Car written off - Insurance query

rs65

Elincolnah wrote: »

Value outstanding of finance is -£19,073.00

Our insurance have given value of £19,350 for our car which is more than I expected.

However less excess & remainder of policy that comes to 889. Then leaves our finance a shortfall of approx £600 which is what our GAP insurance is for. However our Gap policy covers us to claim to the maximum value of 25K.

What does your gap policy say?


According to your figures, there is no gap - you have a surplus of £277.

rs65

Elincolnah wrote: »

Our insurance have given value of £19,350 for our car which is more than I expected.

See post #2

Elincolnah

rs65 wrote: »

What does your gap policy say?


According to your figures, there is no gap - you have a surplus of £277.

Minus the excess and remaining premium of our policy leaves a shortfall of £539'ish. Which we are claiming on our GAP policy, going through paperwork, I believe it is a return to invoice policy, which should pay out to 21.6k which is the value on the invoice. This gives us roughly £2,600 back. So although a massive inconvenience we shouldn't be losing anything financially on the car.

However being in a car crash, being without a car and then sorting a new car is obviously a pain. Just thankful to still be here.

Thanks for responses.

noh

Have you contacted the GAP provider yet?
They usually require you to do so before accepting the settlement from the insurance company. This is so they can have the opportunity to negotiate upward the insurance settlement figure and minimise their (GAP) payout.
Also you may find they will only refund the insurance excess up to a maximum figure, mine is £250.
I also think your outstanding insurance premium is not covered by the GAP insurance you will have to try to recover that from the other party to the accident.

Elincolnah

Yes we have contacted our GAP provider who have been waiting for our insurance company to come up with their figures, now they have we have sent all relevant documents to our GAP insurance. They will now discuss between themselves if they think the insurance companies value of the car is fair.


We're not asking our GAP to cover our excess of insurance premium directly, these were taken off the value of the car.

Our solicitor has put our excess and insurance premium cost down on our compensation to claim from the third party.

Every time I think I get my head round it, I seem to get a little more confused.

rs65

Elincolnah wrote: »

We're not asking our GAP to cover our excess of insurance premium directly, these were taken off the value of the car.

So GAP will pay £19350 to £21,600 - £2,250

And back to post 2 - should you not be pushing your car insurers to pay the £21.6k (less deductions) that you paid for the car 4 weeks previous?

Elincolnah

rs65 wrote: »

So GAP will pay £19350 to £21,600 - £2,250

And back to post 2 - should you not be pushing your car insurers to pay the £21.6k (less deductions) that you paid for the car 4 weeks previous?

Yes that is correct, I'm hoping that is the case.

The actual list price of the car was 21k (£600 of various insurances). I was expecting a much smaller offer from the insurance company, based on prices on autotrader. But like I said if our GAP insurance deem the offer to low they will go back and ask them to re-look at figures.