Volkswagen Golf R - Insurance Claim - GAP in reverse ??? | Motoring discussion | Back Room Forum

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Fri 1 Jul 2016 18:47

Volkswagen Golf R - Insurance Claim - GAP in reverse ??? - Simon279

Does anybody know what the position will be be in the following situation.

I have recently had my Golf R stolen from the driveway. The car was privately leased with £2800 put down as an initial deposit. I have found out from the insurance company that the car has been valued by them at £26k, however I have also found out that the settlememt figure put forward by the lease company is £21k. On that basis there will be a £5k surplus upon the settlement.

Am I entitled to the £5k given that the insurance agreement is between me and the insurnace company only? As i understand it, if the car is stolen they are obliged to pay me the market value.

The finance company are not a party to the insurance policy taken out so as far as I am concerned, my obligatrion is to pay the finance company the settlement figure and it is the insurnace companys obligation to pay me the market value.

Is this correct or am I missing something ????

Thanks

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Fri 1 Jul 2016 19:29

Volkswagen Golf R - Insurance Claim - GAP in reverse ??? - RT

Does anybody know what the position will be be in the following situation.

I have recently had my Golf R stolen from the driveway. The car was privately leased with £2800 put down as an initial deposit. I have found out from the insurance company that the car has been valued by them at £26k, however I have also found out that the settlememt figure put forward by the lease company is £21k. On that basis there will be a £5k surplus upon the settlement.

Am I entitled to the £5k given that the insurance agreement is between me and the insurnace company only? As i understand it, if the car is stolen they are obliged to pay me the market value.

The finance company are not a party to the insurance policy taken out so as far as I am concerned, my obligatrion is to pay the finance company the settlement figure and it is the insurnace companys obligation to pay me the market value.

Is this correct or am I missing something ????

Thanks

S

What you're "missing" is the value of the payments you've already made on the lease.

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Fri 1 Jul 2016 20:07

Volkswagen Golf R - Insurance Claim - GAP in reverse ??? - Simon279

Yes, but I've already had the benefit of using the car for 15 months

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Fri 1 Jul 2016 23:22

Volkswagen Golf R - Insurance Claim - GAP in reverse ??? - daveyK_UK

strange situation, im not sure what your position is?

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