Non fault accident in my new car

iambarryscott

Hi all

My 3 week old car looks certain to be declared a total loss following an accident that was not my fault. The other party have accepted liability and we are just waiting for the police to release the vehicles before the insurers can get their hands on them.

My question is whether I will be offered the cash value of a new car or whether the other party's insurance company will argue there has been a diminution in market value etc.

My own insurance policy does not include any provision for nearly new vehicles, I have no GAP insurance and the car was under a PCP finance agreement. I understand that the insurance will first pay off the finance company but I am hoping they will pay the full new value so that I get my full deposit back.

Any advice or experience would be greatly appreciated.

Quentin

If it's only 3 weeks old the market price should be the price on the invoice.

Don't accept less.

jonesMUFCforever

Quentin wrote: »

If it's only 3 weeks old the market price should be the price on the invoice.

Don't accept less.

Why? As soon as you drive off the forecourt you will have lost 20% of the price?
Only GAP insurance would have covered you for new for new.

Aretnap

While he might have lost 20% of the purchase price in some bizarre theoretical way, in practice there is little or no market in three week old cars, so the only way to put him back in the situation he was in before the accident is to buy another new car.

iambarryscott

Thanks all.

JonesMUFCforever do you have some experience of my situation?

kingstreet

Many policy documents have a new car replacement clause.

Mine says;-

We will... replace your car with a new one of the same make, model and specification, provided your car is in current production and available in the UK.

It must have been bought new, you or spouse ar first registered keeper, or second if mfr/dealer first keeper with only 250 miles or fewer on clock at date of purchase.

It costs more than 60% of the mfctr's retail price inc VAT to repair it.

It's less than one year old from first registration.

If we can't replace it, we will pay you what you paid for your car, or the most recent new list price in UK.

It may be worth a look at the TP insurer's policy schedule, although I do appreciate you aren't their policyholder.

rs65

kingstreet wrote: »

It may be worth a look at the TP insurer's policy schedule, although I do appreciate you aren't their policyholder.

I'd imagine that is very wishful thinking.

Without a new car clause, I would put my hopes on the ombudsman ruling about recent purchase values.

beduth

rs65 wrote: »

I'd imagine that is very wishful thinking.

Without a new car clause, I would put my hopes on the ombudsman ruling about recent purchase values.

Same happened to me. 6 week old car cost £16,500
offered £9000. Just said" see you in court " . Got immediate offer of exact same car on road no cost to me.

beduth

Sorry meant to say I had no Gap ins. either.

rs65

beduth wrote: »

Same happened to me. 6 week old car cost £16,500
offered £9000. Just said" see you in court " . Got immediate offer of exact same car on road no cost to me.

Was that your insurer or the other insurer?

iambarryscott

beduth - thanks, that's very reassuring! Was it also a non fault accident?

rs65 - could you direct me to this ruling?