Budget Direct Comprehensive Insurance - Write off - Can I Buy The Car Back?

brad1-8tsi on 25/01/2020 - 09:35
Last edited 25/01/2020 - 10:09 by 1 other user

Apologies if this should be Automotive rather than Financial.

Budget Direct full comprehensive policy. NSW

If the car is written off due to hail damage can I negotiate a direct buy-back from BD or does it go to the insurance auction free-for-all?

If it is written off, is that the type of write off that prevents it being re-registered?

Background: One of our cars got hammered in last weeks storm. It's mechanically very good. If I can't claim/buy back then I assume I would have to cancel the comprehensive and get Third Party Property insurance due to "existing damage".

No, I haven't asked BD yet. I wanted to have a clearer idea of options before calling.

Thx

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  [Deactivated] on 25/01/2020 - 09:47

  edit: I stand corrected, see below.

  You'd still be able to registrar a storm damaged car assuming it hasn't suffered any mechanical damage, and the glass isn't broken (or you replace it)

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    brad1-8tsi on 25/01/2020 - 11:55

    No glass damage. Every horizontal panel and the door tops are dented multiple times.

    Thx

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  GordonR on 25/01/2020 - 10:25

  Perth hailstorm in 2010 hammered our car.

  Written off due to extensive panel damage, so got paid out.

  Bought car back for the new minimal market value of $1.5k.

  Insurance companies don’t want cars to try and sell or offload.

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  resubaehtgnolhcs on 25/01/2020 - 11:27

  +5

  Pretty sure the laws in NSW changed a couple of years ago, so that you can no longer register a write off - with limited exceptions. Source here

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    jzdhgkd on 25/01/2020 - 11:51

    +1

    Further down the page:

    Roads and Maritime will only consider applications to repair and re-register written-off light vehicles if they fit one of the exempt vehicle categories:

    Hail damaged, where you were the registered operator for more than 28 days before the vehicle was hail damaged (contact your insurer)

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      brad1-8tsi on 25/01/2020 - 11:56

      Thx

      Will start the process of enquiry.

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  brendanm on 26/01/2020 - 12:32

  +1

  They will give you the "salvage value" of the car, or let you buy it back at that same price.