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Logintotal loss
18 posts
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hi
had just involved in a chain car crash accident on 30 april along cte city.
i m the last car. (suay)
now ntuc has called up my workshop n told them they r considering a total loss.
now.. what happen to my side?
i knw they will pay up the market value. but does it mean i have to cough up own $ to pay up the remaining loan balance?
any way to discuss with them not to write off?
do advise.
thanks all.
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they will pay you the market rate of the car at the point of the accident, and if you have loans exceeding what the insurer pays you, then good luck. you are on the receiving end.
my car was stolen in KL some years back and NTUC paid me the `market rate' after 9 friggin' months of ding dong-ing. luckily my car was fully paid up then. and by the way, they will `own' the remaining COE that your car is being written off which they will auction. i also lost my bidded number plate becos for stolen cars, LTA would not allow one to re-register the car plate number for new car. so, i got a double whammy here.
for sure you get the short end of the stick here becos:
1. their assessment of the so-called market value of your car will be based on the lowest quote they get. this one sure kelong one...
2. they will sell off via auction your COE and pocket them to offset what they paid you, so their nett payment is a lot lesser than the face value of the payment.
Edited by redDUST 05 May `08, 9:59PM
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Being the last car, only your front will be damaged. How extensive is the dammage? If it is only a fender bender, with smashed head lights, they have no reason to write it off as total loss. They will do so, even if your car is repairable, as long as they think it is to their advantage to write it off than to repair it.Find out if your car is really a total loss, or is NTUC Income shirking the obligation that you have been paying for all this while.
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suffered some minor injuries.. my airbags was deployed.
front part all smashed in. but the repair guy told me shld be able to repair. n he quoted ard 7,8k for the damages.
thought all will go well untill this afternoon got a call from them saying ntuc prob will want write off total loss. cuz its not economical to repair.
but he will try too source for cheaper parts so that dont hv to write off.
1. do u think is better to write off or try to repair? (lets say ntuc give me choices)
2. ins co delay for 9mths to give u the payout, during this period, do i still need to pay for the car instalment?
3. i m still financing the loan, say if write off, do the bank need me to return the balance loan 1 shot, ie, asap or in stalment basis?
4. say if i write off, n have returned all loan. will it be easier for me to get loan again? say even frm the same loan company?
5. car will nv be the same again right, even after repaired?
i have not taken pic. when i drop by the workshop, i will take few n show. perhaps u guys will give better advices.
now i m so affected by all these..
thinking of ard 10k to fork out..
bad lucks have been w me all this while.
any suggestion to rid them? n to get better luck?
thanks all..
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Originally posted by pyjamasgirl:
ntuc called me. final decision.
they will proceed to repair.
accessed the damages. was quoted $9.8k for all.
car will be ok within 2 weeks. i hope so.
n of course i hope car will be almost e same man...
btw i'm driving a suzuki liana HB.
3 yr old soon this june.
Close to 10k for repairs..I dun really know a lot on how it works..
But if it was me.. I would go for total loss..
New car and everything. Not so much problems.
Even if i have to pay more..
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sorry just back from a trip.
yeah actually was comtemplating bet total loss n repair fee.
i knw close to 10k repair is as gd as the car is almost gone.
but i dont knw how much ntuc will compensate me on the total loss. thats y i dont dare to ask for total loss. plus i need to drive for a living. cant afford to wait for loan, wait for car again.
the rest of cars suffered minor damages.
i hope my car will still b as gd la.
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Originally posted by pyjamasgirl:
sorry just back from a trip.
yeah actually was comtemplating bet total loss n repair fee.
i knw close to 10k repair is as gd as the car is almost gone.
but i dont knw how much ntuc will compensate me on the total loss. thats y i dont dare to ask for total loss. plus i need to drive for a living. cant afford to wait for loan, wait for car again.
the rest of cars suffered minor damages.
i hope my car will still b as gd la.
oh ok....may i ask who is responsible for the damages to the other vehicles?
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