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Wales
by Joske Vermeule, September 1
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Jun 14th, 2026
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Joined: Jul 2007
Posts: 1,103
Retrobate Has a lot to Say!
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OP
Retrobate Has a lot to Say!
Joined: Jul 2007
Posts: 1,103 |
Mornin' chaps - advice needed again
Insurance has come round again (one year already; good grief!), and I've been offered a 'Morgan Scheme Retained Salvage' option for £26.25 extra - what's the view on this please, is it worth having?
Thanks in advance.
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Joined: Sep 2006
Posts: 561
Talk Morgan Regular
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Talk Morgan Regular
Joined: Sep 2006
Posts: 561 |
Not on my policy  - I do have 'agreed value' insurance which is useful.
New joints for old!
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Joined: Jul 2007
Posts: 27,852 Likes: 767
Member of the Inner Circle
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Member of the Inner Circle
Joined: Jul 2007
Posts: 27,852 Likes: 767 |
JohnV6
2022 CX Plus Four
2025 Renault Scenic Alpine etech "Yvette"
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Joined: Oct 2006
Posts: 2,568 Likes: 98
Talk Morgan Expert
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Talk Morgan Expert
Joined: Oct 2006
Posts: 2,568 Likes: 98 |
Retained salvage can be worth having.. you can usually sell on the remains in the event of a write off and make a couple of K.
I can be a "no-hastle" trade as well, with the buyer paying any storage and fees to move the vehicle.
Just make sure you get full pay-out from the insurance plus the salvage.
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Joined: Sep 2006
Posts: 4,564
NGUNS!! Part of the Furniture
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NGUNS!! Part of the Furniture
Joined: Sep 2006
Posts: 4,564 |
£26pa against a possible windfall of upto 2k in the case of a right-off. Hmmm sounds like another take on the infamous 'gap' insurance to me. I suppose it depends on the odds of a 'write off' per annum. If you think its higher than 1.5% (on an 'upto 2k' basis) then go for it. If the chances of a write off are less (and I believe so based on nothing else than the insurance company makng a profit on this) then leave alone. Simple as that..... Well I'm sure it probably isn't but that's how my brain works  BtG
Cheers
BtG
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Joined: Mar 2007
Posts: 2,321
Talk Morgan Expert
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Talk Morgan Expert
Joined: Mar 2007
Posts: 2,321 |
£26pa against a possible windfall of upto 2k in the case of a right-off. Hmmm sounds like another take on the infamous 'gap' insurance to me. I suppose it depends on the odds of a 'write off' per annum. If you think its higher than 1.5% (on an 'upto 2k' basis) then go for it. If the chances of a write off are less (and I believe so based on nothing else than the insurance company makng a profit on this) then leave alone. Simple as that..... Well I'm sure it probably isn't but that's how my brain works BtG I agree, it sounds similar to "gap" insurance, but its good value compared to what dealership would have charged!!!
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Joined: Jul 2007
Posts: 3,842 Likes: 11
le Asbo du Bling Talk Morgan Addict
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le Asbo du Bling Talk Morgan Addict
Joined: Jul 2007
Posts: 3,842 Likes: 11 |
£26 seems a bargain given the price of scrap metal at the moment, alternatively you could sell it to Yuri once he's finished his aero.
Just renewing myself and have been made the same offer on salvage rights. Has anyone done this? It would be interesting to see what the experience was like.
Slowly going green
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Joined: Oct 2006
Posts: 2,568 Likes: 98
Talk Morgan Expert
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Talk Morgan Expert
Joined: Oct 2006
Posts: 2,568 Likes: 98 |
I retained the salvage on my Aero when it was written off.. as previously indicated.. I sold what was left for a couple of grand over what the insurance wanted to give me for it.
Was not really much of a problem.. I never had to deal with the vehicle directly... more like dealing with futures.
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Joined: Sep 2006
Posts: 4,564
NGUNS!! Part of the Furniture
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NGUNS!! Part of the Furniture
Joined: Sep 2006
Posts: 4,564 |
But the point is it must be written off for someone to benefit, and whilst you were unfortunate (fortunate?) enough to do so, generally the calculation must take into account the risk of writing your vehicle off.
The insurance companies know that (for example) one in 200 cars get written off, so gain £5200/200 cars compared with the 'loss' of £2000 on scrap rights.
One lucky (??) fella makes a profit of £1974 after writing his car off and 199 people are £26 worse off. Something like that anyway.
BtG
Cheers
BtG
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Joined: Oct 2006
Posts: 2,568 Likes: 98
Talk Morgan Expert
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Talk Morgan Expert
Joined: Oct 2006
Posts: 2,568 Likes: 98 |
quite true...
I'd argue with the company to get it chucked in for free... threaten to go somewhere else where it is included etc...
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