Car stolen - help

System

As stated you didnt own the car, the reason behind it is to stop people having their car stolen and making money out of it.

foxy-stoat

Nikond4 wrote: »

As stated you didnt own the car, the reason behind it is to stop people having their car stolen and making money out of it.

She doesn't need to be the legal owner.

AdrianC

foxy-stoat wrote: »

Because they OP is the policyholder and the policy states that they will pay out the market value prior to the total loss.

To the owner, yes.

And the market value to the owner is the finance settlement value. £20k.

Remember... The car's owner is happy with the settlement they have recevied from the insurer. They aren't the ones complaining. The complaint is coming from somebody else, somebody who did not own the car, so was never in line to receive any settlement in the event of a write-off. The fact they are the policyholder is not relevant here.

foxy-stoat

I don't agree....

Market value
The market value is the amount you could reasonably have expected to sell your vehicle for on the open market
immediately before your accident or loss. Our assessment of the value is based on vehicles of the same make and
model and of a similar age, condition and mileage at the time of accident or loss. This value is based on research
from motor trade guides including: Glass’s, Parkers and CAP. This may not be the price you paid when you
purchased the car.

Unless your going to say, it wasn't YOUR car. I wouldn't accept that as a reason for not paying out the market value. It would be an unfair term.

AdrianC

foxy-stoat wrote: »

The market value is the amount you could reasonably have expected to sell your vehicle for on the open market

Exactly. The OP could not have sold it for a penny. IT WASN'T THEIR CAR. To sell it, they would first have had to buy it from the owner - by paying... the settlement value. This is the market value to the owner, because it's what they'd have received if they sold it tomorrow.

The owner receives the payout. The owner is happy with the payout. Everybody's happy.

Except the person renting the car, who thinks they deserve ten grand because they maybe could have made ten grand if they bought the car before it was nicked...

foxy-stoat

AdrianC wrote: »

Exactly. The OP could not have sold it for a penny. IT WASN'T THEIR CAR. To sell it, they would first have had to buy it from the owner - by paying... the settlement value. This is the market value to the owner, because it's what they'd have received if they sold it tomorrow.

The owner receives the payout. The owner is happy with the payout. Everybody's happy.

Except the person renting the car, who thinks they deserve ten grand because they maybe could have made ten grand if they bought the car before it was nicked...

I still think your miles off -

Advertise it on Autotrader for £30,000
Finance settlement figure is £20,000 - still doesn't hinder the market value at all.
Buyer pays the PCP company directly £20,000 and then the RK £10,000 = £30,000.

I must be missing something or no understand English or policy wording.

AdrianC

Yes, you're missing that the OP isn't due a penny from a payout for a car they didn't own.

debtdebt

Does that £20k that you still owe include the balloon payment at the end of the term?

ratrace

Op, have you been making overpayments since you have had the car in any way to reduce the total debt by any chance that may explain why the car is worth 10k more than the settlement or did you put down a massive deposit down to reduce the monthly payments, we need more information

foxy-stoat

AdrianC wrote: »

Yes, you're missing that the OP isn't due a penny from a payout for a car they didn't own.

1. Hire purchase, leasing and other agreements
We will make payment under your policy to the legal owner if we know that your car or any part thereof, is owned by someone other than you. We will only pay you the balance that is left after we have paid the legal owner all that they are entitled to. In the event that we decide that your car is a total loss we may make a claim payment to any party that has a financial interest in your car. We will only pay you the balance that is left after we have paid the interested parties all they are entitled to.

To me the insurers will pay the outstanding finance to the legal owner and the balance of the market value to the policy holder.

If you hired a car from a rental company I would see your point.