Car Ownership after Write-off by Insurance Company ?

paul11 on 17/12/2015 - 14:48
Last edited 17/12/2015 - 15:18 by 1 other user

Hi Guys,

My wife had a car accident. The insurance company has written off the car, and paying us the agreed value. Now, I am not sure who is the owner of the car ? Am I still the owner and sell the car for parts ? or the Insurance company is the owner now ? The car had only 70K on odometer and I believe I can easily get $1-2K just by selling it to a scrap dealer.

Thanks

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  Mikinoz on 17/12/2015 - 14:59

  +2

  The insurance company now owns the vehicle, you could come to some arrangment to buy the car off them

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  paul11 on 17/12/2015 - 15:45

  I see. Thanks for your reply Mikinoz. I spoke to AAMI (my insurance provider). They are asking for $1850 to buy back from them. The car had only $70K on it was just like new, very well maintained 2007 Hyundai Elantra, just had some panel damage on right hand side and the rear right tire got bent. Not sure what to do now ???

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    Davo1111 on 17/12/2015 - 16:19

    tbh if you're not a mechanic and have to ask that question, the answer is let them take it.

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    ozhunter on 17/12/2015 - 16:24

    Not sure what to do now ???

    Buy it if you want it. Do not buy it if you do not want it.

    If you think you can make a profit by reselling parts and think it's worth the hassle, then buy away.

    Your idea of salvaging the parts is what I think insurance companies do with written off cars.

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  shadowarrior on 17/12/2015 - 16:04

  Go to a mechanic/panel shop and check cost of fixing said panel. The tire bent might not be just a simple damage. Check damage to the rear axle/differential/suspension housing and mounting points etc etc. Get a good shop to get you a quote on the fix. Check if the authorities are tagging it as a repairable write off or not. If you are not familiar with cars, it might be a long windy road.

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  oscargamer on 17/12/2015 - 16:04

  where is the car now? at the tow yard?

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    paul11 on 17/12/2015 - 17:06

    Its at AAMI's assessment center right now. Its a Repairable write-off.

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      fruit on 17/12/2015 - 17:12

      Repairable write-off

      Doesn't that mean they've assessed it to cost to repair than just pay out?

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        paul11 on 17/12/2015 - 17:21

        No, Write off means, they will pay me the agreed amount. Because they think the cost of the repairs is more than its agreed value. Repairing it will cost them more than just paying me the agreed value.

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        airzone on 17/12/2015 - 18:11

        @paul11: I believe it now becomes a statuary write off, and is no longer able to be registered..

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        dazweeja on 17/12/2015 - 18:24

        @airzone:

        It will go on the register but should be able to be re-registered in most states. Even NSW, which seems to be quite strict, repairable write-offs can be re-registered if it has no non-repairable damage and was registered in your name for more than 28 days before the damage that caused it to be written off. In Vic, you just have to get a RWC and VIV and book it in for an inspection.