hello from a newbie

[sannie5210]

first of all i want to say hello to anybody.

and i hope somebody can help me with some advice.

last year september my husband bourght a motorbike £7000 with a finance from black horse. as i seen now it is a hire purchase contract.
3 weeks ago he had a motorbike accident knockt over by a lorry, thanks god he is alive and doing very well on the recover.
the insurance informed me now that the bike is a writeoff and they offered £5500.

now my question do we have to pay the money to black horse or can he buy a new bike with the money( he is already on the internet to look for a new bike) and we still pay the monthly rates to black horse until full payment been done?

many thanks in advance for any helpful answers

sannie

[des8]

Re: hello from a newbie

Hi there and welcome.

It is very unlikely that you will have £5500 paid into your account. If an insured vehicle which is subject to Hire Purchase or leasing agreement is "written off" the insurance policy usually stipulates the payment will be made to the finance company, who are the technical owners of the vehicle.
Hopefully the payment will cover the outstanding balance on the finance deal, and any excess credit will come to your husband.If it is not sufficient to clear the outstanding balance try negotiating with insurers for a higher figure as otherwise you will continue with your installments until it is cleared.

Glad to hear he has survived and in recovery...that's the important bit.

[ostell]

Re: hello from a newbie

If this was the first offer from the insurers then reject it and see if they will go higher. The first offer is usually low in the hope that you will accept it.

£1500 loss in 9 months or so seems to be a little high

[des8]

Re: hello from a newbie

Further to my earlier post, who was responsible for the accident? If the lorry driver, have his insurers admitted liability? Who offered £5500? Your hubbies' insurance company or the lorries' insurers?
I assumed (probably wrongly!) that your husband had made a claim on his own insurance and the offer had come from his insurers.
Do you think the offer is a fair reflection of the bikes value prior to the accident?
And continue paying the hire purchase installments at least until the insurance claim has been settled.

[sannie5210]

Re: hello from a newbie

hi, thanks for all your answers.
the police said after investigation it was just an accident and they wont blame anybody.
the offer came from our insurance and was £6000 with £500 excess which mean £5500 in the end.
we had a look on the internet and all simelar bike are around £5500-£6000.
also we think it is a fair price from insurance.

[des8]

Re: hello from a newbie

hi, thanks for all your answers.
the police said after investigation it was just an accident and they wont blame anybody.
the offer came from our insurance and was £6000 with £500 excess which mean £5500 in the end.
we had a look on the internet and all simelar bike are around £5500-£6000.
also we think it is a fair price from insurance.

In that case post 2 will apply, but do continue with current installments until payment made.
Pleased to hear your satisfied with the way your insurers have acted.....on this site we only seem to hear about problems (lol)

[sannie5210]

Re: hello from a newbie

In that case post 2 will apply, but do continue with current installments until payment made.
Pleased to hear your satisfied with the way your insurers have acted.....on this site we only seem to hear about problems (lol)

yeah i know we are quit glad with the outcome of the insurance.
and yes i seen lots of posts with only problems lol

yes i will keep paying to blackhorse and see what insurance do. they wanted some more paperwork now also see what will be happend by next week when they pay hopefully :tinysmile_grin_t: