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Car insurance and non-fault claim headaches!
Comments
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I think the OP has missed info out to shorten the story or they have misunderstood, but as the car is under finance with Ford in parents name, then they will have advised Insurers of this finance. Also Ford finance should be aware of the situation. Most of the claims settlement will go to Ford and anything left after Ford receive what they are owed, will go the Policyholder. This might be why they have received a settlement amount £1150 for a nearly new Kuga. It is the amount left after paying Ford. That would be my guess.
either that or he miss typed £11500
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Think we're missing something.
The OP says his policy has new for old cover for cars up to a year old.
From the dates the car was (just) under a year old at the time of the accident.
So whether the settlement offer is £1150 or £11500, why are they offering a cash settlement at all rather than a replacement car? Is this not acceptable to the finance company for some reason, or is there some other reason?0 -
So whether the settlement offer is £1150 or £11500, why are they offering a cash settlement at all rather than a replacement car? Is this not acceptable to the finance company for some reason, or is there some other reason?
Possibly because the insured isn't the first registered keeper.0 -
So whether the settlement offer is £1150 or £11500, why are they offering a cash settlement at all rather than a replacement car? Is this not acceptable to the finance company for some reason, or is there some other reason?
I'd be surprised if the finance company were willing to continue with the arrangement now that they will be aware of the fronting.0 -
I'd be surprised if the finance company were willing to continue with the arrangement now that they will be aware of the fronting.
You have no idea what fronting is. I have been a customer of Ford for 5 years doing exactly this. I needed a new car, couldn't get credit in my name (but could/can afford everything needed) so we took this route. Ford are fully aware, as it was from a main dealer and its Fords own Finance.in your shoes I think I would be spending a little money on seeing a lawyer, seems all wrong you take out cover and then have to lose money and put loads of work in, comprehensive cover? protected no claims? throw it back at Lloyds and tell hem to sort it.
I may look at this route. One very angry phone call to Lloyds Insurance and Covea coming up tomorrow.
I informed my insurer (Lloyds) of the incident, which of course I had to. They said they would do everything and claim it all back from his insurance. The problem has now come from the fact it's been passed over for the underwriter Covea to handle. I also had to claim through mine to qualify for the New for Old, rather than settle for a payment from their insurers which would be less than my outstanding finance.Next time you are involved in an incident where liability is clear cut consider claiming directly off the third party insurer to avoid having to pay your excess etc.either that or he miss typed £11500
I'm afraid not.
To clear everything up. The finance agreement is in my mothers name as is the V5 doc. When we took this out, we were told that Ford would put the V5 into my name. They did this with my previous vehicle I had through them.
When I took out the policy, I put down myself as the registered keeper inline with what I though the V5 said.
So my insurance know that the vehicle is on Finance and that was in my mothers name. That doesn't actually matter for the New for Old claim. They care about the V5. I have explained the situation and it was a genuine error. Hopefully they will see past this or even speak to Ford who will back this up.
Even if the New for Old claim doesn't come off, surely there must be a mistake with the settlement offer? They should be offering me the market value of the vehicle before the accident. £1500 (minus my £350 excess) for a 15 plate isn't right in any book.
Tomorrow, Lloyds will be getting a complaint as ultimately my policy is with them and as helpful as they were intially, now I'm dealing direct with the underwriter it's been a farce. No contact from them (I've had to call), each time getting a different story over the phone, almost like they aren't reading the previous notes.
I'm incredibly angry. I've missed two days of work and spent 4 hours on the phone so far because of this and it may look like I'm going to be worse off due to a drunk driver (who if anyone is interested, got 2 year ban, 170 hours community service to pay all court costs). Loss of car, loss of no-claim bonus, ending up out of pocket.
If this doesn't start getting sorted, should I contact his insurers also?0 -
What "fronting"?
(Do you even know what "fronting" is?)
Taking out car finance in somebody else's name is fronting. That's exactly what's happened here.
The OP states that the finance was taken out in his parent's name, not that his parent was a guarantor. The V5C also being in the parent's name supports this as the finance company insist on it being registered in the name of the person taking the finance agreement.0 -
Taking out car finance in somebody else's name is fronting. That's exactly what's happened here.
The OP states that the finance was taken out in his parent's name, not that his parent was a guarantor. The V5C also being in the parent's name supports this as the finance company insist on it being registered in the name of the person taking the finance agreement.
That's not what fronting is, Fronting is naming someone as main driver on car insurance when they arent0 -
glentoran99 wrote: »That's not what fronting is, Fronting is naming someone as main driver on car insurance when they arent
I'm referring to fronting on the finance agreement, not the insurance.0 -
Taking out car finance in somebody else's name is fronting. That's exactly what's happened here.
The OP states that the finance was taken out in his parent's name, not that his parent was a guarantor. The V5C also being in the parent's name supports this as the finance company insist on it being registered in the name of the person taking the finance agreement.
You have to be careful making clear what your point is or you will get jumped on. Yes it is fronting a loan for someone else and not insurance fronting.
I suspect you are correct that Ford would not normally allow the V5 registered keeper to be anyone else, but the person who took out the loan. The simple reason for this, is that if any loan is not being paid back, they know who the registered keeper is. They could start repossession proceedings. If they allowed the car to be registered in any name or address, it just makes it more difficult for Ford.
The OP has not clarified whether his Insurers have involved Ford in the settlement of the claim.The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.0
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