Third Party Claims - Car Accident Advice Needed

ooh_aah

I was involved in a car accident on Monday.

The other driver has already admitted liability to the insurance company but my car may well be written off.

It is brand new, with only 400 miles on the clock and I got it through a salary sacrifice scheme at work.

If it's written off my t+c's say my contract will be cancelled and any shortfall between the settlement value provided by the insurers and the outstanding vehicle finance will be chargeable to me.

If there is a shortfall am I able to claim this back from the other drivers insurance company to put me back in the position I was before the accident?

Thanks

neilmcl

There shouldn't be any shortfall given that it's a new car as most insurances will pay out the full invoice price for new car if written off. Having said that any out of pocket is classed as uninsured losses so you would need to take the TP to court to recover these.

Quentin

As posted above you hopefully are insured with one of the many insurers who replace a car less than 12 months old.

Check your policy wording.

If not then the write off value will be the premium incident market value.

Your depreciation is not an uninsured loss and you will have to swallow it.