insurance question

[Bill Kemp]

Most states dont make the ins. co. pay extra for your car loseing value for being wrecked. If they did this on a regular basis your rates would for sure go up. Many older cars are better of after being repaired than they were before the accident.
If your ins. co. pays you for damage to your veh. you must repair the damage or lose the coverage. So they will usually put the check in your name and the body shops. This is to keep people from turning in the same claim twice.
If you are being paid by someone elses ins. co. for damage they did to your veh. that co. owes you the value of the damage and doesnt care what you do with the $.
Beware of companies that make you use their own body shops. This is usally to their benefit and not yours. A second opinion on anything doesnt hurt.

 

[diablo5969]

Originally posted by Bill Kemp
Most states dont make the ins. co. pay extra for your car loseing value for being wrecked.

Georgia does, just in case anyone is curious. So if you're ever on a road-trip through Georgia and you get rearended, you're entitled to lost value. (Unless by some freak coincidence I rearend you, we can just shake hands and drive away )

 

[irtySanchez]

Originally posted by EliteConcept
heres food for thought.

i believe if you get a check from the insurance company for an accident. and it has your name on the check. You can spend the money any way you want. The reason being, when you cash the check you'll have to do it.. you can't give a check to the body shop for their repairs because they can't cash it. So say you cash the check, get the money. and the insurance company can't track down the money the bank gives you. So if you get a check for an accident from the insurance company WITH YOUR NAME ON THE CHECK, i think its safe to say you can do what you want with it.

You see, that is our safeguard. We can put multiple names on checks so that people just can't cash them. We can put say your name AND the body shops name so they have to be used for that purpose, or we can put your name AND the leinholders name on it, or any combination of names on the checks to prevent things like that happening.

 

[FordZilla]

Here in NC it doesn't matter what you do with the insurance check. As I understand it the Insurance Co. is contracting with you on damage to your vehicle. They are betting that any claim you might have will be less than the total amount of premiums you pay. If you pay your premiums on time, they are obligated to pay you, not an auto body shop. Nothing in my policy says they are obligated to pay to fix anything, just that they are obligated to pay for damages to my vehicle. Whether you fix the vehicle or take a trip to Panama with the money isn't any of their business.
The Insurance Co. can decide to raise your premiums, or drop you whenever they wish. They can raise your deductible on collision higher than the value of the vehicle to force you to drop to liability, which they will do. When in doubt, read your policy, and pay your premiums early.