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Pcp car, possible write off

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  • 22-06-2019 6:37pm
    #1
    Paddydans
    Registered Users Posts: 29 ✭


    Hi,

    My wife had an accident with our one year old vw, which was purchased through pcp finance. She hit a deer which ran out in front of her, luckily she was not injured. The air bags are out and front bumper lights grill, radiator and probably more are very badly damaged. Not sure if it will be written off or is repairable.

    Does anybody know what the procedure with settlement would be if it's written off?? Would the insurance just cover the market value? Or would it cover what is owing on the vehicle?

    If it covers the remaining finance, does that leave us putting a full deposit for a new replacement car out of our own pockets?

    Or if it is repaired with it affect the car as a trade in, in 2 years time?

    Any advice or help would be greatly appreciated.


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    #2
    Eggs For Dinner
    Registered Users Posts: 2,982 ✭✭✭Eggs For Dinner


    If it's repairable, insurers will pay that, if it is written off, they will pay market value, both net of your policy excess


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    #3
    coylemj
    Registered Users Posts: 25,455 ✭✭✭✭coylemj


    Eggs For Dinner wrote: »
    If it's repairable, insurers will pay that, if it is written off, they will pay market value, both net of your policy excess

    As you work in the insurance business, can you advise the OP where he and his wife stand in relation to the PCP deal....

    1. If the car is declared a write-off, will the insurance pay the full market value or just the outstanding finance?

    2. If it's repairable, how will that affect the trade-in value when the PCP lease is up?


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    #4
    Eggs For Dinner
    Registered Users Posts: 2,982 ✭✭✭Eggs For Dinner


    I've answered the question regarding the indemnity he is entitled to receive under his insurance policy. I can't comment on any other contract conditions relating to PCP. His insurers are not affected by other contracts he enters in to.


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    #5
    Paddydans
    Registered Users Posts: 29 ✭Paddydans


    Is there such a thing as claiming depreciation on the vehicle as this claim will affect the future trade in value???


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    #6
    Eggs For Dinner
    Registered Users Posts: 2,982 ✭✭✭Eggs For Dinner


    Paddydans wrote: »
    Is there such a thing as claiming depreciation on the vehicle as this claim will affect the future trade in value???

    If a relatively new car is damaged by another party, you can claim a percentage of the repair bill as depreciation. It is not something you can claim for under your own policy


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    #7
    Jacovs
    Registered Users Posts: 1,804 ✭✭✭Jacovs


    How old was the car exactly when the accident happened? Just over 12 months or just under?
    Reason im asking, and it might not be the case here, when I bought my nissan on pcp there was something about nissan replacing the car if it is written off within the first year. Not sure does VW offer the same and if its something you can look into maybe.


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    #8
    Wildly Boaring
    Registered Users Posts: 3,647 ✭✭✭Wildly Boaring


    Is the car over 1 or not?

    Lot of policies that replace a car up to 1 year old with a new car.

    Obviously it would need to be a write off. Yours doesn't actually sound like one


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    #9
    Paddydans
    Registered Users Posts: 29 ✭Paddydans


    Wildly Boaring wrote: »
    Is the car over 1 or not?

    Lot of policies that replace a car up to 1 year old with a new car.

    Obviously it would need to be a write off. Yours doesn't actually sound like one

    No it won't be written off. That is written in our policy about a replacement. Looks like it'll be repaired and we'll just take a hit when trading up in a few years, could be worse, the main thing is that no one was hurt.


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