Total loss on lease car

Woodsies75

We had a garage fire two weeks ago caused by a faulty fridge. My car was parked in front of the garage and also caught fire, despite the best efforts of the fire service (heroes, by the way). It is unsurprisingly a total loss. I have had the WDV (write down value) from the lease company (9k) and have sent it to the insurers who have just offered me the settlement of exactly the same as the WDV. When I spoke to the insurers the day after the fire, they told me we would be offered the difference between the WDV and the value of the car. The car was 5 years old, top spec Kia Sportage with low mileage. The book value looks to be higher than the WDV however it was a lease car on a personal contract hire so we would never have owned the vehicle anyway. I may have just answered my own question but do you think it's worth me rejecting the settlement and asking them to reconsider?

DullGreyGuy

Woodsies75 said:

We had a garage fire two weeks ago caused by a faulty fridge. My car was parked in front of the garage and also caught fire, despite the best efforts of the fire service (heroes, by the way). It is unsurprisingly a total loss. I have had the WDV (write down value) from the lease company (9k) and have sent it to the insurers who have just offered me the settlement of exactly the same as the WDV. When I spoke to the insurers the day after the fire, they told me we would be offered the difference between the WDV and the value of the car. The car was 5 years old, top spec Kia Sportage with low mileage. The book value looks to be higher than the WDV however it was a lease car on a personal contract hire so we would never have owned the vehicle anyway. I may have just answered my own question but do you think it's worth me rejecting the settlement and asking them to reconsider?

In the first instance read what your policy book states, lease cars are more common for personal lines customers and so policy books normally have clauses on how these should be settled. Some will pay you the excess others are capped at what the finance company says is owed. 

Hoenir

Woodsies75 said:

I may have just answered my own question but do you think it's worth me rejecting the settlement and asking them to reconsider?

What financial loss have you suffered?