loss) i should go and claim own damage and claim CTL

as the process will be faster and i do not have to do anything as all paperwork, outstanding loan all will be settled by my insurance cmpy.

Compare to claiming CTL from 3rd party, where i have to find find scrap yard and send the car to scrap myself, deregister from LTA myself to get 

my parf back to make up the lump sum figure, as 3rd party insurance will only pay me the repair limit which is part of the lump sum compensated to me.

 

Question is, is this the correct process? That I had to scrap the car myself, deregister myself to get back the PARF and wait for 3rd party insurance payout

of the repair limit to me? Or should it be that my car will be under the possess of 3rd party insurance, they paid me the full lump sum(mkt value)  and they do the recovery etc. themselves?

 

 

 

 

You should provide some figure like how much is your car , what is the scrap value, what car,  what would be the potential repair cost, how much will the third party insurance pay you etc so that people could give you better advice. 

 

 

This bro has a different scenario  but his case can be used for your ref. 

 

Edited June 19, 2020 by Ct3833

[Ciki]

43 minutes ago, Sugimoto said:

I think you should call up your insurance company & check with them if they are aware of the story now since the 3rd party assessor has went to check your car at the authorized workshop

I am sure they will advice you the next step to take. It sounds to me that the workshop are not interested on your car anymore since there is little or no profit to gain & hence going to heck care your case liao.

That's how i feel also. cos now i'm going towards the option of claiming total loss since 3rd party insurance dont want to cover the cost of repairs. My insurance say they cannot do much cos I am not claiming my own policy. 

[Ciki]

29 minutes ago, Ct3833 said:

You should provide some figure like how much is your car , what is the scrap value, what car,  what would be the potential repair cost, how much will the third party insurance pay you etc so that people could give you better advice. 

 

 

This bro has a different scenario  but his case can be used for your ref. 

 

Car still have 5 years to go. scrap value is + 32K, repair cost is at 19K and 3rd party insurance's repair limit is at 10K. With this, the mkt value is est at 42K which is  made up of my parf (32K) + repair limit (10K) = 42K.

so my qns is, if i were to claim this total loss, is it that i  have to do the scrap myself and claim the 10K from 3rd party insurance? or the 3rd party insurance will take posession of my car, pay me 42K, and they do the scrap car recovery themselves. I am prepared to accept this 42K offered as mkt value, but just dont know the process. is it as mentioned above? that i need to do the recovery of 32K myself + claim 10K from 3rd party insurance?

Edited June 19, 2020 by Ciki

[ToyotaShuttle]

How much is a similar 2nd hand car on the market now?

Don't think insurance can just claim they have a 10k limit and wash hands.

Edited June 19, 2020 by ToyotaShuttle

[Ciki]

27 minutes ago, ToyotaShuttle said:

How much is a similar 2nd hand car on the market now?

Don't think insurance can just claim they have a 10k limit and wash hands.

unfortunately, there is no similiar year car for sale in the market now....😂

[Mkl22]

6 minutes ago, Ciki said:

unfortunately, there is no similiar year car for sale in the market now....😂

Why not you share the car model. Then we can also let you know if it is fair. What’s the depreciation per year based on $42k. What’s your min parf? 
If you accept the insurance payout. They will take possession of the car and pay you 42k. 

[Ciki]

26 minutes ago, Mkl22 said:

Why not you share the car model. Then we can also let you know if it is fair. What’s the depreciation per year based on $42k. What’s your min parf? 
If you accept the insurance payout. They will take possession of the car and pay you 42k. 

depreciation per year is about 8k. I'm ok with the payout amount, just the process... you mentioned that if i accept the insurance payout, they will take possession of the car and pay me 42K, is this done by 3rd party Insurance and payout of 42k by them?  Cos the workshop is telling me that I will only get the 10K from 3rd party insurance, the balance 32k, i will have to deregister the car myself in order to  get the 32K which will make it 42K total. is this the correct process? I'm claiming against 3rd party insurance now, not my own.

Edited June 19, 2020 by Ciki

[Mkl22]

1 hour ago, Ciki said:

depreciation per year is about 8k. I'm ok with the payout amount, just the process... you mentioned that if i accept the insurance payout, they will take possession of the car and pay me 42K, is this done by 3rd party Insurance and payout of 42k by them?  Cos the workshop is telling me that I will only get the 10K from 3rd party insurance, the balance 32k, i will have to deregister the car myself in order to  get the 32K which will make it 42K total. is this the correct process? I'm claiming against 3rd party insurance now, not my own.

Isn’t it easier just to ask the 3rd party insurance. 
whatever anyone here says also doesn’t hold any weight in the end as we are not the ones doing the payout.. 

Edited June 19, 2020 by Mkl22

[Hamburger]

You should be asking the insurance firm on what's the best course of action for you, you paid the premium to them, no?

 

Don't listen to workshop as they only interested in car  repair and since it's a write off, they got no meat to chew.

Bros in mcf can only help you  weigh your options.

[Ciki]

Thanks for the advices from everyone. Reason for asking is my insurance firm says their can't do much cos I'm not claiming my own policy. And their authorized workshop will act on my behalf if I'm claiming 3rd party Insurance. Guess I'm leaning towards CTL, workshop got no meat so is not interested in handling my case anymore.

Shall check with my insurance again as 1 bro mentions, I'm paying the premium.

[ToyotaShuttle]

7 hours ago, Ciki said:

Hello seniors, need some advice here.

Was involved in accident few days back, and reported to authorised workshop to claim against 3rd party as I was rear ended.

3rd party sent surveyor down and after assessment, declare it as "non-economical to repair", and offer a lump sum figure/mkt value

(made up of repair limit + my parf) to settle the case.

Workshop's advice to me is that if i'm going to claim CTL, (constructive total loss) i should go and claim own damage and claim CTL

as the process will be faster and i do not have to do anything as all paperwork, outstanding loan all will be settled by my insurance cmpy.

Compare to claiming CTL from 3rd party, where i have to find find scrap yard and send the car to scrap myself, deregister from LTA myself to get 

my parf back to make up the lump sum figure, as 3rd party insurance will only pay me the repair limit which is part of the lump sum compensated to me.

 

Question is, is this the correct process? That I had to scrap the car myself, deregister myself to get back the PARF and wait for 3rd party insurance payout

of the repair limit to me? Or should it be that my car will be under the possess of 3rd party insurance, they paid me the full lump sum(mkt value)  and they do the recovery etc. themselves?

 

 

 

 

If you claim from self (can you even do that if it is other party's fault?) then won't it affect your NCD?

[inlinesix]

5 hours ago, Ciki said:

Thanks for the advices from everyone. Reason for asking is my insurance firm says their can't do much cos I'm not claiming my own policy. And their authorized workshop will act on my behalf if I'm claiming 3rd party Insurance. Guess I'm leaning towards CTL, workshop got no meat so is not interested in handling my case anymore.

Shall check with my insurance again as 1 bro mentions, I'm paying the premium.

No point asking your insurer as the industry no longer practice knock-for-knock claim settlement.

What is important now is to get mkt value of your car.

Get the price of slightly earlier and later registration year.

[Beregond]

13 hours ago, Ciki said:

Hello seniors, need some advice here.

Was involved in accident few days back, and reported to authorised workshop to claim against 3rd party as I was rear ended.

3rd party sent surveyor down and after assessment, declare it as "non-economical to repair", and offer a lump sum figure/mkt value

(made up of repair limit + my parf) to settle the case.

Workshop's advice to me is that if i'm going to claim CTL, (constructive total loss) i should go and claim own damage and claim CTL

as the process will be faster and i do not have to do anything as all paperwork, outstanding loan all will be settled by my insurance cmpy.

Compare to claiming CTL from 3rd party, where i have to find find scrap yard and send the car to scrap myself, deregister from LTA myself to get 

my parf back to make up the lump sum figure, as 3rd party insurance will only pay me the repair limit which is part of the lump sum compensated to me.

 

Question is, is this the correct process? That I had to scrap the car myself, deregister myself to get back the PARF and wait for 3rd party insurance payout

of the repair limit to me? Or should it be that my car will be under the possess of 3rd party insurance, they paid me the full lump sum(mkt value)  and they do the recovery etc. themselves?

 

 

 

 

same thing happen to my coe sonata a few years back. i claim 3 rd party against the rear car, their insurance reject the repair amount, ask me scrape car. they pay me market value for my car which is ALOT  lower then the repair car.

it all depend on your repair ws and their lawyer willing to fight for u or not. my case fight a few time drag for 2years + till final almost going to court.

then both side settle on a amount. 

[Ciki]

6 hours ago, ToyotaShuttle said:

If you claim from self (can you even do that if it is other party's fault?) then won't it affect your NCD?

Apparently yes, I can claim own damage. As I have NCD protector so it won't be affected. Though I think premium will still go up. Which make no sense for me to claim myself for the repairs.

Edited June 20, 2020 by Ciki

[Vtec170]

Hi 

i think you also have to consider the COE refund that you get in return. 

[Hamburger]

Scrap car= parf + pro rated coe