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Car insurance claim HELP

  • 05-01-2009 4:30pm
    #1
    wicklow wonder
    Closed Accounts Posts: 2 ✭


    hi all i really need advice,

    my car was stolen in the north on sat night, which i am very very upset about, everyone keeps saying, its ok the insurance will cover the cost of the car:(:(, i understand the they will only pay out the amount the car is worth in todays market but if i still owe finance on the car how does that work??? :confused:

    Do i get the cheque from the insurance company and be able to go and buy a new car:confused:

    Or does the finance company get the cheque and i have to go threw the whole finance process again:confused:

    To be honest i recently lost my job and i have missed a few car payments and i am afriad i will not get finance if i have to apply again. i really need a car to get the kids to school and get around, afraid to ask the insurance company incase the look into the claim futher.. this only happened on sat night so cliam is only being processed now,

    if anyone could give me advise it would be great, its all i can think about,:(

    please help:)


Comments

  • #2
    TouchingVirus
    Registered Users, Registered Users 2 Posts: 8,584 ✭✭✭TouchingVirus


    The current market value of the car is what you'll get when you claim, no matter how much you paid for the car. The thinking behind it is you can go out and get the exact same make/model with same or near enough mileage and now you've not really 'lost' anything except a few days without the car

    The cheque will be made out to you if your claim is successful and then its up to you what you do with the money (go out and get the same car, get a less expensive one and use spare money to pay off your loan or go to the bahamas or whatever). The finance agreement between yourself and the financing company is none of the insurance companies concern.

    As long as you reported the car as stolen to the gardai as soon as you noticed it was gone you should be all right. Theft claims take a bit longer to process as far as I can tell (family have experience with stolen cars and regular accidents). If you need a car now to get around and bring the kids to school you may have to talk to the insurance company and see if they'll get you a loan of a car until the claim is processed - they're not all bad and are reasonable as long as you told the truth and did everything by the book :)


  • #3
    Wibbs
    Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 60,217 Mod ✭✭✭✭Wibbs


    Moved to motors as more likely to get better advice here.

    Rejoice in the awareness of feeling stupid, for that’s how you end up learning new things. If you’re not aware you’re stupid, you probably are.



  • #4
    SMK
    Closed Accounts Posts: 190 ✭✭SMK


    If the finance is linked to the car by hire purchase, etc then the cheque will be made out to yourself and the finance company. The finance company will take what is due to them and pay you the balance. However, if you bought the car with a personal loan then the cheque will be made out to yourself only. Ask the insurance company whatever questions you have. It is a straight forward theft claim so your questions won't make them look into the claim any closer. Also check if your policy gives you a replacement car. It will be for a limited period but you might as well take full advantage of the cover you have.


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