Big thumbs up for uninsured scum - Page 6

lostkat · 19-04-2008, 16:33

Quote:

Originally Posted by Helmut69

Hope your gap cover pays up. Mine didn't. Rip off.

Oh Christ, why not?? Who was your loan with?

lostkat · 19-04-2008, 18:30

Just been reading through the gap cover form... and I can only claim it if I'm actually settling the loan with the money the insurance company pay me. That means I will have precisely NOTHING left with which to buy a new car unless I take out another loan, which is highly likely to be a higher interest rate given the current state of our economy. Balls

LeperousDust · 19-04-2008, 23:28

Craptastic, sorry to hear this Kate, although it certainly opens your eyes to the terms of contract of future insurance deals i guess, and a warning to others... I suppose its akin to people assuming they can drive someone elses car because they have fully comp insurance...

Jonny69 · 20-04-2008, 18:36

Quote:

Originally Posted by Kitten

Why didn't they pay up?

Quote:

Originally Posted by lostkat

Oh Christ, why not?? Who was your loan with?

Can't remember exactly who it was with because it was a while back but basically I'd just started self employment and thinking on my feet that the loan might get me in financial difficulty if anything went wrong I thought I'd take out this 'gold' cover which was the top cover that paid out in any circumstances, whatever went wrong. Or that's how it was sold.

My bike got stolen and the insurance refused to pay over a dispute with my CBT which I didn't know I needed for a 50cc but the law had changed. Either way it was irrelevant to a theft claim but the insurance company cover themselves with small print that gets them out of it. Then the gap cover refused to pay as well. Some of their small print was worded in a way that was basically the same as what you just described, so no payout or refusal = no pay off loan.

It's all a big con and I'll never take out any kind of loan insurance again unless it's life insurance on a mortgage. I'm just lucky it was only about £2K but at the time it was £2K I could have done with NOT losing. I paid it off with a graduate loan which was a much lower APR at the time and saved me a couple of hundred pounds over the loan period.

lostkat · 24-04-2008, 21:49

Well, they've offered me £3600 for her (less £500 excess = £3100), which I was pretty shocked at because I was expecting FAR less than that. Absolutely everyone has told me to refuse their first offer no matter what. It was in excellent condition with a FSH and it was a desirable car in the most desirable colour too. I'm going to try and get a bit more because an extra £400 would REALLY help me along the way to getting one of the same age/condition, but I won't be too upset if I don't get it because I still have a reasonable amount.

I was really worried about the gap insurance because of what Johnny said and because it only paid the difference between the outstanding loan and the insurance payout, so I'd lose the £1k I'd already paid off. Thankfully, I don't have to worry about that anymore because I needed £3000 to break even and I have that. Phew!

I've also been talking to someone who's in the Insurance industry and he's said that he thinks I have a good case because the other driver was on the wrong side of the road overtaking parked cars at the time of impact and should have been driving with due care and attention. He didn't brake at all, which indicates that he was going too fast. This isn't helped by the fact that he buggered off. I'm not getting my hopes up, but it's made me feel slightly more positive than I was. Fingers crossed!

Dee · 24-04-2008, 21:56

Sounds promising, thank god

Roberta · 24-04-2008, 21:57

*crosses fingers*

LeperousDust · 24-04-2008, 22:08

W00t Kate thats excellent, coming along swimmingly

vix · 24-04-2008, 22:35

sounds very positive Kate, good stuff

lostkat · 25-04-2008, 06:12

Well, as it stands I have lost 2 yrs NCB and my £500 excess, so any kind of hope that I can recover at least some of that is positive news

Really relieved about the offer though. I was stressing big time over that!

19-04-2008, 18:30	#52
lostkat Good Cat Join Date: Jun 2006 Posts: 5,550	Just been reading through the gap cover form... and I can only claim it if I'm actually settling the loan with the money the insurance company pay me. That means I will have precisely NOTHING left with which to buy a new car unless I take out another loan, which is highly likely to be a higher interest rate given the current state of our economy. Balls __________________ Oooooh Cecil, what have you done?

19-04-2008, 23:28	#53
LeperousDust Bananaman Join Date: Jul 2006 Location: Liverpool/Edinburgh Posts: 4,817	Craptastic, sorry to hear this Kate, although it certainly opens your eyes to the terms of contract of future insurance deals i guess, and a warning to others... I suppose its akin to people assuming they can drive someone elses car because they have fully comp insurance... __________________

24-04-2008, 21:49	#55
lostkat Good Cat Join Date: Jun 2006 Posts: 5,550	Well, they've offered me £3600 for her (less £500 excess = £3100), which I was pretty shocked at because I was expecting FAR less than that. Absolutely everyone has told me to refuse their first offer no matter what. It was in excellent condition with a FSH and it was a desirable car in the most desirable colour too. I'm going to try and get a bit more because an extra £400 would REALLY help me along the way to getting one of the same age/condition, but I won't be too upset if I don't get it because I still have a reasonable amount. I was really worried about the gap insurance because of what Johnny said and because it only paid the difference between the outstanding loan and the insurance payout, so I'd lose the £1k I'd already paid off. Thankfully, I don't have to worry about that anymore because I needed £3000 to break even and I have that. Phew! I've also been talking to someone who's in the Insurance industry and he's said that he thinks I have a good case because the other driver was on the wrong side of the road overtaking parked cars at the time of impact and should have been driving with due care and attention. He didn't brake at all, which indicates that he was going too fast. This isn't helped by the fact that he buggered off. I'm not getting my hopes up, but it's made me feel slightly more positive than I was. Fingers crossed! __________________ Oooooh Cecil, what have you done?

24-04-2008, 22:08	#58
LeperousDust Bananaman Join Date: Jul 2006 Location: Liverpool/Edinburgh Posts: 4,817	W00t Kate thats excellent, coming along swimmingly __________________

24-04-2008, 22:35	#59
vix Penelope Pitstop Join Date: Jul 2006 Posts: 4,426	sounds very positive Kate, good stuff __________________

24-04-2008, 21:56	#56
Dee Combat Spanker Join Date: Jul 2006 Posts: 5,292	Sounds promising, thank god

24-04-2008, 21:57	#57
Roberta Pole Model Join Date: Jul 2006 Posts: 5,986	crosses fingers

25-04-2008, 06:12	#60
lostkat Good Cat Join Date: Jun 2006 Posts: 5,550	Well, as it stands I have lost 2 yrs NCB and my £500 excess, so any kind of hope that I can recover at least some of that is positive news Really relieved about the offer though. I was stressing big time over that! __________________ Oooooh Cecil, what have you done?

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