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VW Financial Services and insurance company - total loss following accident
So ......
I have a vehicle on contract hire from Volkswagen Financial services and am just about 12 months in to a 36 month contract (3+35). Vehicle was new at outset.
I am a private individual not a company so assume the consumer credit act applies
It was written off in an accident by a third party (100% their fault - they drove into the back of a parked car !)
As expected insurance company and VWFS have discussed matters and the insurance company have told me they are sending VWFS approx £4K as thats what they asked for.
Now £4K is well below the market value for the vehicle (it was only 11 months old). However insurance company aren't going to send more than they have been asked for.
Checking the T&Cs the approx £4K seems to equate to all the rentals (less the VAT) less rentals paid (less the VAT) which is the amount payable in section 8.2 of the contract hire agreement which refers to termination of the contract. I assume the contract is terminated when a total loss occurs.
However other T&Cs refer to always having the vehicle insured for its full value and all the money I get from an insurance claim going to VWFS.
So if the insurance company, who have checked the figure with VWFS, close the case after paying up am I liable to VWFS for more in the future when they realise ? I am worried that insurance company haven't paid out for the full value of the vehicle when thats what they are responsible for.
Any others had experience of total loss / vehicle write off's ?
I am also asking the insurance company how I can recover some of the contract hire deposit I paid for a 36month contract when I've only had the benefit of 12 months
THanks
I have a vehicle on contract hire from Volkswagen Financial services and am just about 12 months in to a 36 month contract (3+35). Vehicle was new at outset.
I am a private individual not a company so assume the consumer credit act applies
It was written off in an accident by a third party (100% their fault - they drove into the back of a parked car !)
As expected insurance company and VWFS have discussed matters and the insurance company have told me they are sending VWFS approx £4K as thats what they asked for.
Now £4K is well below the market value for the vehicle (it was only 11 months old). However insurance company aren't going to send more than they have been asked for.
Checking the T&Cs the approx £4K seems to equate to all the rentals (less the VAT) less rentals paid (less the VAT) which is the amount payable in section 8.2 of the contract hire agreement which refers to termination of the contract. I assume the contract is terminated when a total loss occurs.
However other T&Cs refer to always having the vehicle insured for its full value and all the money I get from an insurance claim going to VWFS.
So if the insurance company, who have checked the figure with VWFS, close the case after paying up am I liable to VWFS for more in the future when they realise ? I am worried that insurance company haven't paid out for the full value of the vehicle when thats what they are responsible for.
Any others had experience of total loss / vehicle write off's ?
I am also asking the insurance company how I can recover some of the contract hire deposit I paid for a 36month contract when I've only had the benefit of 12 months
THanks
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