After more than a month of denial and avoidance, I finally took a step to face my problem with my car insurance. I went to Tawuniah insurance agent named Ahmad, and discuss with him the details of settlement. here's the breakdown:
Car original value: SR61,000
Purchase Date: Feb 2008
Settlement Date: October 2008
Care Age: 3 year & 8 months or 44 months
Mileage: 61,+++ kilometers
Depreciation rate: 1.5% per month vs original value
Depreciation cost: SR40,+++
Book Value: SR20,+++
Remaining Installment Payment: 8,+++
Settlement Value = SR12,075
Ahmad asked me to come back 10 days later to collect the check for settlement.
* * * *
If you ask me why it took me too long to settle with the insurance. The reason? I was hoping I could still salvage my beloved Tekla, my 2008 Hyundai Tucson Silver Gray. I tried asking around how much would it cost me to repair the car. Some would estimate between 5k to 10k while other would give much higher price. Seasoned mechanics argues that even if I can save the car, there is no assurance that it would function 100%. I also have to be ready of unforeseen problem that may arise in the future. Close friends strongly discourage me to go for repair on safety issue. They argue, life is more important than a handful of savings.
Ball park calculation, say the market value of the car is SR35k and the repair cost is around SR15k then it would just be reasonable to receive the clean SR20k book value settlement. That's the reason, I finally agreed for settlement.
On the hindsight, I simply could not let go of Tekla because of so many good memories I had with her. With my car, I was able to navigate all areas of Riyadh city. I reached hidden places of Saudi Arabia such as Wadi Pitik, Edge of the World in Huraymilla, Wadi Laban, Wadi Hanifa, desert places, and many many more. I also reached Bahrain and Jubail safely with my reliable Tekla.
Car original value: SR61,000
Purchase Date: Feb 2008
Settlement Date: October 2008
Care Age: 3 year & 8 months or 44 months
Mileage: 61,+++ kilometers
Depreciation rate: 1.5% per month vs original value
Depreciation cost: SR40,+++
Book Value: SR20,+++
Remaining Installment Payment: 8,+++
Settlement Value = SR12,075
Ahmad asked me to come back 10 days later to collect the check for settlement.
* * * *
If you ask me why it took me too long to settle with the insurance. The reason? I was hoping I could still salvage my beloved Tekla, my 2008 Hyundai Tucson Silver Gray. I tried asking around how much would it cost me to repair the car. Some would estimate between 5k to 10k while other would give much higher price. Seasoned mechanics argues that even if I can save the car, there is no assurance that it would function 100%. I also have to be ready of unforeseen problem that may arise in the future. Close friends strongly discourage me to go for repair on safety issue. They argue, life is more important than a handful of savings.
Ball park calculation, say the market value of the car is SR35k and the repair cost is around SR15k then it would just be reasonable to receive the clean SR20k book value settlement. That's the reason, I finally agreed for settlement.
On the hindsight, I simply could not let go of Tekla because of so many good memories I had with her. With my car, I was able to navigate all areas of Riyadh city. I reached hidden places of Saudi Arabia such as Wadi Pitik, Edge of the World in Huraymilla, Wadi Laban, Wadi Hanifa, desert places, and many many more. I also reached Bahrain and Jubail safely with my reliable Tekla.
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