PCP and crash

Loona99

Bought brand new car in January with PCP arrangement. I was the injured party in a collision on Wednesday. Other driver has admitted culpability and I'm going through her insurance. Car was towed and now in garage. I'm told it's repairable and I will get depreciation. However, I'm concerned about how this will affect me going back with a crashed car after 3 years. Crashed car never the same and I have no doubt I'll be losing out. Depreciation only a percentage of the cost to repair. Could anyone advise how this works and how I may be affected? Thanks.

bazz26

Check your PCP documentation but most of these PCP deals include that the car must be repaired by an authorized main dealer. I'd imagine there are a few reasons for this. 1. The repair work and parts used are done to a quality that is approved by the manufacturer and 2. There is a proper record of the repair when it comes to returning the car at the end of the PCP deal. A crash repaired car would certainly be worth less come trade in time so they will adjust it's trade in value to account for this when you go to trade it in against another car.

I'd be adding depreciation to the claim against the other driver's insurance as you will be financially at a loss when you go to trade in or hand back the car at the end of the PCP deal. You won't get the full value of the depreciation but you should be able to expect some recourse from the other driver's insurance company all the same.

JoeA3

How badly damaged is it? Are we talking largely cosmetic, some paintwork, maybe replacing a panel or two, or is it much more extensive?

If it’s the former, don’t worry too much about it. A good body shop will have it 100% and the fact is, in 3 years time when trading it in the dealers won’t know - or indeed care very much. It’s expected that most cars suffer occasional damage and so long as it’s put right, it’s fine.

You’re definitely entitled to a percentage of the repair cost for “depreciation”. I think it’s typically about 20% for a fresh car such as yours. So if the repair is quoted at say 3k, you will get €600 cash. You need to ask for it though, insurance companies are unlikely to offer it unless you ask...

Limbo123

Someone drove in to me last May. Car was just over 3 years old.
She was at fault and admitted liability.
I got her insurance company to repair car, demanded a much better hire car than the one they offered and then chased them up for depriciation costs.
They gave me €1.3k transferred to bank.
Part exchanged car- told them about damage and was given a very decent market value as trade in

Paddydans

Just wondering how you got on with your insurance claim and the depreciation money? I'm in a similar situation but going through my own insurance are the our car hit an animal so no other party involved. How did you deal with the insurance and garage the car was purchased from? And the finance company? Could do with any advice asap!

mickdw

You won't get depreciation from your own insurer.

Odyssey 2005

mickdw wrote: »

You won't get depreciation from your own insurer.

This is 100% true. You'll get significantly less from your own insurer ( even if they can recoup the payout from another company)