NEED ADVICE! Rear ended a day after I bought my ST

[JKnoxZA]

This "checking" every 6 months is a joke with Wesbank.
They phoned me last year sometime and asked if I still had insurance, which I replied to with a simple "uh, yes" and that was it......

Been with Wesbank for 3+ years - have never had an "Insurance Check-In" call..

Really is a joke

 

[PandaAttack1]

He did not overpay for the car IMO.

The fact that the car had extended warranty is an expensive AF "Extra" so that should be included in the Valuation of the vehicle.

R220k for a 2013 Fiesta is over paying bud. No two ways about it.

edit: But like op mentioned, he didn't pay 220k, he paid 170k. Which is much more reasonable for a low mileage 2013 with extended warranty.

 

[EnderZ]

You mentioned you paid R172k excluding a 50k deposit? Do you see where the oofs and frowns come from? It's not judgment, it's surprise and confusion.

Let's make it simple then, in bold: As for your initial question; No. Your insurance can't fight for your deposit or settlement back. Logically, who would be responsible for paying what you payed? Your car has a market value, and whoever damages it is only liable for that amount. If you payed R400k for a R200k car and someone rear ends you... They only need to pay the R200k, as that is the value of your car.

My apologies, I fixed the typo.

 

[EnderZ]

R220k for a 2013 Fiesta is over paying bud. No two ways about it.

172k*

 

[PandaAttack1]

172k*

I made an edit, holycow obviously missed your previous post where you said you paid 220k with your typo.

 

[HolyCowImAnoOb]

I made an edit, holycow obviously missed your previous post where you said you paid 220k with your typo.

He got BBC'd by that private seller

Like i said was good value

They range between 120-220k excluding warranty.

 

[D3TTOL]

R220k for a 2013 Fiesta is over paying bud. No two ways about it.

Oh wow... I missed that. R220k for a 2013 fiesta ST.... I think I looked at Focus STs at that price when I was looking
Shjo,I paid something similar for my 2015 Ford Fusion with a 2.0l turbo and all the luxury bits including folding mirrors .

But then again, I have thrown a lot of money down the drain with swapping bikes a couple times. When you want something then the cost doesn't have as much of a factor as you'd think.


Edit: Oh lol. Confusion sorted xD

 

[PandaAttack1]

He got BBC'd by that private seller

Hahah! No wait, let's clear the confusion.

OP said he paid 172, excluding a 50k deposit. Which would be R222k total. He made a typo....

The 172k was including his deposit, so in total he paid R172k. Of which R50k was a deposit, and R122k financed at 13% p/a.

 

[EnderZ]

Oh wow... I missed that. R220k for a 2013 fiesta ST.... I think I looked at Focus STs at that price when I was looking
Shjo,I paid something similar for my 2015 Ford Fusion with a 2.0l turbo and all the luxury bits including folding mirrors .

But then again, I have thrown a lot of money down the drain with swapping bikes a couple times. When you want something then the cost doesn't have as much of a factor as you'd think.

Also, they stopped production from 2018.

2013-2017 had near to zero changes, and like you said, if you want something, you'll know the differences during those years and the _actual_ value, I simply didn't have the time to adjust the insurance value.

 

[Spaffy]

Wasn't my intention to offend you bud. The math just wasn't making any sense.

 

[PandaAttack1]

I realise now why your finance house did not warn you... Because of your deposit. They only financed R122k. Which is less than the value of the car, so no red flags from them at all.

Unfortunately, not even gap/shortfall cover would've protected you here bud. As it covers the difference between the value of your car and the amount you owe the bank. Which is less than 0 in your scenario.

Absolute WORST case scenario, is you end up with no car and -50k deposit.

 

[solz]

This "checking" every 6 months is a joke with Wesbank.
They phoned me last year sometime and asked if I still had insurance, which I replied to with a simple "uh, yes" and that was it......

oh lucky you, ABSA actually wanted me to send then a new copy of the insurance with the new date on so they could confirm it was actually in place but then this was a while back

 

[WernerC]

I'm sorry this happened....and very glad you are insured.

But so much miss information in here.




When you are insured, you claim from YOUR insurance.
You are not responsible for whether or not somebody else is insured.
You have no dealings with the owner of the other vehicle whatsoever besides getting details and handing them over to YOUR insurance.

This is not true. You can claim directly from his insurance without even notifying yours. You do a direct 3rd party claim against his claim. I will not recommend this as it is a hassle, will take longer and they will do the bare minimum that they legally need to, but at least you don't need to pay an excess and your premiums will stay the same. I do not recommend this though. It is not worth the headache and your advice is better.

 

[Razor]

Current retail is around R142k for a 2013 Fiesta ST.
Event at 172k it is a fair bit above retail.

Hope they don't write the car off.
Ford charges crazy prices for most of the Fiesta ST body panels and parts, so I am not too hopeful.
Past experiences: The side mirror is about 8k unpainted alone.
If I remember correctly the front bumper was around 14k.

 

[HolyCowImAnoOb]

Current retail is around R142k for a 2013 Fiesta ST.
Event at 172k it is a fair bit above retail.

Hope they don't write the car off.
Ford charges crazy prices for most of the Fiesta ST body panels and parts, so I am not too hopeful.
Past experiences: The side mirror is about 8k unpainted alone.
If I remember correctly the front bumper was around 14k.

I got broken into last week friday. 14k to Replace the lock and remove some dents from my door.

 

[MuFaSa]

@PandaAttack1

this is a feelsbadman.

 

[EnderZ]

Current retail is around R142k for a 2013 Fiesta ST.
Event at 172k it is a fair bit above retail.

Hope they don't write the car off.
Ford charges crazy prices for most of the Fiesta ST body panels and parts, so I am not too hopeful.
Past experiences: The side mirror is about 8k unpainted alone.
If I remember correctly the front bumper was around 14k.

I got broken into last week friday. 14k to Replace the lock and remove some dents from my door.

Yeah my friend was quoted 134k on similar damages

 

[ScottulusMaximus]

Ah OK 170 makes more sense. Unfortunately the book retail value does not account for condition etc etc. Its stupid but how it works. Insurance will only pay out the book value.

You may be out of pocket here unfortunately.

 

[EnderZ]

Thank you, everyone, for your advice.

I will post updates as I receive them here.

 

[AndyPants]

This is not true. You can claim directly from his insurance without even notifying yours. You do a direct 3rd party claim against his claim. I will not recommend this as it is a hassle, will take longer and they will do the bare minimum that they legally need to, but at least you don't need to pay an excess and your premiums will stay the same. I do not recommend this though. It is not worth the headache and your advice is better.

The intention was to shed some light on the "~ I hope the 3rd party has insurance cause else you're SOL..." bs that was mentioned before.

Handle it through your insurance, don't do a direct claim, it's NEVER worth the hassle.
That said...this is gonna stain your insurance track record for the coming 3 years, really sorry this happened dude.

 

[BLUE-ANGEL]

Just my 2 cents, regardless of what the retail value is of the car, IF you have the shortfall cover added to your policy the outstanding balance is to be settled by your insurance company at FULL. If you don't have shortfall they will only pay out the insured amount (Retail effected), hence ALWAYS add the shortfall option to your insurance policy. Bear in mind, and this happened to me once, IF you have additional packages added onto your financed policy as in service plans, maintenance plans etc, THIS is normally NOT covered by the insurance company and you will have to pay the outstanding amounts for those. I never knew this until I had a write off mid last year and I had a warranty plan added to my finance which I had to pay back. ALSO, in today's motor vehicle accident industry, cosmetics can relate to a write off without having the airbags blown. IF the cosmetics total damage amounts to over the max allowed percentage damage the insurance will write the car off and sell it to recoup most of the expense of their payout. Also happened to me and this was confirmed by the tow truck agency who helped me.

 

[aiccc]

Unfortunately the book retail value does not account for condition etc etc.

Insurance will only pay out the book value.

Every valuation book that I have see accounts for condition of vehicle. And you get more for a good condition car with low mileage.

Insurance can pay out, trade value, retail value, or (trade+retail)/2. It depends what you paid for.

 

[pɐlΛ‾pɐq‾ƃᴉq]

Please let us know what the outcome is.