Sure, if you own the car. That means you do not make any payments to someone else. If you make payments, then you don't "own" the car outright, and the money will generally have to be used to pay for the repair or to pay the car off.
What! Insurance pays for financial losses. I don't understand your question.
You can either borrow money or what to get the repairs done until you have your deductible.
If you filed an insurance claim on the claim that you would use the money to make repairs and then don't do the repairs, this could be considered fraud. If that was important to the insurance company, they would not have issued the check in your name only.
The insurance company issues the check in both names, because there is still money owed on the vehicle. In which case, you would not be allowed to make your own repairs.
If you still have a Mortgage, YES you can get into big trouble. Your mortgage contract requires that you make any repairs promptly. If your home is paid off and you have no finance lien then you are free to do what you want with the compensation you receive. Bare in mind that your Insurer will likely cancel your policy if you fail to make necessary repairs as you will be considered negligent by the insurer.
Yes. Keep in mind that claims count against you so sometimes if you don't intend to do the repairs it is better not to place the claim. 4lifeguild
Its your $$$ now !!! you can do with it what you want. * If the home is not still under a mortgage contract the homeowner is not obligated to use insurance funds for repairs of the property. However, if repairs are not done the insurance provider can refuse any claim if the flooring or adjoining structure is damaged further. If the home is still mortgaged repairs must be made as the lender would have to sign the insurance check as well as the homeowner/borrower. All mortgage contracts stipulate that the property must be kept in the same or better condition as it was when the property was purchased and lending agreement made. You could BUT that would be called insurance fraud... Lis@
When you get insurance on a car, a house, a boat, you pay the insurance company money, known as premiums. The insurance company invests that money. When there is a claim, some of the premium, along with some of the interest from the invested money, is used to pay the claim.
What! Insurance pays for financial losses. I don't understand your question. <><><> If you mean claim an insurance payment as income- that would depend on a lot of actors- so we cannot give you a blanket answer- however, in general- Let's say your car was stolen. Your insurance company paid you $1000 for it. Unless you claimed that as a casualty loss on your taxes, then it is income neutral- and would not be income.
Of course not. Insurance is supposed to put you back to the same position you were in before the damage occurred. Your not "entitled" to make money on a claim. If your property was repaired the contract was fulfilled.
You are not obligated to spend your auto insurance settlement claim check on a particular kind of repair. In fact, after payout, the auto insurance company has no legal ability to control or restrict how you spend your settlement money.
probably none.