Archive for February, 2009
Unrecorded Salvage Projects
Every so often you may find unrecorded salvage within the auto auctions up and down the UK. Sometimes this can be very confusing as often there can be some considerable damage done to the car. There are reasons for this, mainly due to car lease firms or large organisations that have a large excess on their car insurance premiums.
If a large company can prove the ability to pay, there can be instances where they are allowed to have huge excess payments on their insurance say up to £25,000. That means any accident or bump that does not injure anyone is in fact not paid out by the insurance company but is a third party loss by that company. Certain car lease firms, or hire companies can save considerable amounts of money by doing this.
If a vehicle is involved in a bump that just damages the car owned by that company, there is no need for an insurance assessor as the vehicle will not have an insurance pay. No insurance assessor means no insurance pay out has been recorded or damage. Of course this description is very basic and there are many conditions and legal obligations that have to be met first.
So when buying salvage at an auto auction make sure there is no damage or treat it like any other project. It is true that when these cars are repaired they are worth more than cars that have an insurance claim logged against them.