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Are you required to fix the body damage after collecting the insurance settlement?
Usually "no," unless...
1. You have a lienholder/bank on the draft, at which point they'll probably want it repaired before endorsing the check.
2. The vehicle isn't roadworthy, which could cause problems if you have a state inspection for emissions, etc.
3. You're not okay with those damages being deducted dollar-for-dollar if you have another loss, or total the vehicle.
What else can I help you with?
Who pays for property damage during settlement?
In a settlement for property damage, the responsible party or their insurance typically covers the costs. If the damages are covered by an insurance policy, the insurance company pays for the repairs or compensation. If both parties agree to settle without involving insurance, the party at fault usually pays the agreed amount directly to the other party. Ultimately, the specifics can vary based on the circumstances of the incident and the terms of the settlement.
Which is the biggest auto accident insurance settlement in history?
Unfortunately, because most accident insurance settlements are kept confidential, it is impossible to know the largest settlement amount awarded in history. Settlement amounts typically vary by how much insurance one has on their vehicle, and the amount of damage done to the car and passengers.
Are Arizona drivers required to have auto insurance?
Yes, state law in Arizona requires drivers to have auto insurance. The minimum required insurance is $15000 per injured person and $10000 for property damage.
Is hazard insurance required for homeowners?
Yes, hazard insurance is typically required for homeowners by mortgage lenders to protect the property against damage from hazards such as fire, windstorms, and theft.
Is property damage liability car insurance required?
Property damage liability insurance is to cover the damage you may cause to someone else's property. Different states have different car insurance requirements and regulations. Further, some people get larger property liability insurance coverage than the minimum requirements.
Can you explain what hazard insurance is and how it relates to my mortgage?
Hazard insurance is a type of insurance that protects your home against damage from natural disasters like fires, storms, or vandalism. It is typically required by mortgage lenders to protect their investment in case of property damage. If you have a mortgage, you will likely be required to have hazard insurance to protect both your home and the lender's financial interest.
What insurance is required for landlords?
Usually there is no legal requirement for landlords to purchase landlord insurance. It is typically a supplemental insurance for landlords in case there is damage caused to their property that is not covered by other insurance policies.
Why is general contractor insurance required?
Contractors will be required to carry a minimum of public liability insurance when working on sites. This provides indemnity against damage to property or persons caused by the contractor, his staff or his equipment.
Do you need car insurance in Florida if you own a car?
In Florida, you are required to have a certain amount of personal injury protection and property damage insurance to drive.
Do I need insurance for an antique car?
Yes you still need insurance as that is required by the state in order to get a registration. In case of loss or damage you will have to file a claim.
Do you need hazard insurance for your property?
Yes, hazard insurance is typically required for property owners to protect against damage from natural disasters or accidents.
What type of insurance must you have on a vehicle with four or more wheels?
Automotive liability insurance is required an almost all states, this insurance will cover damage your car does to other cars and people, if you are at fault in a collision. Full coverage insurance covers damage to your car if you are at fault, as well as provide liability insurance.
