Car Insurance Claim

A

ASH83

Registered User
Messages
46
Hi All,

Just a quick question that i ahve been asked and really wouldnt know the answer to, so thought i would try u guys!

If a car has been stolen and burned out, do the insurance company pay the book value out or the Market value of the car? also is that money given to the owner of the car or the finance company?

Thanks
 
The insurance company will pay the book value of the car and the claim cheque will be paid to the policy holder.

Hope this helps

Johno
 
Johno said:
The insurance company will pay the book value of the car and the claim cheque will be paid to the policy holder.
Hope this helps
Johno
Click to expand...

How do you get the book value of cars?
Is there an actual "book" available to the public?
 
Yes their is a book issued every month to people in the trade and insurance companys etc, not to the public.This book gives upto date values on vehicles based on year and milage.

ASH58, The claim cheque is issued to the policy holder and not to the finance company unless the finance co requested that their interest is noted on the motor policy which would be unusual for car insurance.

If you have finance on the car it is up to you to settle the loan on the car and not the finance company.

Johno
 
insurance companies do a search with HP companies and if there is a HP interest, cheque is sent to policyholder or his broker, but payable to both policyholder and HP company.
 
Ok so if a claim was made and book value was given, a person could then buy another car out of that cheque and continue paying finance for the car that was claimed for? I just want to make sure im thinking correctly on this!

I do know of people that have had finace on cars and sold them on but just paying out the finace on the car that they sold never notifing the finance company!

The person that has asked me to enquire on here about this is afraid after the claim is made that the insurance company will pay the finance company directly and he will be left with out a car & the remainder of the finance to be paid off!!
 
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