aymski86 Posted November 10, 2008 Report Share Posted November 10, 2008 Just wanted to know if any of you guys had a similar experience to mine recently my car (audi a3) was declared a total loss by my insurance provider ( vandalism - firework put through the back window and burnt a lot of interior) anyway they have offered me a settlement pay out blah blah but they also asked if any outstanding finance on the car and if so to send a document from them with the amount outstanding which i have now done. i had the car for about 3 years and it was actually due it final baloon payment, now will the insurance pay the finance first then give me the change? I persume they will but just wanted some confirmation Link to comment Share on other sites More sharing options...
Dave Posted November 10, 2008 Report Share Posted November 10, 2008 They will value it like for like, so come to some agreement against other cars with similar mileage and spec. usually they pay off the creditor first and then the balance will be sent to you. Link to comment Share on other sites More sharing options...
Mook Posted November 10, 2008 Report Share Posted November 10, 2008 Like Dave says Link to comment Share on other sites More sharing options...
shark_90 Posted November 10, 2008 Report Share Posted November 10, 2008 As Dave says, but don't accept their first offer because it will be crap! Look for other cars of similar age and spec and condition, and fight for what you feel is a fair price Link to comment Share on other sites More sharing options...
scooby_simon Posted November 10, 2008 Report Share Posted November 10, 2008 As above, you will need to negotiate with them. Start collecting adverts for cars similar to yours that support what YOU think the car is worth. Do this now as the value WILL drop over time. Be prepared to keep at them - I had a car nicked ages ago and it took a month of prtracted negotiations to get them where they should have been with their offer. Link to comment Share on other sites More sharing options...
aymski86 Posted November 10, 2008 Author Report Share Posted November 10, 2008 thanks for your reponses guys... i already declined their first offer...although to be fair it wasnt too bad, sent in some adverts of similar cars(unfortunatley hard to find as my spec was very rare , but i found ones with a less spec going for more than what they offered! ) i just wanted to know what happens with the finance and you guys confirmed what i suspected, that must of been the reason they wanted a letter with the outstanding balance, Link to comment Share on other sites More sharing options...
Rustynuts Posted November 10, 2008 Report Share Posted November 10, 2008 I just hope the insurance payout is enough to cover the final payment on the car. Otherwise they'll end up paying out what they think it's worth and you'll have to make up the difference. So it'll cost you money to get nothing out of the deal. If the payout is more than the final payment then that money will be yours to go towards a new motor. Link to comment Share on other sites More sharing options...
aymski86 Posted November 10, 2008 Author Report Share Posted November 10, 2008 their first offer was nearly 2k over what my final payment is , and ive told them i want more so i doubt they will go lower....the final payment is not what the car is worth its just what is outstanding on the finance agreement , im sure even the num nuts at insurance companies will know this Link to comment Share on other sites More sharing options...
Rustynuts Posted November 11, 2008 Report Share Posted November 11, 2008 Ah, that's okay then.:D Link to comment Share on other sites More sharing options...
Daz Posted November 11, 2008 Report Share Posted November 11, 2008 the final payment is not what the car is worth its just what is outstanding on the finance agreement , im sure even the num nuts at insurance companies will know this Not necessarily, my brother in law's Range Rover Sport is currently valued at £2k less than his final finance payment. Link to comment Share on other sites More sharing options...
aymski86 Posted November 11, 2008 Author Report Share Posted November 11, 2008 Not necessarily, my brother in law's Range Rover Sport is currently valued at £2k less than his final finance payment. obviously it will be different in everyones circumstances, if you outstanding finance balance is more than what the car is worth the insurance will obviously pay less its only their obligation to give you market value Link to comment Share on other sites More sharing options...
aymski86 Posted December 4, 2008 Author Report Share Posted December 4, 2008 ok following on from this, as expected they will pay off finance first and send me what ever is left over. however my concern is they have now asked why the car was not mot'd. the incident was on 29th september the car would of been 3yrs old in the middle of august. i honestly dont know why i didnt think about the mot, i done my tax in the august so that obviously didnt flag up anything about my MOT, and didnt have any post saying about an MOT. Can they invalidate my claim because of this Link to comment Share on other sites More sharing options...
Mook Posted December 4, 2008 Report Share Posted December 4, 2008 Technically, yes. And you technically were breaking the law as well - see how you get on. They may just accept it was a genuine mistake Link to comment Share on other sites More sharing options...
cruiser647 Posted December 4, 2008 Report Share Posted December 4, 2008 and didnt have any post saying about an MOT. Can they invalidate my claim because of this MOT wise, you get no reminders. I forgot completely about mine for about 3 months (from April to June/July) and then got it done once I remembered. Now it's all computerised, they should send a reminder as they do with Car Tax. Luckily I was not in an accident nor had to show my documents. The answer to your next question is :- yes they can. Anything like that, and they can invalidate it. Not sure how many times insurance companies have, but shows what an honest mistake can do. Not sure what you can do, apart from say it was an honest mistake? Link to comment Share on other sites More sharing options...
aymski86 Posted December 4, 2008 Author Report Share Posted December 4, 2008 ffs. not good news oh well, if they do invalidate it because of this (im sure they will knowing insurance companies) will i be able to just get my car back? Link to comment Share on other sites More sharing options...
shao_khan Posted December 4, 2008 Report Share Posted December 4, 2008 I had no MOT on my A2 for several months as well - complete oversight on my part, I thought it had one when I purchased the car, but it didnt, so when I went to MOT it on 12 months from me buying it, it was 5 months overdue....... teach me to check in future it will. Link to comment Share on other sites More sharing options...
sidicks Posted December 4, 2008 Report Share Posted December 4, 2008 .....teach me to check in future it will. Speak like Yoda you must........ Link to comment Share on other sites More sharing options...
davyk31 Posted December 4, 2008 Report Share Posted December 4, 2008 I have come across this situation in the past and the insurers accepted it was a genuine error and lowered the payout by a small sum. Wasn't anything too significant so wasn't really an issue. However, depends totally on your insurer. Technically your car was not road worthy and therefore insurance is invalidated. Link to comment Share on other sites More sharing options...
aymski86 Posted December 15, 2008 Author Report Share Posted December 15, 2008 for those interested the outcome was that the payout was reduced by £50 Link to comment Share on other sites More sharing options...
cruiser647 Posted December 15, 2008 Report Share Posted December 15, 2008 You are a lucky S-o-B!!! (in a good way). Some insurance companies have paid out sweet FA for something like that. What's next? Now that prices have dropped like a stone, you can go get anything you want! And haggle lots as you are a cash buyer! Link to comment Share on other sites More sharing options...
Rustynuts Posted December 15, 2008 Report Share Posted December 15, 2008 Indeed, very lucky. There's a member on another forum who had their claim chucked out because of no MOT. She had to pay for the wall she demolished, and had to beg borrow and steal the required parts to put her car back on the road. Link to comment Share on other sites More sharing options...
aymski86 Posted December 16, 2008 Author Report Share Posted December 16, 2008 i know i do consider my self very lucky with the outcome i have another question for you guys, the letter the insurance company sent me out included all the deductions which were needed, finance etc, i understand all apart from them saying they need to deduct 'x' amount of money for the outstanding premium? i dont understand this...i have pasted the context it was used below so help clarify ''On the basis of my research I have valued your car at £10,750 having taken into account the additions you purchased with the vehicle. Your £450 policy excess needs to be deducted from your settlement as well as £50 for having an MOT on the vehicle at the time of incident and £1074.96 for the outstanding premium owed'' Link to comment Share on other sites More sharing options...
Se5aScott Posted December 16, 2008 Report Share Posted December 16, 2008 Sounds like your paying monthly, they are after the rest of the years payments. Link to comment Share on other sites More sharing options...
aymski86 Posted December 16, 2008 Author Report Share Posted December 16, 2008 ahh ok silly me i guessed that...lol, Link to comment Share on other sites More sharing options...
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