Non Fault Claim - No GAP

[Pasetos]

I have had an accident 2 days ago

- as both airbags deployed I am being told it is a write off

- car was 7K 13 months ago from a garage

- financed and all running smoothly until accident

- tp came out from junction into my path.

 

If car is def written off (Awaiting assessors report)

i reckon i will get 4k ish for the car

- but owe 6600 to finance Company

 

 

- finance company DO NOT offer GAP insurance on their policies I never thought about it (My bad)

am I totally stuffed

- is their ANY feasible way of me claiming the 2500 ish shortfall as finance company have said if written off they want it within 3 months.

 

What options if any do I have?

 

Thanks

 

Paul

[unclebulgaria67]

Settlement of a total loss, is the provable market value at the time of the accident. So get checking guides such as glass.co.uk, Parkers, car adverts and prices in garages.

 

In regard to the financed price of a car and a gap between market value and what is left on finance, this is often argued about. Why should a car owner not at fault for an accident not only lose access to their car, but then have the remaining finance to pay for a car that they no longer have ?

 

Personally, i cannot see why it is not reasonable to claim the full cost of the accident loss to you. Insurers will only settle the market value and you have to make the argument about this further consequential loss in regard to the finance, as a claim against the third party.

 

There was a thread recently where someone managed to get a third party insurers to settle a claim for the car and finance, so they did not have a finance amount left. But i don't think this is what normally happens and you will have a argument to make, by providing full details of your loss to the third parties insurers.

[Pasetos]

There was a thread recently where someone managed to get a third party insurers to settle a claim for the car and finance, so they did not have a finance amount left. But i don't think this is what normally happens and you will have a argument to make, by providing full details of your loss to the third parties insurers.

 

So once the car has been written off and the TP insurer accepts full liability I then need to argue with them "directly" to try and claim for the additional GAP to finance?

 

Thanks

 

Paul

[Old Cogger]

failure of which court proceedings may take place with the courts assumption that you should be placed back to where you were prior to the non fault accident???????????? and not out of pocket as a last resort???? wonder?

[unclebulgaria67]

So once the car has been written off and the TP insurer accepts full liability I then need to argue with them "directly" to try and claim for the additional GAP to finance?

 

Thanks

 

Paul

 

Yes you can claim directly with the third party insurers, by providing them with full information of your loss. 1) market value of car, 2) other consequential losses e.g car hire, finance interest remaining.

 

BUT you need to get the finance company to put something in writing confirming the amount from the date of loss up to the end of the finance agreement. So it can be seen what interest you are liable for, when you don't still have the enjoyment of the car.

[Pasetos]

There was a thread recently where someone managed to get a third party insurers to settle a claim for the car and finance

 

 

Any ideas where this thread is - cant find it

 

Paul

[unclebulgaria67]

It was a motorbike claim

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?468781-Insurance-claim-not-at-fault(1-Viewing)-nbsp

 

You can try to get a third party Insurers to pay remaining interest on a finance agreement by providing evidence, but i suspect they will say they don't normally accept such consequential loss claims. I am not sure whether Insurers have some court case precedent that says they don't have to. Logic says you should not face continuing paying interest on a car you have lost due to their policyholders liability for an accident.

[Pasetos]

Spoken to solicitor and advised wasting money and time to chase - car written off - 2500 to find in 3 months - only good ting is you live and learn