Quotemehappy - Stolen car - confused.

Sophia1993

Hi everyone. So my car got stolen last week and today my insurance company quotemehappy gave me my car figures etc.
Here, -
Pre Theft Value: £19,000

Early Settlement Figure: £11,000

Applicable Excess: £500

My car is on finance pcp and the lady said on the phone that the early settlement figure of £11k will be sent to my finance company to clear out the remaining debt.

I just wanted to make sure because I got confused when I read the pre theft value figure £19,000. At first I thought Quotemehappy valued my car for £11,372.99 but now I know that £11,372.99 is for to clear my finance left on the car and the rest of the money I get to keep towards a new car. So does that mean altogether Quotemehappy valued my car for £19000 so I'll will be left around £7000 to keep? Is this correct? I'm still not 20p% sure what 'pre theft value' means but if I'm reading correctly it means quotemehappy is giving me 19000?

Sorry for the dumb questions I really appreciate everyone's help :j

Goudy

I've just been through something similar when some scumbag stole my Abarth that was on PCP.

Run your car details through a valuation site like Whatcar, this will give you an idea of what it is actually worth on today's market.
This is around the figure you need as a pay out from your insurance company, you can use this information with the insurance company to negotiate this pay out.
(if you have GAP insurance, you need to let them negotiate this pay out)

You owe the finance house a certain amount of monthly payments and the balloon figure, as it is being settled early, they knock some interest off so the settlement will be a bit lower than total of all the remaining payments.

Now your insurance will minus the £500 from the payout figure and if the pay out is large enough, will settle the finance directly with the finance house.

If there's a difference between the two figures, it is your responsibility.
So anything above will be paid to you by your insurance company, anything below and the you will need to pay the finance house yourself.

The minute the insurance settles the finance, log on to the https://www.gov.uk/sold-bought-vehicle/y and with the number on the log book, transfer the vehicle ownership to the insurance company, the site is set to deal with owners of total loss claims transferring ownership to insurance companies and has a list of insurance companies already loaded up.

This way you get the road tax back rather than them sitting on it until it expires.
Insurance companies are usually a bit lax in processing change of ownership themselves if the vehicle hasn't turn up or can't be sold on as damaged repairable.

Total losses usually mean the policy will be ended after the settlement even if there are months yet to run.

Sophia1993

Hi thank you for your comment. I'm sorry about your car. So many scumbags it's ridiculous

I forgot to tell you my car got stolen last month and not last week I can't edit my thread for some reason I am on mobile. Everything should be done now I'm just waiting for the money to come bank account, she said it will come somtime this week. So in the end I'll be getting around £7ish into into my account?

Also the link you linked (can't link you because I'm a new user)
Do I do this now or?as you can tell I am so noob I honestly don't know what I'm doing. :rotfl:

jimbo6977

Some people say, "never accept the first offer," but I would be more nuanced and say, "never take the first offer at face value."

So please check Parker's, What Car, and whatever other price guides exist these days, as well as having a look on Autotrader as to what similar cars are advertised for (of course these advertised prices will be a bit inflated which you need to take into account), then judge whether the valuation of £19k is fair.

Car_54

Goudy wrote: »

The minute the insurance settles the finance, log on to the https://www.gov.uk/sold-bought-vehicle/y and with the number on the log book, transfer the vehicle ownership to the insurance company, the site is set to deal with owners of total loss claims transferring ownership to insurance companies and has a list of insurance companies already loaded up.

This way you get the road tax back rather than them sitting on it until it expires.
Insurance companies are usually a bit lax in processing change of ownership themselves if the vehicle hasn't turn up or can't be sold on as damaged repairable.

To be exact, that does not transfer ownership. That happens when you reach agreement with the insurer.

Goudy

Car_54 wrote: »

To be exact, that does not transfer ownership. That happens when you reach agreement with the insurer.

Not as far as the road tax is concerned, that's the DVLA as it's they that take and refund the money for road tax.

To get the outstanding tax back you need to do this asap now the insurance has agreed a settlement.
You need the 11 digit reference number from your V5C (logbook) and use the .Gov site linked in above.
Select the option "scrapped it/written off" and it will give the the option of selecting which insurance company now owns it.

The site only works 7am to 7pm.

foxy-stoat

Sophia1993 wrote: »

I forgot to tell you my car got stolen last month and not last week I can't edit my thread for some reason I am on mobile. Everything should be done now I'm just waiting for the money to come bank account, she said it will come somtime this week. So in the end I'll be getting around £7ish into into my account?

You sure about getting the £7000, have you read the policy documents which deals with total loss claims under a PCP or HP agreement?

The most we will pay will be the market value of your car
at the time of the loss.
If we know that you are still paying for your car under a hire
purchase or leasing agreement, we will pay any claim to the
owner described in that agreement. Our liability under this
section will then end for that claim.

That reads to me is they will pay the PCP company £11,000 and then thats it.

Where you advised to take out GAP insurance?

Geodark

foxy-stoat wrote: »

You sure about getting the £7000, have you read the policy documents which deals with total loss claims under a PCP or HP agreement?

The most we will pay will be the market value of your car
at the time of the loss.
If we know that you are still paying for your car under a hire
purchase or leasing agreement, we will pay any claim to the
owner described in that agreement. Our liability under this
section will then end for that claim.

That reads to me is they will pay the PCP company £11,000 and then thats it.

Where you advised to take out GAP insurance?

That cant be right surely? so if you have a car with a current value of £8000 and have only 1 payment left to make to the HP people of £100 then that is all the insurance people need to pay???

Car_54

Geodark wrote: »

That cant be right surely? so if you have a car with a current value of £8000 and have only 1 payment left to make to the HP people of £100 then that is all the insurance people need to pay???

So long as there is still one payment to make, the finance company is the owner.
As I understand it, the insurer will pay the finance company the market value. The FC keeps what is owed, and pays the balance to the OP.

Sophia1993

foxy-stoat wrote: »

You sure about getting the £7000, have you read the policy documents which deals with total loss claims under a PCP or HP agreement?

The most we will pay will be the market value of your car
at the time of the loss.
If we know that you are still paying for your car under a hire
purchase or leasing agreement, we will pay any claim to the
owner described in that agreement. Our liability under this
section will then end for that claim.

That reads to me is they will pay the PCP company £11,000 and then thats it.

Where you advised to take out GAP insurance?

Are you sure? Now this is worrying. She did say I'll be left with around £7k? What makes you think I won't get the 7k? I am now panicking

Goudy

Did you try the Whatcar valuation?
https://www.whatcar.com/car-valuation/

Do it and tell us what the market value is.

Like I wrote earlier, my car was on PCP and I was only 14 months into a 36 month contract when it was stolen in May.

The assessor asked me for a finance settlement figure which I sent them.
This was also around £11,0000, although the car was over £20k and I had only made 13 or 14 payments, I got rather a large deposit contribution via an NHS staff scheme.

The car's value we agreed on was £14,400.

My insurance (AXA) paid the finance settlement figure to the finance house and paid me the rest, plus a little extra for some personal items I had in the car.
I then claimed the tax back which was around 10 months.