Speak EV - Electric Car Forums banner

1 - 20 of 28 Posts

·
Registered
Joined
·
60 Posts
Discussion Starter #1
Hello all

Have had the unfortunate random careless loony smashing my leaf from a side road. Insurance company declared me not liable (pfffhhuu..) and given me a ICE hire car. They are now waiting for and engi to evaluate the car.
But, as he already said from some photo is being declared written off (they already took it from the policy)

Is there chance of claiming something close to the 7k i need to pay the finance company?
This was 28mph impact.. with a car driven by a driver who started moving while looking the opposite way
130021
130022
 

·
Registered
Joined
·
2,070 Posts
Good luck, Bruno. I hope the payout will cover your outstanding finance - I would expect (or at least hope) it would, given the generally pretty decent residuals on the Leaf.
What was the age/mileage of the Leaf? It looks like an Acenta from the wheels?
 

·
Registered
Joined
·
60 Posts
Discussion Starter #3
Good luck, Bruno. I hope the payout will cover your outstanding finance - I would expect (or at least hope) it would, given the generally pretty decent residuals on the Leaf.
What was the age/mileage of the Leaf? It looks like an Acenta from the wheels?
Yes, from 14 with 40200.
 

·
Registered
Joined
·
1,401 Posts
I would be prepared for a low offer and start accumulating evidence about what you think it's true value is. Remember though, AutoTrader listings don't necessarily reflect the sold price.

Probably worth considering GAP insurance to cover you in instances like this in the future, particularly when finance is involved. Given it's relatively cheap price (search online) and that is it potentially worth thousands, I tend to take out a policy despite not having finance.
 

·
Registered
Joined
·
3,084 Posts
As above, i would just inform your own company and not claim from them. 3rd parties where they accept liability make it much easier.

My dads brand new leaf was driving into by a Companies Transit custom and they denied liability, then said they forwarded the info to their insurance and we just started getting the run around from them. This is with his insurance company involved as well and constantly waiting for the 3rd party.

It just adds another link in the chain that causes delay :(

You may get close to what your asking but you need to get examples of others in good condition and similar age and miles to get the best payout.
 

·
Registered
MG EZS 2020
Joined
·
4,177 Posts
It just adds another link in the chain that causes delay
I always have legal included in my policies. Saves a lot of hassle. In the late 90s I got hit by a girl driving her boyfriends car turning right (the girl) on a roundabout on a dual carriageway from the left lane. Straight across the front of me. Her comment was that she had indicated. They refused to tell their insurers. I passed it on to the legal team and let them deal with it. I had to pay my excess up front and it did take several months, but I got my excess back with compensation.
 
  • Like
Reactions: Kingpleb1

·
Registered
Joined
·
460 Posts
I'm not 100% certain, because insurance companies are rarely transparent, but in general I'd be thinking like this. There is an asset depreciation curve (that's what insurance companies use) and a financing curve (that's what you use).

In virtually all cases, the financing curve is a straight 45 degrees line, meaning that you reimburse the bank with the same amount on a constant basis.

The depreciation curve though can be pretty different and with cars it is skewed, in the sense that most of the depreciation occurs at the beginning of ownership and then tappers off.

You will have to pay the difference between the two; if the car is a few months old, depreciation is high, so likely you'll pay extra (that's why people get gap insurance). But a 14 year old car is already severely depreciated, so there might not be a difference at all between the two, or you could be paid back more than needed to cover the financing, but don't count on it in your calculations, to avoid disappointment.

In general, an insurance company doesn't care about your financing (you may have not taken the best deal out there), they care only about the asset's value.
 

·
Registered
Joined
·
139 Posts
As you are not at fault, the third party is liable for all your losses. If they don't offer you enough then you can easily take them to court. The threat of having to also pay your legal fees on top should be enough to make them want to reach a mutually agreeable figure. You should not be out of pocket.

I recently had a claim settled entirely by the third party insurers without having to involve my own insurers or any parasitic claims handling company or even a solicitor.
 

·
Registered
Joined
·
60 Posts
Discussion Starter #11
As you are not at fault, the third party is liable for all your losses. If they don't offer you enough then you can easily take them to court. The threat of having to also pay your legal fees on top should be enough to make them want to reach a mutually agreeable figure. You should not be out of pocket.

I recently had a claim settled entirely by the third party insurers without having to involve my own insurers or any parasitic claims handling company or even a solicitor.
I hope it goes that way, the car would be worth pretty much the amount i own the finance company (give or take 500).
 

·
Registered
Joined
·
1,565 Posts
Im sure you have contacted the Finance company to inform them of the accident, and the damage to their asset. I suggest you work with them to decide the value of their asset if it
is to be written off. That is the amount you should seek from the third part. Unless you have a replacement insurance, and the finance/ asset owners are OK with that. The finance would have to be transferred to the new asset, if you get a replacement. If they dont make a suitable offer. Just contact the insured and send them an invoice for the amount you require and give them ten days to pay. The insured is the one who is actually liable, they just have insureance to cover their costs. Its still their fault and still their liability. This usually sharpens the minds of all concerned as the individual wont want to get involved with court costs, they will be angry with the insurance company, the insurance company wont want to get involved with court costs either. Twice I have had to take this approach when I have been hit from behind whilst waiting to join a road, the chap wouldnt make the claim, so his insurance company would do nothing. My bill made him realise he had no choice but to get on with it. The second was when my EV smart conversion was hit front on by an out of control driver. On the latter the offer was a joke. I simply said on the phone, that I was stopping the conversation, that the insurance chap knew his offer was totally inadequate. and that I would start legal proceedings immediately. Then put the phone down with no time for further discussion. They rang back 20 mins later, and appologised for having made a mistake and offered what I wanted. That included my costs for car hire, and the difference in driving costs of petrol / electric for the miles covered by the hire car. There is no reason in a situation like this to be out of pocket. Dont give up. But if you threaten them you have to follow it up. The costs for that also fall on them. Do write to the insurance company, send by signed for mail and keep copies. The paper trail is everything if ending up in court. I hope this wont happen.
 

·
I'm not crazy, the attack has begun.
Joined
·
28,564 Posts
Is there chance of claiming something close to the 7k i need to pay the finance company?
*[None. That's why folks on loan/PCP/PCH MUST take out gap insurance.

DO IT. DO IT NOW.

To NOT do it is utter madness and I have always sought to draw attention to this and encourage people not to try to skimp here.

As you have found, for no fault of your own, all of a sudden someone else has just put you into considerable debt to your financiers.]****

Sorry, it looks like it is too old to have covered on GAP, so above not relevant to your case, but I will leave it as it is truly utterly important for anyone on a new car lease.

As mentioned, let's hope the market rate favours you.
 

·
I'm not crazy, the attack has begun.
Joined
·
28,564 Posts
As you are not at fault, the third party is liable for all your losses. If they don't offer you enough then you can easily take them to court.
In this case yes, but do not rely on this for leas cars.

The court will expect the insurance company to pay out fair value. If you drive off in a new lease car, the finance value might well be less than the market value. The court would not consider the finance arrangements in the background, just the material situation. At least, they have never done so yet as far as I am aware.
 

·
Registered
Joined
·
4,095 Posts
Good luck, Bruno. I hope the payout will cover your outstanding finance - I would expect (or at least hope) it would, given the generally pretty decent residuals on the Leaf.
What was the age/mileage of the Leaf? It looks like an Acenta from the wheels?
Good luck. Car prices are very strange at the moment - there's a lot on the market but little is selling, so there's an argument that values are down significantly. I hope that you get a decent offer based on pre-lockdown prices.
Clearly it was quite a big impact as both front airbags have activated.
 

·
I'm not crazy, the attack has begun.
Joined
·
28,564 Posts
There might also be merit in keeping the salvage. See if you can find a buyer for it as salvage before entering into negotiations with the other company. If you can sell it for a couple of grand, but they'll only deduct a few hundred of the settlement price for it, then you'll be quids in. But I'd find the buyer first before committing to that, else you might have a wreck on your hands you can't do anything with.

I got a very favourable salvage deal some time back from one of my cars someone had written off, but it still drove and was safe enough, and MoTd fine with the damage it carried. Not that this looks like a 'runner' but you get my meaning that it can be a favourable deal.
 

·
Registered
Joined
·
4,095 Posts
Be aware that the salvage value is mainly the battery, but will not be as high as the prices on eBay suggest.
 

·
Registered
Joined
·
2,163 Posts
Good luck, Bruno. I hope the payout will cover your outstanding finance - I would expect (or at least hope) it would, given the generally pretty decent residuals on the Leaf.
What was the age/mileage of the Leaf? It looks like an Acenta from the wheels?
Yes, from 14 with 40200.
Is it possible to argue with the 3rd party that they (or their insurance company) provide you with 'equivalent reinstatement' ie they find you a replacement 14 Reg Leaf with no more than 40k on the clock (and make sure that the battery SOH is better than it was in your old car)? - and would your finance company accept changing the registration and VIN numbers on your finance agreement?
 

·
Registered
Joined
·
4,095 Posts
Is it possible to argue with the 3rd party that they (or their insurance company) provide you with 'equivalent reinstatement' ie they find you a replacement 14 Reg Leaf with no more than 40k on the clock (and make sure that the battery SOH is better than it was in your old car)? - and would your finance company accept changing the registration and VIN numbers on your finance agreement?
Talking in generalisations,and not in the specific case of the OP, that increases the risk of the book of the finance company who factor in a certain number of settlements into their book. Allowing certain cases in negative equity to transfer their loan means the risk to the lender increases. The onus is on the guilty party to put the injured party back into the situation that they were before.
 
1 - 20 of 28 Posts
Top