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A question about a car...
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sillygirl73
Posts: 136 Forumite
My DH and I are going BR in March and had everything organised, forms etc etc, when last week my DH drove into the back of someone at a junction (aaaarghh!). No one hurt, but insurance company has declared the car a total loss and am currently awaiting a settlement figure from them.
The car was bought by my FIL for £2500 last Nov for us to use. DH is reg keeper but FIL is legal owner. I am anticipating a fight with insurers but am hoping to get about £2000 (current retail price using dealers glasses guide is £2150). We will then have to deduct £200 excess and £250 for remainder of policy so should have around £1400-1500 to get a car.
My question is this:
DH needs car for work and can provide evidence to support this so fairly confident that OR will allow car expenses, but am aware that nothing is guaranteed. The insurance payout will come to us........in order to maintain paper trail of ownership etc, should we then give that money to FIL who will then buy a replacement car? Or is it enough that we can prove that FIL owned original car and so we can go ahead and get a replacement ourselves?
FIL wants to retain ownership as he may use it in the future and so does not want it to be retained as an asset (value of car over £1000) if car expenses not allowed. In essence his £2500 down the drain
.....the accident has already lost him £1000 in 3 months!
Or should we aim to get a car around the £1000 mark so that if expenses are allowed, then we can keep it.............aaaargh, what to do?
Our BR date is 13th March and I think we need to push it back until car is sorted out, would that be the right decision?
Thank you in advance x
The car was bought by my FIL for £2500 last Nov for us to use. DH is reg keeper but FIL is legal owner. I am anticipating a fight with insurers but am hoping to get about £2000 (current retail price using dealers glasses guide is £2150). We will then have to deduct £200 excess and £250 for remainder of policy so should have around £1400-1500 to get a car.
My question is this:
DH needs car for work and can provide evidence to support this so fairly confident that OR will allow car expenses, but am aware that nothing is guaranteed. The insurance payout will come to us........in order to maintain paper trail of ownership etc, should we then give that money to FIL who will then buy a replacement car? Or is it enough that we can prove that FIL owned original car and so we can go ahead and get a replacement ourselves?
FIL wants to retain ownership as he may use it in the future and so does not want it to be retained as an asset (value of car over £1000) if car expenses not allowed. In essence his £2500 down the drain
.....the accident has already lost him £1000 in 3 months!Or should we aim to get a car around the £1000 mark so that if expenses are allowed, then we can keep it.............aaaargh, what to do?
Our BR date is 13th March and I think we need to push it back until car is sorted out, would that be the right decision?
Thank you in advance x
Not as silly as I was thanks to MSE:)
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Comments
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did you put FIL down as the owner when applying for the insurance?Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
Yes we didNot as silly as I was thanks to MSE:)0
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will the policy not then pay out straight to him?Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
even if they pay out to him as policy holder then since you did all the correct things in putting the FIL down as owner then there should be no problem with handing the payout over to the FIL, what the FIL does then is entirely his choiceHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
An update.........the insurance co is issuing a cheque for £2000 but it will be in DH's name, as will only issue to policyholder. Should we then transfer money back to FIL and get him to buy another car which we will use (DH reg keeper etc). Or would it be enough if FIL writes a letter authorising us to buy a car on his behalf?
2nd option would be preferable as FIL lives in another part of country so it would be a lot of faff organising car purchase etc.
BR is 13th march, should we postpone till sorted? In the meantime my DH is using my mum's car so he can get to work.Not as silly as I was thanks to MSE:)0 -
Would appreciate any advice xNot as silly as I was thanks to MSE:)0
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