Auto Recovery Insurance – Automobiles can represent exceptional value and savings

For those looking for value and good deals in the used car market these days, a top concern is “flood damaged” cars, trucks and SUVs. Not surprising given all the big storms we hear about in the media. Whether it’s hailstorms, thunderstorms, hurricanes or tornadoes and their aftermath, the consumer needs to be vigilant and ready.

However, these events sometimes also bring good value. A savvy buyer at a local car dealership realized practical logistics after a major storm struck the site of the head office and auto plant. Even though a group of vehicles were listed on the sheet as “hail damage,” he knew that most of these vehicles were perfectly fine, an insurance write-off primarily for liability and administrative reasons. Some might have minor damage, which was easily repairable, he reasoned. However, most should be perfectly fine, she bet. It took him some time to convince his boss, and also the bankers, of the merits of the situation. Therefore, the company purchased the lot, at effective write-off cost from the factory and perhaps from their insurance company that covered the hail damage. So for the buyer, in this case and the ultimate buyers of the vehicles that would hit the pavement, it was a win-win deal.

What are the legal and practical aspects of such a sale and purchase by a consumer? The rules in the factory line process and especially in the automotive industry are quite clear and strict. You may have purchased a used electronic item at a great sale that was labeled “refurbished.” The term refurbished in many consumers’ minds is like one of “used shoes.” However, a reform can be perfectly new. Anything rolled off the assembly line for any reason, or at the end of the line when tested and found to have a problem or issue, is labeled for sales purposes as not “new.” The term “new” is very specific and strict as a consumer purchase label. Most of the products sold now are modular. Complete modules are attached and removed in an instant. I had a module replaced and exchanged at the factory. Better still, each unit is specifically and individually tested for sale, which is definitely not the case in mass production “new” items for sale. the manufacturer or distributor, who in turn sold it to a refinisher who took a file of the returned product and built a series of functional products from it. But then again, each item is individually tested. However, this lot is selling en masse. to the big, mass-market merchants to clean up. If a good percentage of the product is not in top working condition for sale, the company doing the upgrade work will either be stuck with the product or lose their reputation for future business. It’s intrinsic in the process.F or most “refreshes” in terms of electronics are a good deal overall for the people who buy them and yet are a better draw for stores to attract hunters of bargains, many of whom turn up their noses at the product and are pushovers. sold to more expensive purchases that typically have a higher markup for the store.

Let’s go back to hail damaged vehicles as an example. It turned out that when the vehicles arrived and were individually inspected, the dealership’s sales manager was right on his hunch. All the cars were perfectly fine and in fact indistinguishable from “new” vehicles. However, the legalities were certainly not in place. These cars could not be sold as “new”.

Every vehicle for sale has a serial number, a vehicle identification number generally referred to in auto dealers and auto insurance as the “VIN.” If car buyers on the lookout for a new car were told specifically and clearly why they were getting such a deal on any similar vehicle for sale in their local area, that would be perfectly legal and indeed fair to both parties. In the auto sales and/or auto finance contracts, the product was clearly listed as “hail damaged” and not perfectly pristine, so both parties are fully aware of the terms of sale.

The buyers will most likely sign a legal waiver stating that they were aware of the situation and fully understood it. To most, it seemed like a good deal, even a dream. In fact, they were getting the new car, truck or SUV they wanted, or even factory option upgrades at substantially reduced price levels from what they were already prepared to pay, or had been approved for auto financing at their bank or institution. financial. The vehicles had a 100% factory warranty (outside of hail damage to bodywork) that it was safe and secure. It may be true that for auto collision insurance reasons, there could be vehicle replacement issues, as the car or truck most likely cannot be replaced in the settlement pricing structure. Still, if the motorist and car owner could provide documentation of the cost of sale, then their money or a prorated amount should have been routinely reimbursed as insurance contract payment.

So, in the end, a consumer buying a product should do their homework when it comes to purchases, especially high-value items like cars. If he’s in the right place at the right time and has done his homework, he may be in a position to get the deal of a lifetime out of him.