According to insurers, ‘a write-off’ is any vehicle which costs more than half its value to repair. Whether you’ve been involved in a nasty crash or simply run your beloved banger into the ground, being the owner of a write off can be frustrating. You can’t sell your vehicle to another owner because it’s an un-driveable wreck, but you can’t fix it up either because this will cost too much. Is accepting your losses the only way forward?
Not always. In fact, in most cases you can still make enough money from a write-off to buy a new vehicle and get back on the road. Here are just a few solutions
You can still make an insurance claim
Many insurers will still offer a payout equal to the value of the vehicle in the case of an accident. A insurance assessor will generally be sent round to assess the damage to the vehicle, deciding whether or not it really can be deemed a write-off. If it is indeed beyond repair, you will get a payout, however any excess will likely be deducted. If the vehicle was worth ten grand, but you had an excess of three hundred, you’ll be payed nine-thousand seven-hundred as a result.
Consider legal action
You may also be entitled to legal action in many cases. If you were also injured in a car crash, you may be able to hire a car accident lawyer to claim compensation to cover medical costs. Another case in which you may be eligible for legal action is if a mechanic does a botch job or fails to spot something serious during a service. This malpractice could have caused unnecessary costs on your part. Thirdly, you should be aware of manufacturer faults. Some car models have since become susceptible to many faults and if you’ve been sold a ‘lemon’, you may be in your right to make a claim (it’s always worth checking the warranty too).
Sell for scrap
The easiest way to make money off a write-off – but the least profitable – is to sell your car for scrap. What your car is worth will depend on the model and condition. You may have to pay to get your vehicle towed to a scrap yard in some cases. However, there are some companies that may do this for you.
Sell working parts online
If you have the know-how, selling working parts online could earn you a lot more money than scrapping. There are parts dealers and independent buyers looking to do DIY fixes who would happily buy from you. Ensure that each part you sell is in full working condition first and use numerous sites from Amazon to Gumtree in order to reach the largest consumer base. If you don’t feel comfortable dismantling parts yourself, you could even pay a mechanic to do this for you.