Quotemehappy - Stolen car - confused.

nomoneytoday

As I understand it, it works as below:

Assuming your excess is £100, you paid £19k for the car, its current value is £12k and the finance settlement figure is £11k.

The insurer would pay out a total of £11900, based on today's value of £12k minus your excess of £100.
They would pay the £11k to the finance company and the remaining £900 to the claimant.
You then can choose to take out new finance using your deposit to buy a £12k car, being that is the similar situation you were in before the claim.

foxy-stoat

They pay out inline with their policy - some pay the full market value, settle the finance and pass the balance to the policyholder, while others pay out the outstanding finance, to the maximum of the market value, and thats it, that extract from the QMH policy document reads like the latter, no matter what the person on the other end of the phone said.

So it is always wise to take out GAP insurance, unless your PCP is structured that you will never be in positive equity.

Goudy

Quote me happy state under loss or theft of your car.

"If your car's lost or stolen, we'll either pay to replace it or pay you cash up to its market value."

If the claim is within 12 months of purchase.
"We will replace your car with a new one of the same make model and specification if your car is damaged beyond economical repair or stolen and not recovered and you bought your car from new within the past 12 months"

foxy-stoat

Goudy wrote: »

Quote me happy state under loss or theft of your car.

"If your car's lost or stolen, we'll either pay to replace it or pay you cash up to its market value."

If the claim is within 12 months of purchase.
"We will replace your car with a new one of the same make model and specification if your car is damaged beyond economical repair or stolen and not recovered and you bought your car from new within the past 12 months"

And the policy extract I highlighted is for vehicles with financial interest - hence why GAP would be worth taking out.

Sophia1993

foxy-stoat wrote: »

They pay out inline with their policy - some pay the full market value, settle the finance and pass the balance to the policyholder, while others pay out the outstanding finance, to the maximum of the market value, and thats it, that extract from the QMH policy document reads like the latter, no matter what the person on the other end of the phone said.

So it is always wise to take out GAP insurance, unless your PCP is structured that you will never be in positive equity.

nomoneytoday wrote: »

As I understand it, it works as below:

Assuming your excess is £100, you paid £19k for the car, its current value is £12k and the finance settlement figure is £11k.

The insurer would pay out a total of £11900, based on today's value of £12k minus your excess of £100.
They would pay the £11k to the finance company and the remaining £900 to the claimant.
You then can choose to take out new finance using your deposit to buy a £12k car, being that is the similar situation you were in before the claim.

Goudy wrote: »

Did you try the Whatcar 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.

Whatcar excellent condition £19,777
Im so confused right now so how much am I be left with? 😭😭😭😭

foxy-stoat

Either the difference between the market value and outstanding finance amount, less excess.

or

Zero.

Your phone conversation with the QMH claims handler suggested to you that they will settle the finance, did they actually say they would send you the difference or did you assume they would? Either wait and see or speak to someone higher in the claims team. No one on here will know for sure.

Good luck and report back.

Sophia1993

foxy-stoat wrote: »

Either the difference between the market value and outstanding finance amount, less excess.

or

Zero.

Your phone conversation with the QMH claims handler suggested to you that they will settle the finance, did they actually say they would send you the difference or did you assume they would? Either wait and see or speak to someone higher in the claims team. No one on here will know for sure.

Good luck and report back.

I called QMH 5minutes ago and the man said yes. He said I will see the 7k on my account anytime this week. I wish what he said is all true. I cry if it's not:(
I will report back in couple days. Hopefully tommorow
Thanks guys. I appreciate all your kind help :T

foxy-stoat

Thats good news. Do come back either way as it will help other folk in the same position.

DUTR

Sophia1993 wrote: »

I called QMH 5minutes ago and the man said yes. He said I will see the 7k on my account anytime this week. I wish what he said is all true. I cry if it's not:(
I will report back in couple days. Hopefully tommorow
Thanks guys. I appreciate all your kind help :T

Sadly a similar scenario occurred with a family member, and as the agent described, the finance was cleared and the difference in equity was passed to the policy holder.

tasticz

I remember a few months back there was a similar scenario to what op described however in that case the insurance company just cleared the finance on PCP and did not give any money to the policyholder.

Not sure what happened there but do let us know OP if the 7k hits your bank account.