Question:
and hit my car. There is a pretty big dent in it. The estimate cost to fix it is about $1100. My car isn't even worth that and I was thinking of getting another one. Is it wrong to just get the money and then go get another car? Forgive the dumb question - I don't fully understand this insurance stuff. Thanks.
Answers:
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The party that backed into you is liable for the cost of the repairs, not to exceed the value of the car. Say the blue book value of your car is $700, then that is all the money that you are entitled to receive. The money is to paid to you not to a repair shop, so you can use this money towards the purchase of another vehicle if you like. It is to reimburse you for any damage that you obtained, and can be used however you wish.You need to discuss this with the insurance agent. If it is ok with the insurance people, then go ahead.
There's nothing wrong with accepting the money for the damages and then trading in or selling your car vs. having it repaired. It's your car. What they are giving you is the amount of money to put your car back into its previous state before the accident. If you don't want to fix your car, you don't have to.
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This is completely legal and OK to do. The insurance company owes YOU the money. There is no contract agreement that requires you to repair the car. If there is no lein holder then just tell them to make the check to you (less your deductible, of course)How long you can drive a vehicle with California state license plates in Texas?
If you file a claim with the other insurance company then they will tell you if the car is totaled and settle with you, taking the vehicle off your hands. If they say it's repairable they will cut you a check and it's your choice whether to get the car fixed or not. If you settle out of pocket with the other person you can do what you want with the money.The money is to pay you for the value of the visible damage. You don't actually have to repair the car. I once had my car scratched all over by a butt-headed neighbour. After the insurance company paid, I didn't get it repainted - since he'd probably just do it again. The insurance company had no problem with it. But remember: if you plan to get the car fixed at a later date, you may be in trouble. Insurance companies pay for damage they can verify. If there is more damage underneath (internal panels behind the bumper, etc.), they will only pay for it after the body shop reports it to the insurance company. This is why, if you are getting the car fixed, it's usually best to get the cheques send directly to the body shop.
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In most cases the choice is yours whether to fix the car or pocket the money. The insurance company has an obligation to pay for the damage, no matter what you intend to do with the money that obligation is set. The only time you will have an issue us if they make the check out in both your and the body shop's name. In most states they have to assign the check to you only, but check with your state insurance bureau to be sure. Good luck.More Questions & Answers ...
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