Arson attack claim

Bettiboppa

Just had email:

The value placed on your vehicle is £7150.00.
Should you accept the offer the excess of £800.00 would be deducted, leaving an amount of £6350.00. I have contacted your finance company and they have advised that your settlement figure id £6852.60, after paying the finance company, you would still owe the finance company £502.62.
Please advise whether you accept the value placed on your vehicle. If not, and you feel that your vehicle is worth more, then please send in 3-5 examples of vehicles of the same age, mileage, and specification for the engineer to review for consideration.

What do I do now?
Do you think it might be possible to continue making my finance payments if I accept their offer? Is that an option?
I'm so blooming confused! I am going to need a car but don't want to re-finance just yet out of fear that it might be targeted again. I'm so tired of crying over this...

foxy-stoat

You will have to wait until they give you an opening offer.

At least you should be able to settle the PCP and have enough for another one with any money left over.

Take the GAP return to invoice insurance as well - you may end up winning next time it happens - try and keep the excess as low as possible but if it happened on your drive you may struggle.

You 100% sure it was started by someone else, or was it an electrical fault

foxy-stoat

Send them as many adverts as you can for similar vehicles and try and get to at least a break even point. You wont be able to keep paying for the finance without a vehicle to secure it on.

AdrianC

Bettiboppa wrote: »

Just had email:

The value placed on your vehicle is £7150.00.
Should you accept the offer the excess of £800.00 would be deducted, leaving an amount of £6350.00. I have contacted your finance company and they have advised that your settlement figure id £6852.60, after paying the finance company, you would still owe the finance company £502.62.

So, perverse as this may sound, you're slightly up on the insurance claim.

You choose to have an £800 excess on your policy, but you're only going to have to find £502.62 to settle the finance.

Shouldn't be too hard to up the value, though, so you end up without having to dip in at all - or not by much. I don't think you're going to get past that without a fight, though.

Do you think it might be possible to continue making my finance payments if I accept their offer? Is that an option?

No, because the car doesn't exist any more.

Car_54

caprikid1 wrote: »

They certainly don't offer an average , I would expect them to offer you a value based on private sales less a bit.

No, they should be offering retail price rather than private sales. They will use the trade guides to make an initial offer, rather than the labour-intensive task of researching adverts.See the Ombudsman's comments https://www.financial-ombudsman.org.uk/publications/technical_notes/motor-valuation.html


Note that adverts, whether trade or private, generall overvalue vehicles. They show asking prices, which are rarely achieved.

danny91

hmmm is it just me or is this thread rather similar to the "HP shortfall" thread? just with slightly different details regarding what happened.

In both threads, the OP says pretty much the exact same thing... "No, I didn't take Gap insurance (hindsight is a wonderful thing)"

AdrianC

I'd imagine that's a fairly common feeling among people in this situation...

But there's also a remarkable degree of similarity in the car values.

Bettiboppa

No, not me. I'm gonna head over and have a look however.

Bettiboppa

My car's a Polo that fellas car is an Audi, can see the similarities though. My car was on a 3 year PCP and I'm only 10 months in to agreement.

AndyMc.....

DoaM wrote: »

This will be a fault claim regardless, so whether or not the insurance company can reclaim from a 3rd party is irrelevant to your claim.


What is your question?


Did you purchase GAP insurance?

Will it? Surely if the money is reclaimed it'll be no fault.