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Lollipop | Insurance question, this sounds a bit dodgy.....? |
if a claim on car insurance is for £5,400.00 which is the value owed to the finance company, but the value according to insurance company is £5,000, can they ask for the £400 to be paid to them directly, not the finance company? additionally, paid in advance of the settlement? the insurance company want the £400 before they pay out to the finance company, is this normal?
Additional Details
reading it back it is pretty awful.....lol
i'm asking on behalf of a friend so i'm not sure how best to word it.
basically, asides from the excess, the insurance company are saying that as they believe the car to be worth only £5000, they want the car owner to fork out the difference of £400 to them, so they pay out the full £5400 to the finance company. |
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gordonmother
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Yes, the insurance company has to pay to the finance company , as they are the legal owner and have the title to the car, but your friend can ask the finance company to offer a settlement fig to see that the figures are correct and pay the difference to the finance company herself . She can ask the insurance company to send confirmation that they have paid the finance company and then ask the finance company to confirm that the money has been received and the account has been settled in full. |
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Scouse
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Sadly that is right but it is worth another couple of phone calls and letters. I hope you have not got an excess to pay on top of this |
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Adze
 |
Yes they do want there pound of flesh or in your friends case the four hundred pounds.This happened to my son,but he was offered £3,500 on owed £5,000,so that left him with
£1,500 he HAD to pay and no matter how he explained to the insurance company,he still had to pay.They seem to have a philosophy of What we say goes and you will except the
valuation of the written of car,as the word of god. |
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mamatohaley+1
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I think you are saying that your friend owes more on the car than it is worth. The insurance company will only pay what the claim is worth, not the value of the loan. I am not sure why the insurance company wants the $400 themselves. That is a bit odd to me. I would have your friend pay the $400 to the finance company and then the insurance company can pay the 5k |
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pedro b
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Sounds like the access to me you have to pay this then they pay the finance company
But £400 sounds a bit steep as the access phone them and get them to explain |
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aires69uk OFFICIAL
 |
Unless you wish to dispute the insurance company's valuation of the vehicle (which I anticipate should be pretty much spot on actually), then you will find that it is fair. You may disagree with the assessment but as the car is on a hire agreement which the insurance company will be paying off, it is perfectly fair for them to ask for the difference. Your friend may think this sucks but I'm afraid that unfortunately in this case - that's life. [shrugs]
EDIT
____
For those who are wondering, because the car is on a finance agreement, the insurance company won't just only pay part of the money owed, but will expect the whole amount to be settled. The £400 paid the insurers will go towards a whole overall £5,400 settlement to the finance company to clear the agreement. |
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costa
 |
Is this the first offer from the insurance company. If it is:
a. turn the offer down
b. try and get a valuation on your car from Glasses guide (from a dealer)
c. ask for (at least) the $5400 or the guide value - whichever is the greater
d. whatever your excess value is
e. the next years premium that you will have to pay (having lost your NCB)
f. plus 10%
You won't get it all but you will probably get more than your current offer. |
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confucious says
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yes this completely normal for insurance companies to do this until the car is free from finance the insurance cannot legally dispose of the car till the finace deal is settled therefore they ensure they get your money first and settle with the finance company direct.
otherwise some people would never pay the difference not saying your friend would but you get the idea |
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Nommo
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you need to explain the situation much more clearly. |
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GIZMO THE CAT
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I assume that you have a voluntary excess on your insurance policy. If its £400 then that's what has to be paid to the insurance company, if its any less, then I'd query the amount requested with them. x |
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valf
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You really need to ask this question again as it is rather confusing.....and not very clear.....If you are talking about the excess usually,as far as i know they would deduct this from the final amount so the pay out would be 5,000. ...effectively you would owe the finance company 400.00 to clear the debt.......it may be that they are requesting the whole amount to clear the whole debt to the finance company as the car i assume is a right off.... |
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Gem*
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Is the excess for your policy £400??
I can't really understand what you are trying to say soz! |
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collingbournekingston
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I don't see why you should pay the money to the insurance company for them to pass to the finance company. I was in a similar (but worse) situation a few years ago when my car was a write-off in an accident. The insurance only covered part of the value of the car and I had to continue to pay the finance company £126 per month for about 2 years after getting rid of the car. I certainly didn't have to pay the money to the insurance company. I'd speak to the finance company to check what they expect. |
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Mike Sanders
 |
if the £400 was your excess, then yes... perhaps... it all sounds a bit fishy... but your wording isn't fantastic either.
EDIT - In that case, you need to open a dispute with your insurance company and/or the insurance onbudsman. |
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