MY CAR IS DAMAGED! WHAT NEXT?
Whether due to an accident, force majeure or other reasons - if the car comes to a damage is bad at first and means a lot of effort, right?
It was a similar story for Peter N. from Karlsbad, whose car burned out due to unknown engine damage shortly after he parked it. Fortunately, no one was hurt, as this could have had a different outcome. Despite all his luck, Peter is now standing in front of his broken car, can't get it off the spot himself and is asking himself "Help, what am I supposed to do now? “.
The process is daily business for car insurance companies and salvage exchanges like WOM GmbH. But for private individuals, who hopefully are not often confronted with vehicle damage or accidents, this is new territory for the time being. So it's best to call the insurance company first!
Notification: Call insurance company and report damage
Expert opinion: A motor vehicle expert from the insurance company comes and inspects the vehicle damage. He estimates the repair costs and the residual value.
Comparison: The vehicle is listed on a salvage exchange such as the WOM auction platform to compare offers, usually for about 24 hours.
Offer: The offers are presented to Peter by his insurance company.
Decision: Peter now receives the repair costs or the difference to the residual value from his insurance company
and can decide whether he wants to have his vehicle repaired or sell it at one of the offers.
Peter's vehicle is a technical total loss, which means the repair is technically not possible anymore. Therefore, he wants to sell his car at the offer he got from WOM and informs the WOM service team.
Now the WOM service team contacts the highest bidder, the company PHU Michal Swiderski, and confirms the sale. They now pick up the vehicle from Peter within 6 days and pays the previously stated bid price.
So Peter is rid of his car and has enough money to buy a new one!
It wasn't that complicated, was it?
Peter N.: „Fortunately, I have never had an accident and, apart from a few minor repairs, my Golf has not caused any problems so far. So I was already fearing the amount of effort I now had to face. I was really happy that the process through WOM was so quick and smooth."
And what does the buyer say?
PHU Michal Swiderski: I am a customer of WOM since 2016 and regularly bid on the vehicles offered. Through the offer of available vehicles on the platform I had then found this car here and as the highest bidder soon got the commitment. The transaction through WOM went great as always and the communication with the WOM service team is very uncomplicated."
I have another question...
The residual value is the value of a vehicle directly after the accident. The residual value is usually determined via a residual value exchange such as WOM.
The replacement value of a vehicle is the value that the injured party would have to pay for a comparable vehicle from a serious dealer.
In general, the insurance company will pay the repair costs for the damage incurred. In the event of a total loss, the insurance company will pay the injured party the difference between the replacement value and the residual value.
The repair costs consist of the costs for spare parts and small parts such as cavity preservation, underbody protection, etc., painting costs and labor.