so my car was hit while it was parked at a restaurant. the person who hit me left their name and number. I went and got an estimate for the damage and it was submitted to her insurance company and they cut me a check. the check arrived today made out to me. Now if I find some place that can do the repairs for cheaper can I go to them and keep the extra cash myself????? not sure how this works and what my rights are with the check money???? could I not get the repairs at all if I wanted
Yes, the check is yours free and clear. If you don't want to get your car fixed, you don't have to. You take the depreciation on it when you sell it in the future.
You can get it fixed for less money if you want or even fix it yourself if you are able to.
As Mike said,you'll probably want to read your loan agreement.
In theory, yes, the money is yours and if you can find someone who can adequately fix the problem for less than what the insurance company paid you, then good for you and you can pocket the difference.
As as far as not fixing it at all, your lender would probably have a problem with that IF they ever found out about it. The only real way they would find out about it is if you started missing payments and they had to repo the car and sell it. Then they would notice the damage and possibly find out about the insurance proceeds you received after the accident.
My guess is that your loan agreement includes a provision that requires you to maintain and protect the vehicle. It very likely includes a provision that states that if the vehicle is damaged and you receive proceeds from an insurance company as a result of that damage, that you will use those proceeds to repair the vehicle. It makes sense because the lender obviously still has an interest in the vehicle and this is an attempt to protect the vehicle even though it's not in their hands.
If you have a mortgage, there is a similar clause in your deed of trust most likely regarding insurance proceeds you receive for damage to your house. The same logic applies.
Long story short, I'd fix it. But the only way your lender would have a real problem with it is if they had to repo it and were then looking to sell it. By that time (if they've had to resort to repossession), they'll probably realize you're not worth suing.
In theory, yes, the money is yours and if you can find someone who can adequately fix the problem for less than what the insurance company paid you, then good for you and you can pocket the difference.
As as far as not fixing it at all, your lender would probably have a problem with that IF they ever found out about it. The only real way they would find out about it is if you started missing payments and they had to repo the car and sell it. Then they would notice the damage and possibly find out about the insurance proceeds you received after the accident.
My guess is that your loan agreement includes a provision that requires you to maintain and protect the vehicle. It very likely includes a provision that states that if the vehicle is damaged and you receive proceeds from an insurance company as a result of that damage, that you will use those proceeds to repair the vehicle. It makes sense because the lender obviously still has an interest in the vehicle and this is an attempt to protect the vehicle even though it's not in their hands.
If you have a mortgage, there is a similar clause in your deed of trust most likely regarding insurance proceeds you receive for damage to your house. The same logic applies.
Long story short, I'd fix it. But the only way your lender would have a real problem with it is if they had to repo it and were then looking to sell it. By that time (if they've had to resort to repossession), they'll probably realize you're not worth suing.
I would take it to the repair shop recommended by the insurance because they will do a good job and do it faster.
I was in a crash years ago and took it to a place recommended by the tow truck guy who was a friend of mine. They ended up keeping the car for 6 months because they couldn't fix it properly. I got the car back and it was shaking and they would tell me it was all in my head. I had to take it back three times before they actually fixed it.
I was in a crash years ago and took it to a place recommended by the tow truck guy who was a friend of mine. They ended up keeping the car for 6 months because they couldn't fix it properly. I got the car back and it was shaking and they would tell me it was all in my head. I had to take it back three times before they actually fixed it.
The last place I would take it is to where the insurance company tells me to.
If you think for even one minute that they have your (and your families) best interest at heart, then I want to be your insurance agent.
I understand that you had a bad experience, but (with all due respect), you should already have done your homework and have a body shop in mind.
Well, let me start off by saying, I know where you are coming from. What you are saying is exactly what insurance companies want everybody to think.
Let me ask you this:
If a body shop can only get the majority of their business by being on an insurance companies insurance list, what does that tell you?
The insurance company adjuster will come into one of these shops and tell them that they will fix the car for $X. If they want to stay in the good graces of the insurance companies, then they will fix it for that amount. Do you think "Shakies Autobody Shop" is going to lose money on these repairs?......nope.
How about a large, well known body shop?:
The insurance company comes in and tells them that they will fix the vehicle for $X. The large shop has somebody on their payroll who knows how to deal with these adjusters. They tell the adjuster "nope, we need more money because of X,Y, &Z". The insurance company will agree to pay for all reasonable repairs.
If after the adjuster leaves and they find more damage (not noticeable during initial appraisal), then they will put a supplement claim in.
They don't need to get business by a "referral list" by an insurance company. They have all word of mouth customers.
I'll take company #2 for my vehicle.
How much was the damage? Where I come from when you sell your car you have to declare if it has damage repaired over $2,000. Here's something interesting as well look up the term accelerated Depreciation, becasue your car has been damaged it will now be worth less than if it was undamaged even though the car has been repaired. Its just not the same - its damaged goods. Here's the rub the Insurance company did not pay out for that I bet. In Georgia it is the law to pay for the repairs as well as pay the accelerated depreciation cost
the damage was 4900 quote by dealership body shop. its a lot the drive side back door, drive door a bit and a little bit of the fender. she must have been making a left into parking spot and didn't turn enough, hit me and then road the side of my car a bit. my dealership says it will take 12 days to fix. but they are charging like $52 an hr on labor which is pumping the bill up a lot. my friend who buys cars at auctions and does repairs and resells etc says its around a 2500-3k job.
