We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Non fault accident help

Moneywoes
Moneywoes Posts: 6 Forumite
Fourth Anniversary First Post
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 
«1

Comments

  • daveyjp
    daveyjp Posts: 13,031 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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.
  • Brie
    Brie Posts: 12,824 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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 McClung
  • Car_54
    Car_54 Posts: 8,574 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    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.  
    Isn't "uneconomical to repair" the very definition of "a write off"?
  • facade
    facade Posts: 7,300 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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 ;))
  • Moneywoes
    Moneywoes Posts: 6 Forumite
    Fourth Anniversary First Post
    daveyjp said:
    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.
    Thanks I'm in the process of thst the now really hope they will fix it 🙏 
  • Moneywoes
    Moneywoes Posts: 6 Forumite
    Fourth Anniversary First Post
    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.  
    So are they likely to pay the cost of a new similar car? Like the car I have is 16k to buy new. But they are not wanting to pay alot less to fix the car. It makes no sense at all. My worry is that I will be left paying the finance shortfall if they only pay my cars value not the cost off the forecourt. Its a really stressful situation to be in as I wasn't near the car so it's totally non fault 
    But thanks for the advice I'm going to try everything 
  • Moneywoes
    Moneywoes Posts: 6 Forumite
    Fourth Anniversary First Post
    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.


    Hi so unfortunately I am not in the position to pay the finance early settlement cost or pay for the car to be fixed, I have went to some other garages to see what price they give me. 
    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 fault 
  • 400ixl
    400ixl Posts: 3,823 Forumite
    1,000 Posts Second Anniversary Name Dropper
    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.


  • cw8825
    cw8825 Posts: 403 Forumite
    100 Posts Photogenic Name Dropper
    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? 

  • Moneywoes
    Moneywoes Posts: 6 Forumite
    Fourth Anniversary First Post
    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 used car but I've only had it for one month got it in May 
    It's a ford focus st 
Meet your Ambassadors

Categories

  • All Categories
  • 347.2K Banking & Borrowing
  • 251.6K Reduce Debt & Boost Income
  • 451.8K Spending & Discounts
  • 239.5K Work, Benefits & Business
  • 615.4K Mortgages, Homes & Bills
  • 175.1K Life & Family
  • 252.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.