Any suggestions on companies that buy salvage?
Discussion
Hi all,
Sadly after owning my Tuscan for 2 years, I went to start it last week - it smoked, and then it burnt, and then the fire brigade came. A sad day indeed - though trying very hard to focus on the fact it's just a car, it's insured, etc.
Had the assessor out and he said it's likely to be written off - but I have free salvage retention included as part of my policy.
My options are either pay for it to be rebuilt by someone with the payout - which I'm not sure will cover the cost - or to shift the salvage on. I can't really break for parts due to my parking situation.
As such, does anyone have any leads for any companies that might be interested in buying the salvage? Mechanically before the fire the car was spot on. Nitrons, decent nick spiders, blueflame exhaust, a 10k~ old engine rebuild. Car wasn't started when the fire went up so imagine the block and all is fine, just the electrics/airbox/pipes are destroyed. Can't promise anything though! Chassis is also clean and was undersealed at Python about 3 weeks ago - doubt there is any damage there.
Sadly after owning my Tuscan for 2 years, I went to start it last week - it smoked, and then it burnt, and then the fire brigade came. A sad day indeed - though trying very hard to focus on the fact it's just a car, it's insured, etc.
Had the assessor out and he said it's likely to be written off - but I have free salvage retention included as part of my policy.
My options are either pay for it to be rebuilt by someone with the payout - which I'm not sure will cover the cost - or to shift the salvage on. I can't really break for parts due to my parking situation.
As such, does anyone have any leads for any companies that might be interested in buying the salvage? Mechanically before the fire the car was spot on. Nitrons, decent nick spiders, blueflame exhaust, a 10k~ old engine rebuild. Car wasn't started when the fire went up so imagine the block and all is fine, just the electrics/airbox/pipes are destroyed. Can't promise anything though! Chassis is also clean and was undersealed at Python about 3 weeks ago - doubt there is any damage there.
Sorry to see that, glad no one was hurt.
This company are well known here but are not that well respected.
Most damaged Tvrs find their way there though.
https://tvrspares.co.uk/
This company are well known here but are not that well respected.
Most damaged Tvrs find their way there though.
https://tvrspares.co.uk/
.Are you sure that "free salvage retention" actually means what you think it does. I haven't heard that in connection with insurance policies before.
Agreed value - yes. The right to retain the salvage at an agreed deduction from the settlement figure - yes
This situation - the car is valued at £20K and the salvage at £5K. The insurance pay out £20K and let you keep the car, rather than £15K and let you keep the car - never.
Why would an insurer overpay a policyholder, which is effectively the situation?
Are you sure that is what they are really offering? Are they saying that it is worthless as salvage and thus they don't want the wreck to sell on as salvage?
I think you should check and make sure what is the best deal for you. How much will a salvage company offer for the vehicle, and will they collect it from you? Is that a better deal than the insurance company's deduction for the value of the salvage?
Agreed value - yes. The right to retain the salvage at an agreed deduction from the settlement figure - yes
This situation - the car is valued at £20K and the salvage at £5K. The insurance pay out £20K and let you keep the car, rather than £15K and let you keep the car - never.
Why would an insurer overpay a policyholder, which is effectively the situation?
Are you sure that is what they are really offering? Are they saying that it is worthless as salvage and thus they don't want the wreck to sell on as salvage?
I think you should check and make sure what is the best deal for you. How much will a salvage company offer for the vehicle, and will they collect it from you? Is that a better deal than the insurance company's deduction for the value of the salvage?
LucyP said:
Are you sure that "free salvage retention" actually means what you think it does. I haven't heard that in connection with insurance policies before.
Agreed value - yes. The right to retain the salvage at an agreed deduction from the settlement figure - yes
This situation - the car is valued at £20K and the salvage at £5K. The insurance pay out £20K and let you keep the car, rather than £15K and let you keep the car - never.
Why would an insurer overpay a policyholder, which is effectively the situation?
Are you sure that is what they are really offering? Are they saying that it is worthless as salvage and thus they don't want the wreck to sell on as salvage?
I think you should check and make sure what is the best deal for you. How much will a salvage company offer for the vehicle, and will they collect it from you? Is that a better deal than the insurance company's deduction for the value of the salvage?
This is interesting - it's 'zero deduction salvage retention' I paid extra for.Agreed value - yes. The right to retain the salvage at an agreed deduction from the settlement figure - yes
This situation - the car is valued at £20K and the salvage at £5K. The insurance pay out £20K and let you keep the car, rather than £15K and let you keep the car - never.
Why would an insurer overpay a policyholder, which is effectively the situation?
Are you sure that is what they are really offering? Are they saying that it is worthless as salvage and thus they don't want the wreck to sell on as salvage?
I think you should check and make sure what is the best deal for you. How much will a salvage company offer for the vehicle, and will they collect it from you? Is that a better deal than the insurance company's deduction for the value of the salvage?
'Nil Deduction Salvage Retention or Nil Deduction
Salvage Retention 100 - Cover up to £50,000 or
£100,000 per vehicle to retain the salvage in the
event of a total loss claim, deduction free upon
settlement of the claim.'
I will check however!
It won't be free! Insurers are never Father Christmas in my experience!
The car will be worth say £20K and the salvage £5K, so with a normal policy they will pay out £15K and take the wreck away.
In this case they will probably offer you £10K for the car, and say keep it, under the "free" salvage" clause, leaving you the hassle of trying to get some salvage dealer to collect it and give you £5K for it!
The car will be worth say £20K and the salvage £5K, so with a normal policy they will pay out £15K and take the wreck away.
In this case they will probably offer you £10K for the car, and say keep it, under the "free" salvage" clause, leaving you the hassle of trying to get some salvage dealer to collect it and give you £5K for it!
LucyP said:
It won't be free! Insurers are never Father Christmas in my experience!
The car will be worth say £20K and the salvage £5K, so with a normal policy they will pay out £15K and take the wreck away.
In this case they will probably offer you £10K for the car, and say keep it, under the "free" salvage" clause, leaving you the hassle of trying to get some salvage dealer to collect it and give you £5K for it!
I have agreed value - they will pay the value. I paid extra for the 'free' salvage retention. We'll see though!The car will be worth say £20K and the salvage £5K, so with a normal policy they will pay out £15K and take the wreck away.
In this case they will probably offer you £10K for the car, and say keep it, under the "free" salvage" clause, leaving you the hassle of trying to get some salvage dealer to collect it and give you £5K for it!
Looking at your picture, looks like a CAT B write-off to me. The law is that if you have a CAT A or B write-off, then you will not be able to retain the salvage even if you have additional salvage retention cover from your insurer. If it was CAT S or N then your salvage insurance would apply.
Really to sorry to hear about the incident!
Lucy is wrong in this case. You will not have any deduction to your settlement to retain the salvage if you have that clause in your policy.
The insurance co will want to assess it (either in person or remotely) to categorise the car. It may be copart or another third party rather than your insurer direct. If they want to take the car away, be sure to get it in writing that they will return it to you for no charge if they write it off if it’s cat s or better.
On a selfish note, I need to replace the chrome cover on the driver’s side door catch of my tuscan(the triangular bit that covers the door catch and micro switch). If you want to sell that small bit before the car is removed then I’ll buy it from you.
No worries if you’ve got bigger concerns with your pride and joy being lost - hope you get it sorted!
Lucy is wrong in this case. You will not have any deduction to your settlement to retain the salvage if you have that clause in your policy.
The insurance co will want to assess it (either in person or remotely) to categorise the car. It may be copart or another third party rather than your insurer direct. If they want to take the car away, be sure to get it in writing that they will return it to you for no charge if they write it off if it’s cat s or better.
On a selfish note, I need to replace the chrome cover on the driver’s side door catch of my tuscan(the triangular bit that covers the door catch and micro switch). If you want to sell that small bit before the car is removed then I’ll buy it from you.
No worries if you’ve got bigger concerns with your pride and joy being lost - hope you get it sorted!
I feel your pain having written off my first Tuscan back in 2009.
I didn't have the free salvage so the decision was made easier as far as repais or replace.
I replaced it with a 2006 Tuscan Convertible and have never regretted the decision.
The only mistake I made was to not buy back the rebuilt engine which was very sweet.
I didn't have the free salvage so the decision was made easier as far as repais or replace.
I replaced it with a 2006 Tuscan Convertible and have never regretted the decision.
The only mistake I made was to not buy back the rebuilt engine which was very sweet.
Gassing Station | General TVR Stuff & Gossip | Top of Page | What's New | My Stuff