PCP and car write off

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  • Ectophile
    Ectophile Posts: 7,331 Forumite
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    If the value of the car just before the accident is equal to the outstanding finance, then you no longer need GAP insurance.

    You just have to make sure the other party's insurance pay out the full value of a similar car, and not as little as they can get away with.

    That should leave your finance paid off. You can then go hunting for another car.
    If it sticks, force it.
    If it breaks, well it wasn't working right anyway.
  • JP1978
    JP1978 Posts: 527 Forumite
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    Ectophile wrote: »
    If the value of the car just before the accident is equal to the outstanding finance, then you no longer need GAP insurance.

    You just have to make sure the other party's insurance pay out the full value of a similar car, and not as little as they can get away with.

    That should leave your finance paid off. You can then go hunting for another car.

    And as the end of the PCP term nears (that you are), the more chance of the payout been closer to the outstanding finance.
  • markudman
    markudman Posts: 351 Forumite
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    Hi WBAC prices are really bad your best bet is to go to auto trader they will give you trade and retail prices for your car. follow this link
    https://www.autotrader.co.uk/car-valuation
    We may not win by protesting, but if we don’t protest we will lose.
    If we stand up to them, there is always a chance we will win.
  • shanklypuss
    shanklypuss Posts: 8 Forumite
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    I want to say a big thank to you all for your comments and views on this. For anyone who picks up this link later, I have found out the residual value of the car when you are three years into a four year PCP is basically the same as the outstanding balance. The gap insurance would have been a benefit, but as I was planning to hand the car back the next year, it simply brought me a year ahead of plan.

    I also have been advised I'll receive a salvage payment (approx. £1000) for parts on top of the car value.

    WBAC offered £2k below what I was offered via the insurance (excluding the salvage payment)

    Thank you all again - you kept me sane!
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