Who gets the salvage money

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Wed 24 Jul 2024 18:41
Who gets the salvage money - cuppaTLager
Hi first time here...

I had a no-fault claim with my car insurance to which my vehicle was passed to an accident management company (AMC) that took the vehicle away to be assessed.

Without my knowledge they assessed the vehicle as a category N write off and pursued the 3rd party's insurance for payment. I was told the 3rd party paid the car assessment price (let’s say £2000) minus the salvage value (let’s say £300). IE £1700.

On gaining the assessors report… it stated the pre accident value of the car was £2000

My question is... has the accident management skimmed off the savage into their own pockets... IE should I receive:
the assessment of the car (£2000) plus the salvage (£300) = £2300
OR
the assessment of the car (£2000) minus the salvage (£300) = £1700 plus the salvage (£300) = £2000?

To date I have not received all the payments owed to me but they have already sold the car on to a third party.

Thanks
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Thu 25 Jul 2024 05:52
Who gets the salvage money - leaseman

Assuming that you are happy with the pre-incident valuation (Are you?), you should receive either £2,000 or, in some instances you would agree with the insurers to receive £1,700 plus the damaged vehicle.

Whichever way, you require value of £2,000.

Who appointed the Accident Management Company?

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Fri 26 Jul 2024 18:41
Who gets the salvage money - Andrew-T

If your car is a 'total loss' your insurer should pay you what they consider to be the market cost to buy you an 'identical' vehicle. They keep the written-off car and raise what they can from its parts, or possibly sell it on for repair.

You should be able to keep the car and repair it, but if you did, they would deduct the 'sc-rap value' from your payout.

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