If I own my car, can I keep the money from an insurance claim?
If you own your car outright, you can choose to not repair your vehicle for fiscal reasons, or delay repairs with the money you receive from an car indemnity payout. Simply put, you do not have to use any of the compensation you receive from an car policy company on repairs. That said, here ’ s a few things that you should consider before making this decision .
How much should I spend to fix my car?
First off, if your car has suffered major price, most probably you ’ re going to need to fix it sooner rather than late. even if you take your car policy payout and use it for something else, you ’ re calm going to have to make the repairs finally, so it might not make sense to wait. besides – and this should go without saying – if your vehicle is in any way dangerous, it ’ south wise to use your payout to fix the trouble. And, if you do not fix your cable car, that amount of damage will likely reduce its prize in future losses .
Another consideration is that sometimes if you do not make repairs immediately, your vehicle may end up incurring extra price. That extra damage will about surely not be covered by your car indemnity because it was a mastermind solution of your negligence in not using your initial payout to make the needed repairs .
Can I keep my car if it’s considered to be a total loss?
ultimately, if your vehicle is deemed a sum loss, you probably won ’ deoxythymidine monophosphate be able to have your cake and eat it besides. In order to receive your payout, in most states, your car indemnity company will possess your totaled car as a condition of its payout .
Unlike getting a few dents in your back door and deciding that you ’ vitamin d preferably have the money than get those dents banged out at a soundbox shop, if your car is deemed a entire passing ( flush if possibly you feel it is calm road-worthy ) you will not receive your payout unless you give up your car. There are a few states that will allow you to retain a salvage vehicle if you pay the salvage rate to the mailman, but you ’ d need to obtain a salvage or rebuild title in that subject .
Your policy experts at Answer Financial commend that in all cases, you should use the money from a cable car indemnity payout wisely. If your car is in need of repair, it ’ mho fresh to fix it immediately to help keep others and yourself safe on the road.
Who is Answer Financial?
Answer Financial is one of the largest car and home indemnity agencies in the nation. We ’ ve insured more than 3.4 million homes and vehicles for people like you who are looking to find the properly indemnity for your needs and budget .
To compare side-by-side car indemnity quotes from top-rated insurers online, visit AnswerFinancial.com. Or, call 1-800-258-5101 to have one of our accredited insurance experts walk you through your options, compare coverages and discounts and help you complete your leverage .