Car write off

Ade1993

My partners car was written off in an accident which was in no way his fault. The driver to blame admitted full liability. However after much wrangling with the other drivers insurance over the value of the car my other half had to get his own insurance company involved. They have offered a much better settlement which they will reclaim from the other insurer. The problem is the car was on a PCP which had only been taken out 2 months prior to the accident and there is a fee for paying off early- which is £500 more than the value of the vehicle. Surely my partner shouldn't have to pay this- I mean his car was wrecked through no fault of his own, surely he can't be left out of pocket because of this? We are at our wits end, this has been ongoing for about a month now and has been so stressful. Any advice appreciated.

dacouch

Did you arrange any type of Gap Insurance?

How old is your car?

Ade1993

Not sure what you mean by Gap insurance, the car was only a year old.

dacouch

How old exactly was the car and were you the first registered keeper?

Gap Insurance pays out in claims such as yours to cover the "gap" between when your car insurer pays you and any outstanding finance.

Ade1993

The car was a year old, but my other half isn't the first registered keeper. Can he not claim the money back from the driver at faults insurance?

dacouch

Ade1993 wrote: »

The car was a year old, but my other half isn't the first registered keeper. Can he not claim the money back from the driver at faults insurance?

Unfortunately he cannot recover the interest charge, how he finances the car purchase is not the other Insurers problem, they only need to pay the market value of the car.

Next time look at purchasing some type of Gap cover as it's designed for exactly this purpose.

EdGasket

I guess you can't claim this directly off the TP either as it's not his/her fault you have some finance deal?