Hi I recently had an accident (nothing serious) and my bike has been classed as a category N write off. I’m gonna buy the bike back from my insurance for scrap price but my bike is on finance and I also have gap insurance.
The part I need help understanding is my finance figure left to pay is £4,800, Market value of my bike is £4,344.50, the scrap price is £1,737.80, my excess is £1,175, remaining insurance premium is £250.95, my settlement figure at the end of it all would be £1,180.75.
That’d mean I’d have £3,619.25 left on my finance to pay, would my gap insurance pay the rest of that or would that come out of my pocket. I don’t understand how it’d work if I still owned the bike whether they’d pay it out or not with me still having ownership. It’s my first ever bike and my first time dealing with any sort of insurance claims so not 100% sure on how it all works.
Any and all help and advice is welcome and greatly appreciated.