I have a car on finance its just been wrote off?

superspark

IF THE AMOUNT THEY ARE WILLING TO PAY OUT IS LESS THAN YOU OWE, AND YOU NEED TO RAISE THIS AMOUNT UP, THEN I WOULD DEVELOP SOME LOWER BACK PAIN AND PUT IN A CLAIM FOR THIS.

Joe Bloggs

Happened to me ages ago so not sure if its same proceedure today.... but the woman's insurarance company (she went in to my car when drunk) sent around a loss adjuster to check the car over and make me an offer. They don't automatically give you what the car is worth... they try and knock you down (in my experience). However I got what I wanted for it. Was gonna sell it for Â£200 less prior to the crash. Good luck.

albertwilson2572@btinternet.com

1 the insurance companey should pay the finance companey
2 theay might not pay the full ammount owing on the car
3 did you take out payement protection when you got the car because if you did not and the insurance companey only pays a part of it then YOU WILL BE LIABLE FOR THE OUTSTANDING AMMOUNT
4 the insurance companey will own the car and should make arrangements to remove the vehicle good luck

C B S

was it accident, if it was a accident then, who was guilty for that accident. are hold full cover or third party insurance.

if just break down then nothing. because insurance cover your car body not parts.

if you got direct car finance and your car insurance company knows that then they will pay direct to your finance company.

if you owe money as a personal loan than, you will get you money from your insurance but it is also depends on your insurance policy terms.

mazamoore

Normally the insurers will pay the finance company direct. You should check with the finance people to see if you took out GAP Insurance with them, it is specifically for this type of problem - it covers the gap in payment. Good luck.

oklatom

If they have settled with you on the vehicle, it now belongs to them and they will send a tow truck after it. If you owe more than what they gave you, you will give when they gave you to the finance company, and then make payments until you have paid the full balance. If you wanted to get enough to pay it off in the case of a total loss you should have asked for GAP insurance.

xylina_69

The insurance adjuster will generally give you an estimate of how much the vehicle is worth, you are allowed to haggle on this...as long as you had the proper coverage on your vehicle.

The funds are given to you, you would have to sign a declaration stating that you have received the funds and are not going to pursue the insurance company for more, but the cheque will be made payable to both yourself, and the lending company.

As for the remainder owing on your loan, if you are not able to get the insurance company to give you enough to cover the loan, you will be required to pay the remainder off. If you are not able to pay this off, you would want to speak to your lending company about making arrangements so that your credit rating does not suffer.

Generally, once the insurance company gives you the cheque, the vehicle now belongs to them, and they will have it towed to their property, and destroyed or repaired as they see fit.

These are the general guidlines where I live, they may be different...

Wolf Harper

Good question. Do they pay the "blue book" or the amount you owe on financing? I mean it's not the insurance company's fault you over-financed. Still, better insurance will pay the full 4000. Check with your agent.

And next time you shop for insurance, it's a good question to ask about.

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