Cars Stolen

matt1987

Hey all,

Feeling so confused at the moment - and my insurance company really arent clearing anything up at the moment....

My house was broken into in the early hours of Monday morning, and consequently the thieves took my 2 vehicle - both under 2 years old and both on PCP.

My insurance policy states that if the vehicles are stolen within 2 years of new ownership, they will be replaced with new ones of the same UK spec.

I have been on the phone to the insurance again today as I wanted them to explain how this works - but they keep going on about market valuations and that someone will be in contact to discuss. Surely whats Market valuations got to do with anything when I have new car replacement?

Does anyone have any experience of this? Are the insurance company going to try and pull a fast one with me?

Thanks!

Matt

Strider590

matt1987 wrote: »

Hey all,

Feeling so confused at the moment - and my insurance company really arent clearing anything up at the moment....

My house was broken into in the early hours of Monday morning, and consequently the thieves took my 2 vehicle - both under 2 years old and both on PCP.

My insurance policy states that if the vehicles are stolen within 2 years of new ownership, they will be replaced with new ones of the same UK spec.

I have been on the phone to the insurance again today as I wanted them to explain how this works - but they keep going on about market valuations and that someone will be in contact to discuss. Surely whats Market valuations got to do with anything when I have new car replacement?

Does anyone have any experience of this? Are the insurance company going to try and pull a fast one with me?

Thanks!

Matt

I doubt it, I think the people your speaking to are just low paid call centre staff with no idea what's going on, their job to simply to interact with customers and mind their words to keep the company out of trouble.

matt1987

Strider590 wrote: »

I doubt it, I think the people your speaking to are just low paid call centre staff with no idea what's going on, their job to simply to interact with customers and mind their words to keep the company out of trouble.

Thanks - I suppose I just have to wait for the "engineer" to call me then to discuss this. Just dont want to get done over - its stressful enough knowing someone has been into your home whilst your in bed! :mad:

Aylesbury_Duck

matt1987 wrote: »

Thanks - I suppose I just have to wait for the "engineer" to call me then to discuss this. Just dont want to get done over - its stressful enough knowing someone has been into your home whilst your in bed! :mad:

That term is so over-used nowadays. It devalues those who have genuinely earned the descriptor.

Sympathies to you, OP, I hope it gets sorted out for you.

matt1987

Aylesbury_Duck wrote: »

That term is so over-used nowadays. It devalues those who have genuinely earned the descriptor.

Sympathies to you, OP, I hope it gets sorted out for you.

Thanks - I did think it was odd when they said an "engineer" will call you!!

Strider590

matt1987 wrote: »

Thanks - I suppose I just have to wait for the "engineer" to call me then to discuss this. Just dont want to get done over - its stressful enough knowing someone has been into your home whilst your in bed! :mad:

It happened to my parents recently, thieves looking for the keys to their cars, a Lexus CT Hybrid and new Range Rover Evoque, cars which they never seem to use and merely decorate their drive with.
I'm trying to convince them to get rid of the cars or at least put them in the garage.

bazzyb

matt1987 wrote: »

My house was broken into in the early hours of Monday morning, and consequently the thieves took my 2 vehicle - both under 2 years old and both on PCP.

My insurance policy states that if the vehicles are stolen within 2 years of new ownership, they will be replaced with new ones of the same UK spec.

I would check your policy wording carefully, but assume this part of the cover does not apply to you, as you do not own either of the cars in question.

The outstanding finance will need to be repaid in the first instance so I'm not sure how it would be possible for them to replace with new cars - are you assuming this would be in addition to them paying off the finance? If not I don't see how this could work practically.

daveyjp

matt1987 wrote: »

Hey all,

Feeling so confused at the moment - and my insurance company really arent clearing anything up at the moment....

My house was broken into in the early hours of Monday morning, and consequently the thieves took my 2 vehicle - both under 2 years old and both on PCP.

My insurance policy states that if the vehicles are stolen within 2 years of new ownership, they will be replaced with new ones of the same UK spec.

I have been on the phone to the insurance again today as I wanted them to explain how this works - but they keep going on about market valuations and that someone will be in contact to discuss. Surely whats Market valuations got to do with anything when I have new car replacement?

Does anyone have any experience of this? Are the insurance company going to try and pull a fast one with me?

Thanks!

Matt

As they are on PCP the loans will need repaying. The finance company have title to the car not you.

The market value of the cars is required as this is what the insurance company will pay to the finance company. This is then deducted from what you owe the finance company, you then pay the balance, either from self insurance or using GAP insurance.

The replacement clause is a different issue as the finance company are unlikely to simply transfer the loan to new vehicles.

I suspect this could quickly become a drawn out process.

rs65

daveyjp wrote: »

The replacement clause is a different issue as the finance company are unlikely to simply transfer the loan to new vehicles.

It happens regularly with cars on finance - why wouldn't the finance company accept a newer car in its place. OP, don't worry about this.

neilmcl

As above, shouldn't be much of an issue if you have new for old replacement. Please keep us updated though.

matt1987

Thanks for the replies - I will keep you updated.

I dont really get BazzyB's post - of course that applies to me. Most people dont just buy a brand new car straight out today.

Im just not sure how it would work. I spoke to the finance company for one of the vehicle, and they said they would transfer over a new vehicle onto the existing finance as long as its like for like.