If you have a policy that pays up to 10k for a claim, and the bill ended up over this, would you be responsible for any amounts over the 10k or is the car written off? I figured it would be you are responsible, but the wording also suggests if the car is un economical to repair, it will be written off. This if from Autosure policy:
Where we consider your vehicle is uneconomic to repair, we will settle the claim as a total loss and pay you the market value of your vehicle as at the start of the period of insurance
Anyone have any experience with these and large claims?
carstauranga001,
Sep 3, 8:53am
Just like your accident insurance it will depend on your cars value. If a repair costs $10,000 and your car is worth $5000 they will write it off. No point in a repair taking place at more than the cars value.
kazbanz,
Sep 3, 12:30pm
yep-cheaper to "buy you out" than to fix the car.
carstauranga001,
Sep 3, 12:40pm
I do think that valuing the car as at the start of the policy is generous. Imagine a claim at 3 years after the purchase and say 50,000kms travelled. sounds like free motoring to me.
budgel,
Nov 25, 11:45pm
So, if they write it off, does the owner get to keep the car? I think that a car written off from a mechanical warranty is different from one being written off from accident damage. Do mechanical insurance policies usually have the same value on the car as an accident policy would?
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