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MK4's Coming of Age. Written off vehicles.
Ok I thought I'd throw this out there for all the MK4 owners, who have lost a loved one or who are perhaps going through something heavy at the moment. MK4's and written off vehicles....
As many of our MK4 get older it is important to know in Australia when a vehicle is over 15yrs old from the DOM (Date of Manufacture, not compliance date) insurance companies are NOT obligated to notify the state authority of where your vehicle is registered (NSW RMS, VicRoads, QLD TMR etc..) that a vehicle is a write off. Even if economically they deem it to be. The exact terminology is "notifiable written off vehicle". And vehicles outside 15yrs old do not fall into this category.
Now, in saying that. A few things to keep in mind
1. If the car is completely mangled due to impact, burnt or water damaged they may opt to anyways.
2. Some insurers will go off the compliance date (not DOM) because of their own internal guidelines
3. Even if the car only has minor damage the insurer can still notify your state authority again due to their own internal guidelines.
4. If you are told it's a write off that does not necessary mean they will notify your state authority. Typically it's just the terminology used to say "it's not worth us fixing it"
5. If your vehicle has been classed as a write off but you wish to keep it here are a few suggestions.
5a) Request a cash settlement. This is where you get to keep your vehicle and will be paid the cost of repairs. Organizing parts, repairs, repair quality checks, the lot is now your responsible, the insurer walks away. Keep in mind if your vehicle is insured for $5k and your repairer has been greedy and put in a quote of say $6k. It's not going to work
5b) If you are going through your own insurance and it has been classed as a write off typically the insurer takes your vehicle and sends it to a damaged vehicle auction, e.g. Pickles / Manheim. If this is the case tell them you wish to keep it and ask if there is possibility of a buy back. This means the insurer will seek an "auction estimate" on your vehicle and will take that estimate back to you. You will then need to meet (or possibly exceed) that amount in order to buy your vehicle back. If the amount is too high you can roll the dice and buy it back via the auction and hope it sells for less then the insurer quoted you. HOWEVER keep in mind, almost every auction has fees which can be around 12% of the sale price AND there is always the risk your vehicle will get a little extra damage "aka. auction rash" on it from being forked around all day amongst 2,000 other written off vehicles, and you still need to transport it from the auction (most cost if tow truck is required)
6. Insure it with Shannons. One benefit of insuring your vehicle with someone like Shannon's is you as the owner have first option on the salvage. (and no I don't work for Shannons)
Most importantly it is at the insurer's / loss assessors discretion whether or not they notify your state authority. So be nice and remind them your vehicle is NOT a "notifiable" vehicle due to it's age.
If anyone has anything to add or any questions feel free to add / ask.
As many of our MK4 get older it is important to know in Australia when a vehicle is over 15yrs old from the DOM (Date of Manufacture, not compliance date) insurance companies are NOT obligated to notify the state authority of where your vehicle is registered (NSW RMS, VicRoads, QLD TMR etc..) that a vehicle is a write off. Even if economically they deem it to be. The exact terminology is "notifiable written off vehicle". And vehicles outside 15yrs old do not fall into this category.
Now, in saying that. A few things to keep in mind
1. If the car is completely mangled due to impact, burnt or water damaged they may opt to anyways.
2. Some insurers will go off the compliance date (not DOM) because of their own internal guidelines
3. Even if the car only has minor damage the insurer can still notify your state authority again due to their own internal guidelines.
4. If you are told it's a write off that does not necessary mean they will notify your state authority. Typically it's just the terminology used to say "it's not worth us fixing it"
5. If your vehicle has been classed as a write off but you wish to keep it here are a few suggestions.
5a) Request a cash settlement. This is where you get to keep your vehicle and will be paid the cost of repairs. Organizing parts, repairs, repair quality checks, the lot is now your responsible, the insurer walks away. Keep in mind if your vehicle is insured for $5k and your repairer has been greedy and put in a quote of say $6k. It's not going to work
5b) If you are going through your own insurance and it has been classed as a write off typically the insurer takes your vehicle and sends it to a damaged vehicle auction, e.g. Pickles / Manheim. If this is the case tell them you wish to keep it and ask if there is possibility of a buy back. This means the insurer will seek an "auction estimate" on your vehicle and will take that estimate back to you. You will then need to meet (or possibly exceed) that amount in order to buy your vehicle back. If the amount is too high you can roll the dice and buy it back via the auction and hope it sells for less then the insurer quoted you. HOWEVER keep in mind, almost every auction has fees which can be around 12% of the sale price AND there is always the risk your vehicle will get a little extra damage "aka. auction rash" on it from being forked around all day amongst 2,000 other written off vehicles, and you still need to transport it from the auction (most cost if tow truck is required)
6. Insure it with Shannons. One benefit of insuring your vehicle with someone like Shannon's is you as the owner have first option on the salvage. (and no I don't work for Shannons)
Most importantly it is at the insurer's / loss assessors discretion whether or not they notify your state authority. So be nice and remind them your vehicle is NOT a "notifiable" vehicle due to it's age.
If anyone has anything to add or any questions feel free to add / ask.
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