PCP and car write off

legionare64

This doesn't effect me but asking question out of curiosity . When I bought new car I checked with my insurance company if it was old for new in first year. They confirmed that if repairs cost more than 60% of value and car was still current model within first year it would be replaced with a new one. They stipulate this only applies if I am first owner so no Demonstrator or pre reg car would count. How would this work with PCP as the car would be owned by finance company and not the insured.

wgl2014

Ask your insurance as it is their opinion that would ultimately matter!

(If you don't already have it then do some research on GAP insurance)

foxy-stoat

Best ask your insurers - they will all have different wording and interpretations/ways to avoid paying out.

neilmcl

No different, the insurance will pay for the replacement of a new vehicle.

legionare64

wgl2014 wrote: »

Ask your insurance as it is their opinion that would ultimately matter!

(If you don't already have it then do some research on GAP insurance)

please read my post again. I said this doesn't effect me and I am curious about how it works. I know that my insurance will replace my car as it is paid for and not on PCP, but they had stipulations about car ownership. I asked for opinions on what people thought .. to generate conversation .
Call your insurance company was not helpful in this process.

DrEskimo

I was under the impression you had to be the first registered keeper, rather than owner.

I.e. the V5 has to be registered to you first. Pre-Reg or lease cars have the V5 registered to the company. A new PCP wouldn't.

legionare64

DrEskimo wrote: »

I was under the impression you had to be the first registered keeper, rather than owner.

I.e. the V5 has to be registered to you first. Pre-Reg or lease cars have the V5 registered to the company. A new PCP wouldn't.

Thanks, that was the bit I was curious about on PCP cars.

wgl2014

legionare64 wrote: »

please read my post again. I said this doesn't effect me and I am curious about how it works. I know that my insurance will replace my car as it is paid for and not on PCP, but they had stipulations about car ownership. I asked for opinions on what people thought .. to generate conversation .
Call your insurance company was not helpful in this process.

Having a conversation on the issue or gathering opinions is not going to be of any (hypothetical) assistance if the insurers disagree and refuse to pay out. Insurance policies are not identical in wording and exclusions despite seemingly including similar cover overall.

Bottom line is it depends...... :beer: