Hi has anybody experience they can share of the procedure after a car is write off I.e damaged beyond repair and the sorting out of the finance left to pay on the car ?

Thanks in advance Billywhizz.

 

 

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AFIK is that the insurance pays off the amount mentioned for that year (its on the policy what you get if total loss). The insurance first pays the finance.. if there is any left you get the rest. If there is not enough (meaning finance higher as what you get back) you will have to pay extra. 

 

In our case we got some money back from the insurer after finance was paid off.

It has happened to me in America, with a two year old car fully paid off. Run off the road by some drunk freak in Oahu with no assets, not worth suing. One thing that was surprising is I had to pay off the full years policy (making monthly payments), got about 80% of the same car new. The hulk goes to the insurance company. The police did nothing he was not even prosecuted for the DUI as the dude had outstanding beefs for robbery and fighting. No insurance.

10 minutes ago, ChiangMaiLightning2143 said:

It has happened to me in America, with a two year old car fully paid off. Run off the road by some drunk freak in Oahu with no assets, not worth suing. One thing that was surprising is I had to pay off the full years policy (making monthly payments), got about 80% of the same car new. The hulk goes to the insurance company. The police did nothing he was not even prosecuted for the DUI as the dude had outstanding beefs for robbery and fighting. No insurance.

 

Hope everyone in your car was Ok.

I don't get the why you would have to pay for insurance that you don't use . IMO they should have prorated the insurance and returned the balance, but count your blessings, that you got 80% with the other car being uninsured.

in the west 15-20% per year  is the average depreciation of a new vehicle for the  first four years, not sure if that holds true in Thailand with the way used car prices are.

It is in the "small print" if the car is a total loss I was responsible for the full cost of the 1 year policy even though I was able to pay month to month. Thus Surprising! I got an airbag in my gob when I went into a ditch but only sprained a finger. Wear seatbelt and drive Honda! When the car is a total loss you get the "blue book" value of the vehicle, sure not the replacement new cost. You can sue the animal but if they have no assets not worth it. No more debtors prisons and lawyers don't work for free either.

 

Better to not have car and take Uber.

 

 

Edited August 9, 20187 yr by ChiangMaiLightning2143