Can a road accident claim affect car finance?

The car finance industry is large and well-developed, only a few years ago it was very easy for potential car buyers to get credit, it might not be quite so easy now, but it is still possible for those on a regular income interested in purchasing a vehicle within their means. It is common sense that those who have had a chequered history with finances, incurring debts and making late payments, are going to find it more difficult to get car finance. This is by no means the only financial implication of owning a vehicle, other costs on top of the price of the vehicle, such as insurance and maintenance can costs thousands more, although it can vary dramatically between vehicles. Making a road accident claim is also something that could occur during your ownership of a vehicle.

The claim could be something as simple as damaging a wheel in a pothole, or it could be far more extreme, such as a major crash resulting in severe injury. Travelling by car is relatively safe, but injuries still occur, so having a good insurance policy to negate your costs should you be hit by an uninsured driver can be vital. Buying a car on finance without fully comprehensive insurance can be a risk, the scenario could occur where you are still paying every month for the car, even after it's gone, one of the worst case scenarios being that the car is crashed and your insurance refuse to pay out to repair it.