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In insurance settlement do you have to get the car repaired or can you keep the money?
Wiki User
∙ 16y ago
The Insurance Company is required to indemnify you for your loss. It's your business if you decide to repair the vehicle or use the money in some other way. So, No, you don't have to repair the car and Yes, you can keep the money.
Wiki User
∙ 16y ago
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What do you do if there is money left over after you pay the body shop for repairing your car after an insurance claim?
You get to keep the money you have left over after paying the body shop. It is considered part of your insurance settlement.
Can you keep your hail insurance claim money?
The insurance co. has contractual obligation to pay for your damages. It's up to you to fix your car. <><><> If you are still paying for the car, the finance company will require that you have the damages repaired.
If your home was lost in a fire and you received an insurance settlement and built a new home on the old basement can you get insurance money if something happens again?
Yes. As long as you keep the premiums paid, once it has been rebuilt you should have the same insurance coverage as before.
After an accident do you have to use your insurance check or can you opt to live with the damage and spend the money elsewhere?
The simple answer to this is yes you can keep the check and spend it on something else. Unless there is a loan on the car. Then the lender will insist that you have it repaired.
The buyer of our home agreed to fix the hail damaged roof and the insurance company sent a check can you keep it without repairing the roof?
If it is in writing that the buyer of your home agreed to pay to have the roof repaired or replaced, and the buyer knows you have received an insurance check for the roof, and if the insurance check is made payable to you, then yes, you can legally keep the money without paying for the new roof.
What does an insurance company owe if you have a damaged car you can fix yourself?
An insurance company would owe you what it would cost to have a mechanic/body shop repair the car. You have the option to keep the money or pay to get it repaired. If you are talking about your own insurance company then your deductible would come out of any amount paid if you have full coverage.
Why does it take a long time for an insurance company to offer an accident settlement?
The insurance companies do not like to give away their money on accident settlements so they take their time for a number of reasons. One is to let them fully analyze the nature of the injury of the plaintiff and the liablilty of their insured. This keeps them from overpaying on injuries. A second, is to simply stall the issue hoping the plaintiff will get itchy for the settlement and maybe get afraid that a jury might award nothing. This makes plaintiffs agree to take less. A third is that as long as the insurance company still has the money in its own accounts, it is invested and earning money for it. Insurance companies make the most of their money by investing the premiums, not just keeping them. The longer they keep the settlement amount the more money they make on their investment. I am sure there are more than just these, but these are enough for now.
Can your sister-in -law take a insurance out on your mom and keep the mopney for her seft?
Can your sister-in -law take a insurance out on your mom and keep the money for her self
How can you prevent ex husband from life insurance benefit?
Unless you were ordered by the court, as part of the divorce settlement, to keep your ex-husband as the beneficiary on your life insurance then you can make a change in the beneficiary with your insurance company.
If you filed a claim on your auto insurance to have repairs made would it be legal to keep the money and not have your vehicle repaired?
this is a tricky question, ''illegal'' doubtful...dishonest, maybe...also many factors are dependent...first party? second party? more info is needed...
What if your car repairs are cheaper than what your insurance company estimates do you have to return the money?
This depends on what type of settlement you took for the damage.If the insurer is paying then they only are required to pay the actual invoice.If you took a "settlement" and did some of the repairs yourself and had some done for less than the estimated amount you get to keep the overage.It is important that both you and the insurance company agree what is going on!They can claim fraud if this is done wrong
Where can I find out how cut the costs of building insurance?
Combining insurance policies if this is allowed with your provider would be ideal. If not, then looking to keep the building up to code and repaired would generally benefit you and possibly help reduce the amount of insurance needed for the property.
