Car stolen - help

So my car was stolen. Insurance agree the current value is £30k, I have £20k left to pay on my PCP..
They have just told me that they will pay the £20k to my finance and the other £10k is gone forever!
Is that right? What can I do?
To clarify, this isn't a gap insurance issue. My insurer admits my car is worth more today (if it wasn't stolen) than I have left to pay on my finance by £10k....
How can that be fair?
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  • foxy-stoat
    foxy-stoat Posts: 6,879
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    If the market value is £30,000 today and you have £20,000 outstanding then the other £10,000 will go to you.
  • ratrace
    ratrace Posts: 1,009
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    laura2702 wrote: »
    So my car was stolen. Insurance agree the current value is £30k, I have £20k left to pay on my PCP..
    They have just told me that they will pay the £20k to my finance and the other £10k is gone forever!
    Is that right? What can I do?
    To clarify, this isn't a gap insurance issue. My insurer admits my car is worth more today (if it wasn't stolen) than I have left to pay on my finance by £10k....
    How can that be fair?

    Hi, sorry to hear your cars been stolen hope all is well and noone was hurt.

    It seems like your insurance company is trying to pull a fast one they are obligated to pay out market value on the irrespective of what you own on your finance, if i was you try to get as much information of values from diffrent websites to see what other/similar cars are selling for, do not accept any offers you think are way below market value, they love taking money from us but dont like paying out

    by the just out of intrest what car was it and did it have the keyless start if so stealing them is very easy
    People are caught up in an egotistic artificial rat race to display a false image to society. We want the biggest house, fanciest car, and we don't mind paying the sky high mortgage to put up that show. We sacrifice our biggest assets our health and time, We feel happy when we see people look up to us and see how successful we are”

    Rat Race
  • Carrot007
    Carrot007 Posts: 4,534
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    ratrace wrote: »
    It seems like your insurance company is trying to pull a fast one they are obligated to pay out market value on the irrespective of what you own on your finance


    Unless of course it was some deal organised by the finace company etc.
  • Sheila's wheels are absolutely refuting that - saying it's industry standard. they will only pay off the pcp to the finance company not the extra to anyone?
  • Carrot007
    Carrot007 Posts: 4,534
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    laura2702 wrote: »
    Sheila's wheels are absolutely refuting that - saying it's industry standard. they will only pay off the pcp to the finance company not the extra to anyone?


    Or indeed some policy with a specific PCP clause. What does the plicy say about PCP payouts?
  • Herzlos
    Herzlos Posts: 14,662
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    The car might be worth £30k but the PCP company own it, so the money would go to them if they paid out the full value rather than just clearing the finance?
  • Sorry to hear the car was stolen, suggest you take it to the financial ombudsman if the payout is contrary to the terms of your insurance.

    Thats an awful lot of car to have on finance though.
  • foxy-stoat
    foxy-stoat Posts: 6,879
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    edited 25 April 2019 at 3:54PM
    1. Hire purchase, leasing and other agreements
    We will make payment under your policy to the legal owner if we know that your car or any part thereof, is owned by
    someone other than you. We will only pay you the balance that is left after we have paid the legal owner all that they
    are entitled to. In the event that we decide that your car is a total loss we may make a claim payment to any party
    that has a financial interest in your car. We will only pay you the balance that is left after we have paid the interested
    parties all they are entitled to.


    On that wording you should get the other £10,000 - Op the claims handler doesn't understand their own wording.
  • AdrianC
    AdrianC Posts: 42,189
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    The car was on a PCP.
    The finance settlement value was £20k.
    The insurance are paying the settlement value.

    Right, and...?

    I think there's a detail you're missing: You didn't own the car. Why would you expect to receive the other £10k?

    If you'd terminated the PCP tomorrow, the car would have just gone back to the finance house.
    The only way you could ever have owned it is by buying it from the current owner, the finance house, at the end of the finance. You were under no obligation to do so.
  • foxy-stoat
    foxy-stoat Posts: 6,879
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    AdrianC wrote: »
    The car was on a PCP.
    The finance settlement value was £20k.
    The insurance are paying the settlement value.

    Right, and...?

    I think there's a detail you're missing: You didn't own the car. Why would you expect to receive the other £10k?

    If you'd terminated the PCP tomorrow, the car would have just gone back to the finance house.
    The only way you could ever have owned it is by buying it from the current owner, the finance house, at the end of the finance. You were under no obligation to do so.

    Because they OP is the policyholder and the policy states that they will pay out the market value prior to the total loss. Their wording confirms this.

    Thank !!!! the balance wasn't £1,000 eh !
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