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(Post Link) post #1 of 5 Old 02-11-07 Thread Starter
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Insurance query

Guys'

Have my car in the garage with the possibility of it being a write off following a transit ploughing into my 147 *sniff* As I have my car on finance with a protection plan (means if car gets written off then I don't have to pay back finance) and should they tell me the car is a write off would the insurance pay the finance company or myself? insured with elephant fully comp. Been driving for 17yrs and this could be my 1st ever claim

Any advice would be greatly appreciated
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Re: Insurance query

when i wrote my clio off i cancelled the dd to the finance people and the insurance rang them up and got a settlement figue. let those two communicate and then the insurance will send you a cheque for the remainder.
this is when you find out how good your insurance company is. bad ones are a nightmare to deal with when you need to claim.
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Re: Insurance query

I used to work for an insurance so I hope this may help...

normally on the claim you have to say if there is outstanding HP ie 3rd part interest, in the event of a total loss any excess is deducted then the 3rd party is paid, if there is a balance you will get the extra.

I assume the other driver was at fault??? if so you will need to claim any excess back from his/her insurance company, did you have legal cover? If so they will do all this.
If not its quite a simple matter to get it back, well it is if your not to blame, however if the other driver disputes blame then its a whole different ball game.

You may well be able to get car hire if your car is not road worthy, however the car needs to be no bigger than what you had ie you cant get a Jaguar and you need to get advice on if you might qualify..

Did you have protected bonus?

The final insult is what you may get offered...your pride and joy may be worth 'X' to you, but the insurance company will offer book price not top price, thats unless you took out an extra cover on your policy.

Worst case is, excess paid, HP is paid or mostly paid and you dont have anything over or even end up with a debt...

did you or anyone else in the car get hurt, need hospital treatment, see a doctor or have time off work.

Sorry I cant help more, but without knowing the facts its a general bit of info.

Last edited by les666; 03-11-07 at 18:57. Reason: forgot a bit
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(Post Link) post #4 of 5 Old 04-11-07 Thread Starter
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Re: Insurance query

Thanks this is very helpful.

Yes, it was the other drivers fault he drove into me whilst parked. Luckily I was not in the car.

Yes I have legal cover. When you say 'Protected bonus' not sure if I have this. I know I paid an extra £350 to the finance company for payment protection in the event of anything happening to the car they write off the remaining balance.

I would have thought with this payment protection with the finance company after they deem the car a write off, they also write off the debt. So when my insurance find out the debt has been paid off as I had payment protection, will they pay me the market value of my car to get another? or is the finance simply written so I have to get into another HP deal in order to get another car?

Thanks again
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Re: Insurance query

ok, other party to blame, you have legal cover...contact the legal team and they will take all the worry out of the accident.

Re payment...lets give an example...you buy a new or nearly new car for say £15,000 , after a year the car is written off but the outstanding HP is £12,000 the car is valued at 11k you end up with no car and £1,000 debt you recover this from the other party along with any excess.

Normal write off payment is in about 6 weeks, however they normally offer a rubbish settlement in the hope you will accept it, always bank the cheque and write a letter saying you accept it as part payment. However some companies have got wise to this and send a letter saying you need to accept the letter before they release funds..

You may be able to buy back the car if you want it and get it repaired with the money, just make sure that if you do this it is only a cat D write off, the reason for this is in an accident they will only use new parts which may well cost a small fortune..if you can get the parts from a breakers at a fraction of the price you could be quids in..

has a loss adjuster checked the car? what was the repair cost against the value..how bad was the damage.

Regarding protected bonus, you can get this for a small extra insurance premium of about 10% of the policy cost once you have max NCD. All it means is if you have a smash thats your fault you dont drop back a couple of years, if as you say it is the other driver at fault you may possibly have your NCD suspended until its all sorted out then reinstated...only problem is when the other party is to blame but isnt insured.

clear as mud eh!!

Last edited by les666; 05-11-07 at 03:18.
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