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Insurance issues!!

  • 12-10-2018 6:29pm
    #1
    RenoBarber
    Registered Users, Registered Users 2 Posts: 3 ✭


    I have a car wich been writte off ...i got some money from scrap and the rest ,the insurance will pay ...the car is under finance ...and with the money i get i want to buy another car in cash but ,keep payments for finance
    The insurance is asking me if the car is under finance ...can i tell them no ?will insurance company find out this ? Kind regards of youre time


Comments

  • #2
    bazz26
    Registered Users, Registered Users 2 Posts: 51,363 ✭✭✭✭bazz26


    What type of finance is it, PCP, HP? Not advisable to lie or not fully disclose information like this to an insurance company or the finance company who own the car until final payment is made.

    At the end of the day you borrowed money to buy a car but the car is the property of the institution who loaned you the money. Their property has now been destroyed and your insurance company has settled the cost of it's value with you but it's not your property but you still owe money on it. I'd imagine you will need to inform the finance company as the settlement figure you got for the car will need to be paid off the outstanding loan you still owe the lender. Any outstanding balance after that will probably need to be payed off too or else added to another loan if you decide to refinance a new car. Either way you need to inform the finance company and come to an agreement with them. Not informing them would not end well for you I'd imagine.


  • #3
    Anthracite
    Closed Accounts Posts: 805 ✭✭✭Anthracite


    Any question which starts, 'should I commit insurance fraud' can generally be answered with 'no'.


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