1999 Boxster 2.5l - write-off vs cash in lieu?
Discussion
Hi all, I wonder if anyone has any advice on an insurance claim for a Boxster?
The car is is a 1999 2.5 litre standard Boxster in Arctic Silver. It’s in reasonable condition, though the plastic rear window is blurry and the leather sears are a bit worn. Mileage is 64K. It has a hard top which is in the shed right now.
So I had an accident; my own fault, no-one else involved. I have a protected No Claims Discount, and this is my first claim. All damage is to the lower part of the car – wheels + tyres, lower front bumper and unfortunately cooling rads at the front.
The insurers, to my initial surprise, said it wasn’t economical to repair and would be picking it up for salvage. The garage said it’s absolutely repairable – the problem is the cost of new Porsche parts. Looking online you can get a set of used wheels + tyres for about the cost of one brand new wheel from Porsche.
The garage has been excellent and are keeping my car on site for free until I decide what to do. They said I could ask for ‘cash in lieu’ – my understanding of this is that a payment is made to me in order to repair it, and I get to keep the car and arrange repairs with the garage.
I don’t know of the figures yet – looking on auto-trader similar cars can be had for £5k (a 3rd of what I paid for it 6 years ago!). Presumably they’d offer me something like this minus the excess if it’s written off. For cash in lieu, I don’t know how much they’d offer – presumably it would have to be lower than the write-off value, is that right?
I’m trying to remain dispassionate about it, but it’s a shame to scrap a nice car with low mileage for its age, when the engine, gearbox etc is fine. Has anyone dealt with this before? Is cash in lieu a reasonable path to take? It seems to me that if they offer me (say) £5k in lieu, and the repairs cost less than that, then I’m in a better situation if I just accept a write-off payment?
There must be things I haven’t considered. Does anyone have any advice, or things I should check up on?
BTW, this is my only car, and it passed its MOT one week before the incident with no issues.
Thanks in advance!
Paul
The car is is a 1999 2.5 litre standard Boxster in Arctic Silver. It’s in reasonable condition, though the plastic rear window is blurry and the leather sears are a bit worn. Mileage is 64K. It has a hard top which is in the shed right now.
So I had an accident; my own fault, no-one else involved. I have a protected No Claims Discount, and this is my first claim. All damage is to the lower part of the car – wheels + tyres, lower front bumper and unfortunately cooling rads at the front.
The insurers, to my initial surprise, said it wasn’t economical to repair and would be picking it up for salvage. The garage said it’s absolutely repairable – the problem is the cost of new Porsche parts. Looking online you can get a set of used wheels + tyres for about the cost of one brand new wheel from Porsche.
The garage has been excellent and are keeping my car on site for free until I decide what to do. They said I could ask for ‘cash in lieu’ – my understanding of this is that a payment is made to me in order to repair it, and I get to keep the car and arrange repairs with the garage.
I don’t know of the figures yet – looking on auto-trader similar cars can be had for £5k (a 3rd of what I paid for it 6 years ago!). Presumably they’d offer me something like this minus the excess if it’s written off. For cash in lieu, I don’t know how much they’d offer – presumably it would have to be lower than the write-off value, is that right?
I’m trying to remain dispassionate about it, but it’s a shame to scrap a nice car with low mileage for its age, when the engine, gearbox etc is fine. Has anyone dealt with this before? Is cash in lieu a reasonable path to take? It seems to me that if they offer me (say) £5k in lieu, and the repairs cost less than that, then I’m in a better situation if I just accept a write-off payment?
There must be things I haven’t considered. Does anyone have any advice, or things I should check up on?
BTW, this is my only car, and it passed its MOT one week before the incident with no issues.
Thanks in advance!
Paul
5K is strong money for an Early 986, one of my TIPEC club members has just sold his for 4K & that was a very well looked after car, that had a fortune spent on it. As for whether they'll pay you out that depends on the insurance. My Boxster is on Classic insurance & they'll pay out & give me the car but that isn't normal on a standard policy.
tr7v8 said:
5K is strong money for an Early 986, one of my TIPEC club members has just sold his for 4K & that was a very well looked after car, that had a fortune spent on it. As for whether they'll pay you out that depends on the insurance. My Boxster is on Classic insurance & they'll pay out & give me the car but that isn't normal on a standard policy.
What he said, you'd do well to get 5k, and chances are whatever they do they will record it as a 'wrote off' and therfore further hammer its value, in this instance you're probably better off to cut and run.....You need to know a few things before you can decide what to do, including:
1) How much will they pay out if they keep the car?
2) How much would they reduce 1) if you keep the car?
3) Will they confirm it will only be recorded as Cat D (not C) - or better still not recorded at all?
4) How much would it cost to repair the car with used parts?
On the basis that it's your car, you like it, know it and would prefer to keep it than take cash and have to gamble on a replacement, then it's worth trying to get a payout, keep the car and get it fixed. If I were you in this case I'd be looking to be at least £1000 up on the deal (to allow for the hassle and the fact the car's likely now a Cat D).
1) How much will they pay out if they keep the car?
2) How much would they reduce 1) if you keep the car?
3) Will they confirm it will only be recorded as Cat D (not C) - or better still not recorded at all?
4) How much would it cost to repair the car with used parts?
On the basis that it's your car, you like it, know it and would prefer to keep it than take cash and have to gamble on a replacement, then it's worth trying to get a payout, keep the car and get it fixed. If I were you in this case I'd be looking to be at least £1000 up on the deal (to allow for the hassle and the fact the car's likely now a Cat D).
I done cash in lieu when I were an 18 year old.
My Mondeo needed a front bumper, bonnet, rad and one front wing. To repair with new bits was £1800. I took £1400 cash, bought the bits used for £200, gave a man £300 for paint and spent £900 on weed.
Price the bits yourself, but Douglas Valley Bumbags usually want about £200 for a front bumper (a 911 one fits if you can't find a Boxster one) rads are about £150 each new. It depends what else is needed, but it sounds like you'll be done for under £2000 if you used second hand parts.
My Mondeo needed a front bumper, bonnet, rad and one front wing. To repair with new bits was £1800. I took £1400 cash, bought the bits used for £200, gave a man £300 for paint and spent £900 on weed.
Price the bits yourself, but Douglas Valley Bumbags usually want about £200 for a front bumper (a 911 one fits if you can't find a Boxster one) rads are about £150 each new. It depends what else is needed, but it sounds like you'll be done for under £2000 if you used second hand parts.
If you cash settle, make sure they don't categorise the vehicle (they shouldn't).
Obviously they will only play along if you agree to accept a figure less than the market value of your car less excess.
Before you accept, make sure you think you can repair the car inside this figure.
Generally you will receive the settlement amount less VAT first, and only the VAT once you produce invoices for the repaired work, and an engineers report to confirm the repairs are satisfactory.
Good luck. I've been though this and it was the right thing to do. PM me if you have further questions.
Obviously they will only play along if you agree to accept a figure less than the market value of your car less excess.
Before you accept, make sure you think you can repair the car inside this figure.
Generally you will receive the settlement amount less VAT first, and only the VAT once you produce invoices for the repaired work, and an engineers report to confirm the repairs are satisfactory.
Good luck. I've been though this and it was the right thing to do. PM me if you have further questions.
Hi all, and thanks for all your advice!
Having never had a claim before this was all new and confusing, but I have more of a handle on it now.
The insurers called me back today to explain further, and I asked some questions suggested by yourselves.
So I now know this:
1. The original estimate based on new parts for *known* damage was £5700
2. A rough total loss payment to me would be around £6100 (higher than I thought).
3. The engineers said there *may* be suspension damage, so the insurers were wary of greater costs and therefore went the total loss route.
4. A cash in lieu deal would mean the car is *not* categorised, and treated as just having had repairs.
I asked if it could all be fixed with second-hand parts for, say, £4500 would they do a cash in lieu deal, and they said they'd consider it.
So I need to speak to garage now, especially wrt 'unknown' damage (they'd need to strip it to see). The first few replies were saying that £5k for a total loss would be a good payout, so seeing as it may be 20% higher then perhaps that's the better choice.
Good to know also that cash in lieu has made sense for some of you, so I still have my options open.
Thanks again and I'll keep you updated!
Paul
Having never had a claim before this was all new and confusing, but I have more of a handle on it now.
The insurers called me back today to explain further, and I asked some questions suggested by yourselves.
So I now know this:
1. The original estimate based on new parts for *known* damage was £5700
2. A rough total loss payment to me would be around £6100 (higher than I thought).
3. The engineers said there *may* be suspension damage, so the insurers were wary of greater costs and therefore went the total loss route.
4. A cash in lieu deal would mean the car is *not* categorised, and treated as just having had repairs.
I asked if it could all be fixed with second-hand parts for, say, £4500 would they do a cash in lieu deal, and they said they'd consider it.
So I need to speak to garage now, especially wrt 'unknown' damage (they'd need to strip it to see). The first few replies were saying that £5k for a total loss would be a good payout, so seeing as it may be 20% higher then perhaps that's the better choice.
Good to know also that cash in lieu has made sense for some of you, so I still have my options open.
Thanks again and I'll keep you updated!
Paul
As £6100 is their first offer, there's every chance of nudging it up a bit (particularly if you have hire car cover etc). Based on getting £500 (?) for the hardtop (although I appreciate you may keep it instead) and you could be getting towards £7000, which should somewhat cushion the blow of the increase in next year's premium.
Cheers all,
As an update, I have decided to accept it as a total loss and take the money. Just to be clear, the £6100 figure was a 'rough' figure from the claims handler - they haven't assessed the car yet. They assure me it will be in the ballpark though (perhaps low mileage helps).
I discovered yesterday that the hard-top means there are parts attached to the car which aren't standard - the 'spinlocks'. So I'm off down the garage tomorrow to remove them, and switch back the original stereo too.
One idea I had is to keep the hard-top plus spinlocks, get another 986 (which could be a 2.7 or a 3.2 as some suggest) in arctic silver, and use the hard-top on that. Just an idea right now though...
Paul
As an update, I have decided to accept it as a total loss and take the money. Just to be clear, the £6100 figure was a 'rough' figure from the claims handler - they haven't assessed the car yet. They assure me it will be in the ballpark though (perhaps low mileage helps).
I discovered yesterday that the hard-top means there are parts attached to the car which aren't standard - the 'spinlocks'. So I'm off down the garage tomorrow to remove them, and switch back the original stereo too.
One idea I had is to keep the hard-top plus spinlocks, get another 986 (which could be a 2.7 or a 3.2 as some suggest) in arctic silver, and use the hard-top on that. Just an idea right now though...
Paul
Id certainly not be sending the hard top off with the salvage. Id remove the spinlocks anything else youve added too, but not because youre going to be found out - a factory hard top isnt a 'modification, after all.
With regards to the hard tops value; they seem to be worth less than a good MX-5 hard top, but that is no doubt due to the number of people looking for a MX-5 part.
Ive seen a number of 996 hard tops selling for £300!
With regards to the hard tops value; they seem to be worth less than a good MX-5 hard top, but that is no doubt due to the number of people looking for a MX-5 part.
Ive seen a number of 996 hard tops selling for £300!
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