PCP car was crashed advice sought

IrishHomer

I have a VW Polo that's almost three years into PCP and I was planning on changing or buying car out shortly.

Last week a man crashed into me and admitted responsibility.

He said he will pay costs or go through insurance.

His insurance company advised me to take car to their nominated garage and I did so. An estimate on €3,200 was given to the insurance today.

Insurance (liberty) just called me to say they informed client of the costs and he said he wants to pay it himself and not through insurance.

I need to find my PCP agreement to see will this crash damage effect me financially when I want to change or sell car in future?

What are my rights, have I to go along with his decision to refund me directly without insurance?

I don't know the man we reside long distance apart.

Any advice greatly appreciated

Mooooo

Let the insurance sort it

Neilw

I don't know about the reduction in value with regard to pcp, but depending on the age of the car you can claim 10% of the repair cost in depreciation due to accident damage iirc.

IrishHomer

Mooooo wrote: »

Let the insurance sort it

The insurance company told me he wants to sort it with cash.

Do I have to accept this or am I entitled to insist on the insurance route?

Hitman3000

IrishHomer wrote:

I need to find my PCP agreement to see will this crash damage effect me financially when I want to change or sell car in future?

I would assume that the crash will affect the gfv.

coylemj

IrishHomer wrote: »

The insurance company told me he wants to sort it with cash.

Do I have to accept this or am I entitled to insist on the insurance route?

You need to talk to the finance company, they own the car. They will have to agree with the proposed repair and may ask his insurance for more money if they feel that the repaired car will have an impaired residual value.

Do nothing without talking to them.

bazz26

Hitman3000 wrote: »

I would assume that the crash will affect the gfv.

Only if the OP hands the car back and walks away. In that case the OP could be liable for the shortfall between the reduced market value of the car and the GFV.

If the OP is trading it in for another new car then the dealer will reduce the trade-in value to account for the reduced market value due to previous crash repair.

If the OP decides to buy the car and settle the GFV amount at the end of the current PCP deal then there is no penalty as such other than the OP now owns a crash repaired car with a lower market value.

IrishHomer

The delegated repair garage quoted repairs at €3,200

Someone told me today I need to add 10% of car value to the compensation to allow for the extra depreciation caused by the crash, any thoughts on this?

Alanstrainor

OP, I'm curious. What has YOUR insurer said about all of this? It seems to me like you're stuck in the middle here a bit. Your insurer should surely being dealing with this?

(Perhaps they are.... I just can't be sure with the info provided here.)

IrishHomer

Alanstrainor wrote: »

OP, I'm curious. What has YOUR insurer said about all of this? It seems to me like you're stuck in the middle here a bit. Your insurer should surely being dealing with this?

(Perhaps they are.... I just can't be sure with the info provided here.)

I originally consulted my insurer and they said they would log a note of the incident and leave me to contact and deal with the insurance of the other driver/car who caused the crash as the other car/driver has admitted liability.

Toyotafanboi

IrishHomer wrote: »

The delegated repair garage quoted repairs at €3,200

Someone told me today I need to add 10% of car value to the compensation to allow for the extra depreciation caused by the crash, any thoughts on this?

Not a hope of getting that on a 3 year old Polo.

IrishHomer

Toyotafanboi wrote: »

Not a hope of getting that on a 3 year old Polo.

Not a hope of getting what exactly?

irish bloke

As per post 6, speak with the finance company.

What you need to know is:
How much less the car is worth to them now it's repaired? - Add that value to your repair cost and that's the value you need to get from the insurance company or the individual.