Insultingly low car insurance payout- NO FAULT ACCIDENT

PNPSUKNET

if its subject to a pcp etc you wont get the cheque the finance company will. also no chance of intrest

kyusho

It was purchased in cash, so no PCP. And your also wrong about the interest;

19. interest on the amount of the claim

We usually decide that the insurer should pay the policyholder interest on the amount of the claim – calculated from the date of the incident (not from the date of the claim) to the date of payment. This is because the policyholder has not had the use of the vehicle, but the insurer has had the use of the money. The rate is likely to be 8% per year simple, though the law may require the insurer to deduct tax from the interest.

PNPSUKNET wrote: »

if its subject to a pcp etc you wont get the cheque the finance company will. also no chance of intrest

PNPSUKNET

think you will find thats if the case is agreed by the fos or a court

adamc260

kyusho wrote: »

Now I don't understand the whole process and have a few questions.

1. Firstly, by cashing the cheque what the letter is saying is that I can still contest the amount they are paying? Or should I return the cheque together with my letter (below).

"Banking our cheque will not prejudice your position"

Means you can bank the cheque, and as long as you tell them you dispute the offer any increase in value will be sent in the form of a second cheque.