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My car was damaged by a hit-and-run driver - should I repair it or just sell it?
My 2013 BMW 520d Touring has done 101,000 miles. But recently I saw that someone had driven into the side of the car and hadn’t stopped or left their details. Both near side doors are scratched and dented, and I’ve been told repairs could cost around £4,000. Other than the damage runs well.
I’ve already spent over £1000 having the suspension repaired, and because of its age etc, I’m unsure whether or not I should pay for the repair, claim on my insurance, try and sell it as is, or keep it. Any advice would be welcome.
I’ve already spent over £1000 having the suspension repaired, and because of its age etc, I’m unsure whether or not I should pay for the repair, claim on my insurance, try and sell it as is, or keep it. Any advice would be welcome.
Asked on 22 June 2023 by Cadno
Answered by
David Ross
It is a common situation when running a slightly older car that the cost of repairs stay the same (or even go up) while its value goes down, so you reach a point where you have to invest a sum that is equal to a significant proportion of the car's value in order to keep it running.
Ultimately it is a matter of looking at your finances and balancing this with how the car is otherwise running and whether it still suits your needs. If you are keen on keeping the car, and given it is running well and you have recently paid for mechanical repairs we can understand why you would, there may be alternative options to lower the cost of the repairs. If you are used to working on your own car you could source replacement parts and fit them yourself, or you could look for an independent BMW or bodywork specialist - we think the estimate of £4,000 seems quite high. If you can stomach it you could also ignore the damage for a few months while you gather together the money for the repairs.
You can of course claim on your insurance for the repairs, but you would need to balance this against the subsequent increase in your insurance premium - it could be as much as 50% due to the value of the claim and that there is no third party to claim from.
The final option would be to sell the vehicle, which will of course be less than the market value if the car was intact and still leaves you with the need to replace it, so again this would depend on your available finances.
There is no incorrect option as such, it is a case of deciding which option works best for you and your circumstances.
Ultimately it is a matter of looking at your finances and balancing this with how the car is otherwise running and whether it still suits your needs. If you are keen on keeping the car, and given it is running well and you have recently paid for mechanical repairs we can understand why you would, there may be alternative options to lower the cost of the repairs. If you are used to working on your own car you could source replacement parts and fit them yourself, or you could look for an independent BMW or bodywork specialist - we think the estimate of £4,000 seems quite high. If you can stomach it you could also ignore the damage for a few months while you gather together the money for the repairs.
You can of course claim on your insurance for the repairs, but you would need to balance this against the subsequent increase in your insurance premium - it could be as much as 50% due to the value of the claim and that there is no third party to claim from.
The final option would be to sell the vehicle, which will of course be less than the market value if the car was intact and still leaves you with the need to replace it, so again this would depend on your available finances.
There is no incorrect option as such, it is a case of deciding which option works best for you and your circumstances.
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