Motor Ins payout when finance outstanding

Hi, car stolen last week (05 GTi @ 25k value according to revenue VRT calculator)
Can anyone advise as to who insurance co. pays when car has loan outstanding? Am i obliged to notify finance co. of theft? Insurance co. haven't mentioned it, but claim form asked if loan exists. I hope for convenience to just keep up loan and change car details...when I manage to get a car!
Thanks in advance
Gerryk

If a question is asked explicitly on the claim form, you need to answer it honestly, otherwise, apart from other considerations, you risk invalidating your claim.

Why do you mention the Revenue VRT calculator in arriving at the value of the car? That will have little effect on the insurance company's valuation of the loss. What value did you declare for insurance purposes?

In my experience, they will arrive at their own valuation anyway, based on some obscure underwriting magic .they do internally.

One of my cars was written off in an accident and in settling the claim against the 3rd party, the insurance company valued the wreck at 5,000 for salvage purposes and deducted that from my settlement, having already reduced my valuation on the car to their version of "fair market value".

"Ours is not to reason why, ours is just to pay and pay and pay and pay..."

Sorry to hear about the loss of your car and the insurance company will probaby remit at least part of the claim to the finance company.

Thanks for your reply. I did detail finance company info as requested on form, just not sure if I'm supposed to inform the finance company directly - don't want to leave any i undottted. Think I valued car at 30k last March on renewal. Yes I know they'll come up with some awful initial figure./ I've also been told by SIMI dealer, that about 25k is current book value. I'll wait and see what they come up with. Thanks again.

Is it on hire purchase or just a motor loan? If hire purchase I would imagine you need to inform the finance people as they technically own the car until the last payment is made.

most insurers check for hire purchase and will send cheque to you, but payable to you and finance company!