Final finance figure after car written off

Mercdriver

arcon5 wrote: »

Not at all. Market forces determines valuation!!
Their obligation is to put you back in the same position as before, so if your car markets for x they pay x.

What car and spec is it

The trouble is that in many cases they don't. Having a car on finance and still having a car is not the same position as not having a car and being several hundred pounds out of pocket. The equity (or lack of it) in a car while you own it is theoretical. Being forced to 'sell' it when it's turned into scrap through no fault of your own is not. What the insurance companies should do in this position is replace the car with something as similar as possible and the title for the replacement goes to the finance house until it's paid off.

Equity is theoretical until you are forced or choose to liquidate it. So the only way the OP could be put in the position he was before the accident is to do the above.