OV9

Jobbo wrote: Fri Jul 26, 2019 2:27 pm Not on leases, Broccers. The lease company is named as the owner, so the insurer just deals with them.

Incorrect and I speak from experience

Mito Man wrote: Fri Jul 26, 2019 1:31 pm

Jobbo wrote: Fri Jul 26, 2019 1:06 pm I'm sure all those people who advocate buying GAP for leased cars on PH are shills from insurance companies. They never manage to explain adequately how they'd ever pay out.

Yep I always thought GAP insurance was a con, pretty much the PPI equivalent for cars.

After I’d initially spoken to my insurance company, I called the lease company and told them that I’d crashed and what the process was. I asked about if there’d be a problem with them and the insurance company valuing the vehicle differently. He said it almost never happens with new cars - “the car isn’t that old, we know and the insurance company know what it’s worth. It can be a problem with older cars though”

So maybe not really so required on very new cars. But perhaps useful on longer leases?

Sounds like a good result. What was your deposit? That may be part of the difference.

Many years ago, I bought a 330i, it was stolen from the gym two weeks later! Insurance valued it at £4K more than I’d paid. I bought another one for the same price as previous and pocketed the difference (Dealership gave a couple of bottles of Bollinger as a good will gesture aswell). About a month afterwards, the police called to say they’d found it in a lock up. Told them it was no longer mine, but I’d like the tax disc back, which they kindly dropped off with my mate (who’s a copper) and I got that refunded aswell.

This is a proper result!! Well done and I'd imagine you are quite happy with the outcome. First class!!

IanF wrote: Fri Jul 26, 2019 4:52 pm Sounds like a good result. What was your deposit? That may be part of the difference.

Many years ago, I bought a 330i, it was stolen from the gym two weeks later! Insurance valued it at £4K more than I’d paid. I bought another one for the same price as previous and pocketed the difference (Dealership gave a couple of bottles of Bollinger as a good will gesture aswell). About a month afterwards, the police called to say they’d found it in a lock up. Told them it was no longer mine, but I’d like the tax disc back, which they kindly dropped off with my mate (who’s a copper) and I got that refunded aswell.

1) It’s not actually a deposit on a lease, you don’t get it back at the end.

2) that’s an excellent outcome!!

Broccers wrote: Fri Jul 26, 2019 3:22 pm

Jobbo wrote: Fri Jul 26, 2019 2:27 pm Not on leases, Broccers. The lease company is named as the owner, so the insurer just deals with them.

Incorrect and I speak from experience

Did you forget to tell them it was leased?

Richard wrote: Fri Jul 26, 2019 5:19 pm
1) It’s not actually a deposit on a lease, you don’t get it back at the end.

How much was you advance rental then??

Oh and you don’t get your deposit ‘back’ for a purchase finance product either...

Jobbo wrote: Fri Jul 26, 2019 7:20 pm

Broccers wrote: Fri Jul 26, 2019 3:22 pm

Jobbo wrote: Fri Jul 26, 2019 2:27 pm Not on leases, Broccers. The lease company is named as the owner, so the insurer just deals with them.

Incorrect and I speak from experience

Did you forget to tell them it was leased?

My Civic type r was leased

Richard wrote: Fri Jul 26, 2019 11:46 am
I crashed my car, and earned over £4K

Baggy Boxster next it is then.

Exactly what I was thinking. Take that £4k and see what eBay has to offer.

My 968 was bought in the same manner and i even experienced some culture and flew to Newcastle for £30 to collect it

Broccers wrote: Fri Jul 26, 2019 8:21 pm

Jobbo wrote: Fri Jul 26, 2019 7:20 pm

Broccers wrote: Fri Jul 26, 2019 3:22 pm

Incorrect and I speak from experience

Did you forget to tell them it was leased?

My Civic type r was leased

Not PCP finance?

Jobbo wrote: Fri Jul 26, 2019 9:47 pm

Broccers wrote: Fri Jul 26, 2019 8:21 pm

Jobbo wrote: Fri Jul 26, 2019 7:20 pm

Did you forget to tell them it was leased?

My Civic type r was leased

Not PCP finance?

No leased. I set my company up in 2001 and had little cash as my x employer took legal action and it swallowed cash.

When it got stolen the insurance company wouldn't pay initially as I'd not declared 3 points which were 4.5 years old. The differential payout after that was overcome was over 3 grand. Took time and effort to get the figures to match.

List Price - £31,015.00
Price after 13 months - £16,900.00
Total depreciation - £14,115 or 45%

Not a great investment

Also, I’d paid nowhere near that. Closer to a third of the depreciation

I know the lease companies probably don’t pay list price (although mine was all organised at the dealer) but my rough maths makes it that someone had lost about £10k here...

They get the vat back too.

Has dropped a lot tho that!

Crash for cash scum! You people make me sick!

Broccers wrote: Sat Jul 27, 2019 8:38 am They get the vat back too.

Has dropped a lot tho that!

About 3 years ago my Dad's nearly new car was hit from behind in a typical junction accident. It went into repair and after I got involved it was eventually returned in a decent standard. When the insurance company came to settle with the repair garage they asked my Dad if he was VAT registered. 'Yes I am' he said. At that point they wanted to pay the repair garage their fees net of VAT, have Dad pay the VAT element and them for him to claim it back on his next VAT return. According to the insurance company this was 'standard practice' where one of the claimants is VAT registered.

'Hold on a minute' Dad said. (Dad's a tax advisor of over 50 years standing, ex big-4 senior manager, still has his own successful tax practice). 'My car is not on my books. This is a personal vehicle, and not a VAT'able business expense, because it doesn't get used for and was not purchased by my business. If a VAT inspector suddenly sees a near £1,500 VAT reclaim on my next return for a repair to a vehicle that has never been near my books then questions will get asked.'

The insurance company dug their heels in, and after a bit of backward and forward and the insurance company admitting that they took this tactic with all VAT registered claimants Dad pointed out that they were complicit in a VAT fraud, and as is incumbent upon him as a practitioner he'd be making a report to Revenue and Customs to alert them of this activity.

Unsurprisingly the insurance company caved and settled with the garage in full.

Dad is no longer insured with the company in question.