The car insurance information contained within these pages is based on information supplied by The Claims Guru, a site packed with useful information about the inner workings of insurance companies and their products.
Car Insurance - Variations Of The Total Loss
HP interest. Where there is outstanding finance on the car, or it is on a lease, the settlement cheque goes to the finance company that owns the car. If there is anything left, you will receive this. If the finance exceeds your vehicles value (and this could happen if your loan has a high % APR or it is leased, you will have to send your cheque for the excess to your insurer, they will pay the value of the claim to the owner and you will be left to settle any outstanding debt with your finance provider afterwards.
"I thought my window was down, but I found it was up when I put my head through it."
Extracts taken from actual claim forms submitted to
a number of UK car insurance companies
Personalised Number Plates. You can usually keep these. And transfer them to your next car. Tell your insurer your intentions and then contact the D.V.L.A. to arrange the transfer. It will take time!
Tax Disc. Your road fund licence is yours, not your insurance companies or their salvage dealer. You should remove the disc, obtain a form from the post office and cash it in.
Premium Refund? Suppose you decide not to buy another car. Can you have a refund of premium? The answer is NO. When your insurer pays out your total loss claim they have discharged their contractual obligation to you. The phrase they might use is that your policy has 'discharged by performance' Basically your side of the deal is you pay the full annual premium, their side of the deal is to provide you with the protection specified in the contract. They have kept to their part of the deal. To keep to yours, you must pay the full annual premium.
Some common questions and answers regarding total loss can be found on the FAQ pages.
