new for old car

teddysmydog

my 7 week old fiat 500 was side swiped by polish hgv on m1 yesterday-completly his fault-2 witnesses confirm this and he admitted liability to attending police although he hasnt yet to his insurance.car is probably write off and we will get new for old insurance pay off as car is under 1 year old.my question is who pays for loan car whilst i am waiting the 14weeks it will take for my new fiat to arrive after ordering-do insurance consider there job is done once car is written off-a car is essential for my work and i do not see why we should pay for rental on a car when accident is completly not my fault-many thanks

cjgoodsell

I always understood it that you continue paying the loan agreement until advised otherwise by either the claims department or the people that adminsiter your loan agreement. I would speak to the claims handler first on monday.

Have you got driver's legal protection on your insurance? If you have then you should be able to claim for the hire car, personal injury, time off work or other unisured loss and excess back.

teddysmydog

thanks but i meant loan as in the car i have been lent whilst mine is assesed not a financial loan

cjgoodsell

Sorry I see what you meant now... Hope you get it sored out... At the roadside at least he admitted to the police which would help you but if the insurance company is also based abroad it may take a while to get them to pay your insurance company back...

dacouch

cjgoodsell wrote: »

I always understood it that you continue paying the loan agreement until advised otherwise by either the claims department or the people that adminsiter your loan agreement. I would speak to the claims handler first on monday.

Have you got driver's legal protection on your insurance? If you have then you should be able to claim for the hire car, personal injury, time off work or other unisured loss and excess back.

Its unlikely a credit hire company will loan a car when a foreign driver is involved

mattymoo

How does the new for old cover work when the car is on finance? I used to deal with motor claims (20 yrs ago) and I'm blowed if I can remember the answer.

I don't think the insurers are going to settle the outstanding finance and buy you a new car. I would suspect a new car is provided but you carry on with the finance as it is.

pastra

The hire car will be arranged through your own insurance company and the expense claimed back from the third party if they are at fault.
I would also be surprised if it will take an insurance company 14 weeks to get a Fiat 500. If your are insured with a major insurer your car is most likely to be written off, if you bought it for £12,000 the insurer can probably buy the same car for £8000 meaning any damage more than £8000 has written the car off.
That is why the new car is offered in the first 12 months, saves large sums of money.

mcjordi

mattymoo wrote: »

How does the new for old cover work when the car is on finance? I used to deal with motor claims (20 yrs ago) and I'm blowed if I can remember the answer.

I don't think the insurers are going to settle the outstanding finance and buy you a new car. I would suspect a new car is provided but you carry on with the finance as it is.

they arrange with finance company to transfer the loan to the new car
and pay off the old car iirc

Quentin

pastra wrote: »

The hire car will be arranged through your own insurance company and the expense claimed back from the third party if they are at fault......

Highly unlikely.

Your own insurance policy won't include a hire car.

This is an uninsured loss, and should be included in your claim for uninsured losses you will be making direct from the third party.

pastra

mcjordi wrote: »

they arrange with finance company to transfer the loan to the new car
and pay off the old car iirc

They wont clear the old finance, the finance remains the same but against a different car.

The above would have the insurer pay twice,
1 Buy new car
2 Pay off finance

No insurer would do that