Stolen vechicle

Alexis890

I put 1,250 to a hire purchase agreement for a car at the trade center and the rest was paid on finance the car was then stolen I had comprehensive insurance cover however the company are looking to make a payment to the finance company at market value and state they would also take out of the settlement amount the remaining of the insurance policy and the excess basically gonna now leave me with out a car on looking over the policy seen an insurance called gap insurance which was never explained or asked if wanted /may need in which I'm finding very important.this is causing me great inconvenience, distress as I need a vechicle because of my own medical issues and sons autism and also physical needs. If you would like further information to help or could help please contact me back.

robber2

If YOU didnt specify that you needed gap insurance when YOU took the policy out then you are on a hiding to nothing I'm afraid. There's no one else to blame for the ommision. Sorry.

[Deleted User]

GAP insurance is a policy that pays the difference between what your insurer pays out and another number - how much you get depends on the type of GAP policy. Is the GAP policy active?

macman

I'd be amazed if the dealer didn't try to flog you GAP insurance as part of the sale process, as they probably make more from that and finance deals than they do on the vehicle sale.
Last time I bought a car they spent over an hour wasting my time while I declined GAP insurance, paintwork protection and every other conceivable extra. All these things are intensely profitable for them, so they invariably do a hard sell on them.

dunstonh

That is one long sentence.  It is often worth using at least some grammar in your posts as it helps readability.

however the company are looking to make a payment to the finance company at market value and state they would also take out of the settlement amount the remaining of the insurance policy and the excess basically gonna now leave me with out a car 

That is the normal outcome.  If you borrow to pay your car insurance, rather than pay it up front, then in the event of a claim, you are required to pay the outstanding insurance loan.  However, in the majority of cases, the insurer will transfer the policy to your new vehicle.

Not only will you not have the car, you will also be liable for the shortfall in the pay-out and the debt outstanding, if the pay-out does not cover the debt.   Hopefully, depreciation hasn't been too unkind on you as second hand values are particularly high at the moment.

on looking over the policy seen an insurance called gap insurance which was never explained or asked if wanted /may need in which I'm finding very important.this is causing me great inconvenience, distress as I need a vechicle because of my own medical issues and sons autism and also physical needs.

Many dealers no longer sell gap insurance or proactively do it.  However, you are free to buy GAP insurance from wherever you like.   They are not forced to offer you anything.    It is the same with the vast majority of insurance types.  You make the decision to have it or not.  If you don't have it, then it is no-one else's fault.

penners324

So you're out the £1250? Which the gap would have covered.