Ive been involved in a car accident and the third party admitted liability for it. My car though might be declared a total loss. The vehicle was bought before we went through the IVA, but its been a subject to outstanding finance so its a part of IVA agreement. We have a GAP insurance on the car as well. My question is, if the car is declared a total loss, and insurance offers a market value, what will happen to the money? Will that go towards the outstanding finance or will be able to keep it to get a replacement vehicle? And how will the GAP insurance work in this case?
If the other party has admitted liability then their insurance should pay out. The GAP insurance protects you but you will be left with no vehicle and no monthly HP payments. You could buy another car if you could source the credit but I think you need to speak with a solicitor and your IP.
