Don't Give Insurance your v5 doc for stolen or wrote off car on Cat C or D

machine3006

I was dealing with an insurance Company called Covea Insurance with regards to my car which was in an accident recently.
I got a courtesy car,while it was taken to a garage for a repair quote,once they wrote it off,the hire car had to be returned to them,so i took my car off them and got it transported and dropped onto my driveway,the insurance said its a write off Cat D because it wasn't economical for them to repair it,they offered me a settlement figure which i agreed on and i told them i will retain the old car,they advised I should ask my finance as its there decision,I received an email confirming this from insurance.
I then asked the Finance company who informed me that when they are settled they will remove there interest in the car (on hpi) and i can retain and dispose of the car how i wish.
some days passed and still i didn't hear from the insurance ( i.e. letters or emails) i called them for an update on the settlement as i had no car and needed to settle finance before i went for a new car.
the person on the phone said 'we are just waiting on the V5 then we can settle?
I explained what i have above to them,they then said if you want to retain the car the settlement figure will be reduced minus the salvage value of your car?
I wasn't happy with this answer after having had the email from them stating its was nothing to do with them who gets the car.
I called the insurance ombudsman and they agreed with me that they have no right over my V5 or my car.

The reason for this post is to make people aware of this trick the insurance play on us,they pay us out and take our car from us and recoup there losses by selling it onto a salvage company for a fee around 20-40% of the value of the car,they then sell it on for a profit and and it will be repaired and put back on the road again if its a Cat C or D
The insurance company's have no right over your car,once paid out it belongs to the person who owned or took finance out on it,if its out on Finance and they are settled it becomes your property to do with as you wish.

Don't let insurance company's rip you off like this,its illegal but the general public don't question it thinking this is a legal move,its NOT....Dont allow the insurance to take your car from you if its a Cat C or D,take it off the garage who did the estimate and store it on your drive,otherwise you'll have a bigger argument with the insurance,since they will be in possession of it in a salvage yard, you want to keep it,repair or sell it yourself,after all its your car.

Keep in mind you pay insurance to them to cover your loss on the car,you loose your car from fire theft or damage they pay you out,that's it,I will say AGAIN they have no right to demand your V5 or car,no matter what the reason they make up to take it from you

These days insurance companies new trick is to find a way not to pay you out and then try take your car from you.

I have had my original full settlement of £24,000 and kept my car,I will be the one to decide its future not them.

REFUSE TO GIVE THEM IT,KEEP IT ITS yOURS!!!

alumende27

See

https://www.gov.uk/scrapped-and-written-off-vehicles/insurance-writeoffs

In each case you are expected to send the V5C to your insurance company even if you keep your vehicle.

sofiar

I think this is a standard practice as my car was written off over 15 years ago, it wasn't worth much only £450 but I managed to buy it back from the insurance company for £90 so in essence, because the insurance company paid out for the value of the car, they have, in theory purchased your written off vehicle but you have the option to buy it back from them. I don't think it's a new thing, it's been going on for a while.

FutureGirl

When the insurer sells / scraps your vehicle the money made from that it put back onto your claim, so the claim cost is less. If you want the car as well you can but you have to pay for it (they deduct what they would have got from scrapping / selling it from your settlement).

Anyway if you're paid out for your vehicle, it then becomes their property so they can do what they like with it - nothing wrong or illegal with that.

It also isn't a trick - you'll find if you read your policy documents that it's clearly stated in there.

forgotmyname

So you want the full market value for the car and get to keeo the car at no extra cost?

You are basically selling the car to the insurer, if you dont give them the car then they will obviously want to have some deducted.
Even if its scrap value.

Nothing illegal. Its like you selling a car and then telling the buyer they cannot have it.

mattk_180

They've paid out for you to go and replace the car, but you want to keep the original car as well? It may only be worth scrap value but if you keep your pay out and the car, you're in a better position than when you started as there would be nothing to stop you from scrapping it yourself for extra money or fixing it up with the pay out and having 2 cars.


Insurance is only meant to put you back into the same position you were previously and that wouldn't be the case in this scenario.


If you want to keep the car, then the scrap value will/should be deducted from your pay out.


I think you need to read the policy documents and/or read up more about how insurance works before going on another rant about what you are and are not entitled to. If they've paid you for the car, the car is then theirs. Want to keep it? Take a reduced pay out. They're not necessarily "entitled" to it, but only if you choose the latter option.

csgohan4

having your cake and eating it

alumende27

mattk_180 wrote: »

Insurance is only meant to put you back into the same position you were previously

Ha ha ha! Thats the funniest thing I've read all day. have you ever claimed on motor insurance?

csgohan4

dsdhall wrote: »

Ha ha ha! Thats the funniest thing I've read all day. have you ever claimed on motor insurance?

What's so funny? When I have claimed they always keep the car and the V5C sent to the insurers or another company. I think that's fair, they are paying you the current value of the car prior to the accident.


You want to keep the car, pay for the scrap value

PersianCatLady

machine3006 wrote: »

I was dealing with an insurance Company called Covea Insurance with regards to my car which was in an accident recently.
I got a courtesy car,while it was taken to a garage for a repair quote,once they wrote it off,the hire car had to be returned to them,so i took my car off them and got it transported and dropped onto my driveway,the insurance said its a write off Cat D because it wasn't economical for them to repair it,they offered me a settlement figure which i agreed on and i told them i will retain the old car,they advised I should ask my finance as its there decision,I received an email confirming this from insurance.
I then asked the Finance company who informed me that when they are settled they will remove there interest in the car (on hpi) and i can retain and dispose of the car how i wish.
some days passed and still i didn't hear from the insurance ( i.e. letters or emails) i called them for an update on the settlement as i had no car and needed to settle finance before i went for a new car.
the person on the phone said 'we are just waiting on the V5 then we can settle?
I explained what i have above to them,they then said if you want to retain the car the settlement figure will be reduced minus the salvage value of your car?
I wasn't happy with this answer after having had the email from them stating its was nothing to do with them who gets the car.
I called the insurance ombudsman and they agreed with me that they have no right over my V5 or my car.

The reason for this post is to make people aware of this trick the insurance play on us,they pay us out and take our car from us and recoup there losses by selling it onto a salvage company for a fee around 20-40% of the value of the car,they then sell it on for a profit and and it will be repaired and put back on the road again if its a Cat C or D
The insurance company's have no right over your car,once paid out it belongs to the person who owned or took finance out on it,if its out on Finance and they are settled it becomes your property to do with as you wish.

Don't let insurance company's rip you off like this,its illegal but the general public don't question it thinking this is a legal move,its NOT....Dont allow the insurance to take your car from you if its a Cat C or D,take it off the garage who did the estimate and store it on your drive,otherwise you'll have a bigger argument with the insurance,since they will be in possession of it in a salvage yard, you want to keep it,repair or sell it yourself,after all its your car.

Keep in mind you pay insurance to them to cover your loss on the car,you loose your car from fire theft or damage they pay you out,that's it,I will say AGAIN they have no right to demand your V5 or car,no matter what the reason they make up to take it from you

These days insurance companies new trick is to find a way not to pay you out and then try take your car from you.

I have had my original full settlement of £24,000 and kept my car,I will be the one to decide its future not them.

REFUSE TO GIVE THEM IT,KEEP IT ITS yOURS!!!

This is completely wrong.


Once your insurers have paid out on your claim, they then own the car.


You can make arrangements to buy the salvage back from them.


You cannot have the insurance money for the writ-off value of the car and then expect to keep the car as well.


For once the insurance company are in the right.

Michellej84

I've been in my first accident a car hit me and her insurance company is dealing with it. My car is a total loss they have advised and we have agreed a settlement figure. Problem they have asked for the v5 and any spare keys. I don't have the v5 as I bought the car in Sept 2017 from a trader and he said he would forward the v5 on to me as he didn't have it and would have to buy a replacement. I still haven't received it so can't send it to insurer will that be an issue. Thanks