Well it now looks as though the new legislation is due to be tabled on October 16 for sign off, with the expectation to become LAW Oct 29 2010 to cease having repairable written off vehicles.
The new law applies to the following:
- all vehicles under 15 years old
Exclusions to the new law are:
- non structural hail damaged vehicle
- personal value vehicles (i.e. you the policy holder chooses to keep your vehicle as salvage the insurer pays you vehicle value, less the salvage value back to yourself - PAV $10k, salvage value = $2k, cheque to (you) the policy holder = $8k)
- high value vehicles
- collector
The NSW RTA assumes that it will be coming into place as it is already on their website.
If a vehicle is kept for personal value (as described above) this vehicle will not be on the WOVR register allowing these vehicles to be sold privately, repaired then sold on without the future buyers even knowing the history of the vehicle! This is where this new rule becomes a FAST for the cause of trying to stop ringing and vehicle theft!
When we get our systems in place i will be the first person to be taking this to ACA or today tonight to raise with the general public.