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Non fault accident help
Hi
So I'm looking for some advice save myself stressing about something I don't know anything about.
So the other day someone drove into my parked car outside my house. I have had the car 1 month on finance. The car is waiting for an inspection to be done from the 3rd party insurance company but they believe the car will be a write off. I really don't want my car to be a write off. It needs a rear bumper, wheel arch and back panel but all else is fine, engine all okay.
I have told my insurance company about this but 3rd party are dealing with it.
As I'm only 1 month in to finance and have a large sum left to pay what the cars worth is and what's left to pay will leave me still short of early settlement figure. Is this correct that I have no leg to stand on and will be left in debt through no fault of my own?
Am I better looking at a garage myself to fix the car and how likely are they to accept this work to be done?
Thanks in advance. I'm really stressed out about this and any advice is very welcomed
So I'm looking for some advice save myself stressing about something I don't know anything about.
So the other day someone drove into my parked car outside my house. I have had the car 1 month on finance. The car is waiting for an inspection to be done from the 3rd party insurance company but they believe the car will be a write off. I really don't want my car to be a write off. It needs a rear bumper, wheel arch and back panel but all else is fine, engine all okay.
I have told my insurance company about this but 3rd party are dealing with it.
As I'm only 1 month in to finance and have a large sum left to pay what the cars worth is and what's left to pay will leave me still short of early settlement figure. Is this correct that I have no leg to stand on and will be left in debt through no fault of my own?
Am I better looking at a garage myself to fix the car and how likely are they to accept this work to be done?
Thanks in advance. I'm really stressed out about this and any advice is very welcomed
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Comments
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Get a quote from an insurance approved bodyshop and tell the third party insurer. They may agree to pay the bill if its reasonable. I've been through that process twice.0
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They are probably talking about it being uneconomical to repair rather than being a write off. So the repairs, done by their chosen mechanics, will cost more than the car is worth. So have a look on Parkers or Autotrader to see what it would cost to replace the vehicle and tell them you won't accept less than that and that you want to keep the vehicle. You can then use the money you receive to get your mechanic to fix it for a portion of the price. You could of course say you want the full amount that you signed up for for finance but likely that will be too much for them.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung0 -
Brie said:They are probably talking about it being uneconomical to repair rather than being a write off. So the repairs, done by their chosen mechanics, will cost more than the car is worth. So have a look on Parkers or Autotrader to see what it would cost to replace the vehicle and tell them you won't accept less than that and that you want to keep the vehicle. You can then use the money you receive to get your mechanic to fix it for a portion of the price. You could of course say you want the full amount that you signed up for for finance but likely that will be too much for them.0
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Doesn't the vehicle belong to the Finance Company, and any settlement goes to them?Is it even possible to keep the salvage when a financed vehicle is written off, unless the finance is settled first?OP, you need to speak with your insurer about what is happening.The easiest option (which is probably not possible) is to settle the finance now, then the car is yours, if they write it off you get all the payout, and there is a possibility of retaining the salvage and either fixing it or driving it as is if roadworthy.If they write it off with outstanding finance then the payout goes to the Finance company, and you owe the shortfall between the settlement figure and the insurance payout (or get the surplus back).So you owe a small fortune, and have absolutely nothing to show for it.Another possibility is to withdraw the claim if they are going to write it off, and pay for repairs yourself. You are now down the cost of repairs and still have to pay the finance, but you have a car worth market value if the repairs are done properly.Too late now, but did you take out the Gap Insurance that the car dealer will have tried to add to "the package" when you bought the car? This is what it is for.I want to go back to The Olden Days, when every single thing that I can think of was better.....
(except air quality and Medical Science )0 -
Brie said:They are probably talking about it being uneconomical to repair rather than being a write off. So the repairs, done by their chosen mechanics, will cost more than the car is worth. So have a look on Parkers or Autotrader to see what it would cost to replace the vehicle and tell them you won't accept less than that and that you want to keep the vehicle. You can then use the money you receive to get your mechanic to fix it for a portion of the price. You could of course say you want the full amount that you signed up for for finance but likely that will be too much for them.
But thanks for the advice I'm going to try everything0 -
facade said:Doesn't the vehicle belong to the Finance Company, and any settlement goes to them?Is it even possible to keep the salvage when a financed vehicle is written off, unless the finance is settled first?OP, you need to speak with your insurer about what is happening.The easiest option (which is probably not possible) is to settle the finance now, then the car is yours, if they write it off you get all the payout, and there is a possibility of retaining the salvage and either fixing it or driving it as is if roadworthy.If they write it off with outstanding finance then the payout goes to the Finance company, and you owe the shortfall between the settlement figure and the insurance payout (or get the surplus back).So you owe a small fortune, and have absolutely nothing to show for it.Another possibility is to withdraw the claim if they are going to write it off, and pay for repairs yourself. You are now down the cost of repairs and still have to pay the finance, but you have a car worth market value if the repairs are done properly.Too late now, but did you take out the Gap Insurance that the car dealer will have tried to add to "the package" when you bought the car? This is what it is for.
I didn't take out gap insurance as I was under the impression that was for if "i" wrote the car off as thus was totally not my fault I didn't think about it.
I am aware that the car still belongs to the finance company. And I'm aware that I can buy it back for salvage price but I don't know what that is or how it's worked out.
I have spoke to my insurance company I don't know if they would be any better than going through 3rd party's. The 3rd parties have been very unhelpful.
I really don't want to be left paying the remaining finance while still needing to buy a new car since this isn't my fault0 -
What does your own policy say about how it treats cars of less than 12 months old. Some have a replace for new if written off within the first year.
Going via the 3rd party is not always the best thing to do, so check your own policy as well.
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The issue is that from OP post regarding TPI even if he was to go to his own insurer the damage is still going to be borderline write off
Is this a brand new car or a used car?
if it’s brand new your own insurer may be able to replace with another car
What car is this?0 -
cw8825 said:The issue is that from OP post regarding TPI even if he was to go to his own insurer the damage is still going to be borderline write off
Is this a brand new car or a used car?
if it’s brand new your own insurer may be able to replace with another car
What car is this?
It's a ford focus st0
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