Defining damage beyond economic repair
Insurance companies would often take a similar approach when deciding how much to pay for your vehicle when you make a claim. For example, they would consider the salvage value of the vehicle, and deduct this from the actual value of your van to calculate the threshold for economical repair value. For example, let’s assume that the actual value of your vehicle before the accident was £8,000. Now, the salvage value at 20% of this amount is £1,600. Then, the insurer would subtract this figure from the payout value arriving at £6,400. So, if the costs of repair were to exceed this sum, the vehicle would be considered to be damaged beyond repair.
Disposing of your van that’s beyond economical repair
Well, the choices you may have are few as most people are reticent to buying such a van. Private buyers who are mostly garage owners may make you an offer that’s a lot worse than what you would receive from the insurance company.
At a time like this, it’s best to dispose of your van by selling it to a large and reputed van refurbishment company who could buy your vehicle. We Buy Broken Vans is a reputed UK company who specialise in buying vans that have been damaged. The company’s website has a valuation tool that gives you a fair idea of how much you can expect to receive for your vehicle.
The process is very simple. Once you receive your online valuation, call (0121) 285 9859 to speak to a member of the team and an inspection of your vehicle will be arranged to finalise the purchase. The company would also collect your van from any UK address at no cost. It’s probably the best option you could get when disposing of your economically un-repairable van. Talk to a member of our team today to find out more.
Image credit: Pexels