doudous Posted July 17, 2011 Posted July 17, 2011 I am a lurker on your forum and generally keep a low profile - ...but had to share this tragedy with some fellow Zed lovers.... I have been patiently getting this Zed ready for a client for the last 2 months - it was finally ready - she had never looked so good - I made a video of the car the day she was to go to her new home.... later that night I was driving home with my son and was rammed from behind by an uninsured electrician half-way up the Gladesville bridge... Luckily no-one was hurt... but it's so sad when a beautifully preserved classic car is destroyed... Before: After: Cheers Phil Quote
aidannn Posted July 17, 2011 Posted July 17, 2011 jesus thats devastating phil. whats going to happen to the bastard that rammed you>? Quote
Lynton Posted July 17, 2011 Posted July 17, 2011 Damn shame when you think how hard we all work to get our machines in pristine condition while at the same time we watch the number of Zeds on our roads diminish, even more frivolous when your just out enjoying the daily drive. Lynton Quote
Roberto Posted July 17, 2011 Posted July 17, 2011 My worst fear. Was the car insured, Doudous? One is gone, but at least there will be plenty of parts to help others zeds out there. Quote
doudous Posted July 17, 2011 Author Posted July 17, 2011 Luckily I am insured, but hello premium hike next year and goodbye $3000 excess... I guess the insurance company will chase the guy for the money... Quote
Z Posted July 17, 2011 Posted July 17, 2011 That is a nightmare I never want to make reality - sorry to see another good example get lost. Quote
nizm0zed Posted July 17, 2011 Posted July 17, 2011 the steering wheel is on the wrong side??? Is it completely gone? Or can it(will it) be saved? If its getting fixed, i have a hatch here you can have. I know its not much, but its all i have to spare. Quote
Scoota G Posted July 17, 2011 Posted July 17, 2011 That's very sad indeed. Dale probably has the perfect donor car to repair this. Quote
chris240 Posted July 17, 2011 Posted July 17, 2011 daaaang ! I sat in that car last year & had a good look thru it...very clean zed. Quote
doudous Posted July 17, 2011 Author Posted July 17, 2011 I don't think it's repairable economically - it would need a rear cut and alot of work... the whole shell has been bent in the impact - the doors wont open and close, the floor in the boot is bent... I think I could probably buy the car back from the insurance company for parts.... However I think the laws have recently changed to the effect that if a car is written off by an insurance company it can no longer be repaired and re-registered. It was interesting to see that where all the metal bent and the paint cracked open that there was no bog or filler anywhere in the car - all original steel. If there is a donor car out there - I think this car would need to take the identity of the donor car. Quote
nizm0zed Posted July 17, 2011 Posted July 17, 2011 sad stuff..... I would strongly suggest buying the wreck back and stripping it, or perhaps the owner is willing to do it? Its sad, but they arent overly common, it would be a bigger waste to see it lost to the insurance company and turned into scrap steel. (ps, bags the front spoiler and maybe the front door windows) Quote
Stivva Posted July 17, 2011 Posted July 17, 2011 I saw this car only thursday outside the car yard. It was looking totally unreal, made me turn my head something incredible. Quote
zzzzed Posted July 18, 2011 Posted July 18, 2011 I may be interested in the seats and trim if you buy ot back to part out Quote
doudous Posted August 30, 2011 Author Posted August 30, 2011 Is it worth buying the car back from the insurance company for $4K? Cheers Phil Quote
benny Posted August 30, 2011 Posted August 30, 2011 Hard to know by just looking at the pics... $4000 is a bit much i think considering its LHD and some of the key interior components are useless unless you had a another LHD shell. Can you negotiate to purchase at a lower price?? Quote
Administrators gav240z Posted August 30, 2011 Administrators Posted August 30, 2011 Hard to know by just looking at the pics... $4000 is a bit much i think considering its LHD and some of the key interior components are useless unless you had a another LHD shell. Can you negotiate to purchase at a lower price?? +1 not sure what is salvageable considering it's a LHD unit. Man just looking at those pics makes me sad. What a shame and waste of such a tidy original car. The front guards and bonnet could maybe get you $1000. $400 for both fenders then $600 for the bonnet perhaps? The motor would probably only get $500-$700, but with the original SU's (Provided she's a 72 and not a 73 US model) perhaps a bit more? Is it L24? I assume yes? Electronic or points dizzy? Good compression? Oil pressure? Depends on how bad someone needs a motor and wants that set up? Interior would be great, but its all backwards. Dash looks good but not much use to a RHD car and seats and door cards are not able to be changed. I do love the white interior though . My guess is you could probably break even on the $4000 if you were to remove the parts yourself. Is it worth the hassle? Probably not, but I would hate to see all those usable parts crushed by insurance company at the same time.... decisions decisions... Quote
Sirpent Posted August 30, 2011 Posted August 30, 2011 Doudous Read this thread and decided to put my hat into the ring regarding some of the legalities of Insurance law having worked for both RACV and AAMI as an assessor many years ago. You mentioned that you have been offered the salvage back for $4000.00, regardless if this is from your insurer or the third party insurer, a nominal figure like that must be substantiated by the party making the offer, this is the case as should the matter be taken to court, the assessor who came up with the salvage figure must be able to prove that this is what the insurer would receive if they disposed of the vehicle via a disposal agent or wrecking yard and that you also would be able to receive as a bare minimum should you decide to dispose of the vehicle yourself. A salvage figure has nothing to do with whats termed a PAV or pre accident value, however some unscrupulous operators try to use the difference between the total loss value and the PAV as a salvage value, this is not a legal method and wouldn't stand up in a court of law, let me explain. In order for a vehicle to be deemed a total loss, the cost of repairs to said vehicle must exceed 75% of the pre accident value, in other words if they are using the residual between this figure and the PAV they determined your vehicle to have had prior to the accident the sums would equate as follows. Pre Accident Value (PAV) = $16,000.00 75% Total loss value = $12,000.00 25% residual value = $4000.00 The reason this cannot be used is because it is not a true indication which can be used for all vehicle write off, for instance if the vehicle had burnt to the ground would the wreck be worth $4000.00 ? of course not. In order to calculate the correct payout and salvage values, 2 methods are commonly accepted, the first is to have 3 wrecking yards who deal in the model in question give a salvage value of the vehicle, similar to a tender, the 3 tendered figures are then added up and divided by 3 to give an average, the second method is to use total loss salvage auction houses like Manheim Folwes and Pickles to do the same and then divide the added up estimates in the same manor. If this was to go to court, a magistrate would demand to see how the salvage and payout offers were calculated. Lets say that the PAV value was in fact a hypothetical $16,000.00 this would be the way it would all pan out Salvage tenders Datworx offered $1500.00 Nissalve offered $1750.00 Zworld offered $1840.00 The average of the 3 would be $1696.66 rounded off to $1700.00 Therefore the offer would be either a straight $16,000.00 pay out or $14,300.00 plus the salvage. If they have done the right thing, and the salvage value was actually determined using the above methods as actually being $4000.00, then I would suggest that the PAV would be much higher than $16,000.00, you know the exact figures they are throwing at you, if the PAV is something like $10,000.00 and they want $4000.00 for the salvage this is totally off the mark. If you want to pose any questions, m happy to help. Cheers John Quote
Patch Posted August 30, 2011 Posted August 30, 2011 There is no way a wrecker would pay that much, insurance is hoping to get as much back as they can, if it went up for tender or auction it would get nothing like that, If you want it that bad I would bid on it at the auction, judging what a mate is picking stuff up for top price would be a grand. Quote
Sirpent Posted August 30, 2011 Posted August 30, 2011 Patch, Roberto I understand that we all want to stick it up them, but you have to follow due process. My suggestion would be to first contact the claims officer in writing via email and politely state that the offer is being considered but that prior to accepting any such offer I want a break down of the salvage and PAV calculations so as to be able to confer with my legal council. When they read this they will panic if the figures haven't been derived from an accepted methodology. If the numbers look suspicious, then you take on a solicitor to write back stating that the figures are not in line with standard practice and arrive at your own, this may require the use of an independent assessor to arrive at what is fair reasonable and representative of what the cars PAV was. Remember that legal costs in a disputed claim if they come before a judge can be claimed on top of the payout figure if it is justified that this had to be undertaken to protect the owners interests. The cost of an independent assessor and a solicitor to write a "Letter of demand"should come to no more than a few hundred dollars which would be well spent if we are talking about thousands here. Quote
luvemfast Posted August 30, 2011 Posted August 30, 2011 Very wise and sound advice. -note to self, do not piss off John Quote
T.A.P Posted August 31, 2011 Posted August 31, 2011 In order for a vehicle to be deemed a total loss, the cost of repairs to said vehicle must exceed 75% of the pre accident value, in other words if they are using the residual between this figure and the PAV they determined your vehicle to have had prior to the accident the sums would equate as follows. Pre Accident Value (PAV) = $16,000.00 75% Total loss value = $12,000.00 25% residual value = $4000.00 The reason this cannot be used is because it is not a true indication which can be used for all vehicle write off, for instance if the vehicle had burnt to the ground would the wreck be worth $4000.00 ? of course not. I might be wrong here but if the vehicle is burnt to the ground the Total Loss Value would be 100% therefore making the Residual Value 0 by default. Or is it 75% TLV for any accidents? Quote
Sirpent Posted August 31, 2011 Posted August 31, 2011 That's what i was eluding to when I stated "The reason this cannot be used is because it is not a true indication which can be used for all vehicle write off, for instance if the vehicle had burnt to the ground would the wreck be worth $4000.00 ? of course not" 75% is the rule of thumb, however on late model cars or exotics this may fall to even 65% reason being that the level of damage to very complex components in the vehicles may not be visible at the time of assessment such as electronics and under dash components etc therefore its better to write them off with a lower ceiling. A lot of people get caught out on these cars at auction, the damage doesn't look that bad and straight forward and ppl ask why would it have been written off only to buy it and find that a complex widget under the dash assy has sheered due to the impact and costs $3000 to replace. Cheers John Quote
T.A.P Posted August 31, 2011 Posted August 31, 2011 Since you say the TLV it must exceed 75% for the vehicle to be deemed total loss, I think it is safe to assume that it can go to 100%. If they have been using the different between the PAV and the TLV value to calculate the RV then in case of the burnt vehicle nothing can be salvaged therefore RV equals 0. Wouldn't it be obvious to the insurance company? The reason this cannot be used is because it is not a true indication which can be used for all vehicle write off, for instance if the vehicle had burnt to the ground would the wreck be worth $4000.00 ? of course not. This sentence implies the TLV must stays at 75% of the PAV. Because if its not Im sure the insurance people or who over inspects the vehicle would write the RV as 0 (since TLV is 100%) hence the vehicle worth nothing. This is how I interpret it, please correct me if Im wrong. I'm here to learn Quote
Sirpent Posted August 31, 2011 Posted August 31, 2011 LOL OK lets keep this simple Anything exceeding 75% of pre accident value as far as cost of repairs is the point generally where a vehicle becomes a total loss Lower percentages can be used on the assumption that there is unseen damage and an allowance needs to be made, a contingency if you will. Yes a burnt out wreck as in my example would only have a nominal scrap metal recycling value. The 25% over the total loss percentage does not constitute a salvage figure period. Independent tenders on the salvage value must be sourced to substantiate what the market is willing to pay. This independent salvage value is deducted from the pre accident value which determines the payout figure and retention of the wreck If this is not taken up as the option by the owner the insurers retain the wreck and the PAV applies. My brain now hurts, where did I put those pills? Quote
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