Posted: 9/16/2010 10:32:52 AM EDT
| My truck was egged recently and I believe that the cost of repair is close to the payoff. I can live with the appearance and paying off my truck early puts me a couple of months ahead on being debt free. Can I get my insurance agency to just cut me a check for the cost of the damages or do I have to get it fixed? |
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your lucky then. i had to replace my truck door windows about 2 years ago because someone tried to break in it. i had progressive for about 10 years with no claims. i did a claim and had them replaced. i had a 500 dollar ded and the final bill came to 540 and some change. i paid the 500 and they jacked my insurance up another 700 bucks just over them paying a 40 dollar difference. damn insurance companies are rip offs |
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Quoted:
No. Most of the time they will just send you a check for the repair cost. Every situation is different though. My car was recently totaled, state farm cut me a check for the value of the car, but I had to forfeit the vehicle to them. I had the same experience, they paid me $4k and I bought the car back for $300! I really loved that Volvo 245, it took a full power shot from a Grand Prix and escaped with a mildly dented rear quarter and a crushed rim. After I replaced the rim and tire, some fucker smashed all of the windows when it was left over night in a parking lot. |
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If there is still a lein on the vehicle. (at least in every state i'm licensed as an adjuster in) any check for damage has to be made as a two party check to the Policyholder and the leinholder, policyholder or body shop, or it is acceptable to isse a check straight to the body shop. This is done to protect the leinholders investment.
The reason is because if the vehicle is repossesed with damage, the leinholder can come after the insurance company for the funds for the damage. if the insurance company issued a payment straight to the policy holder and the policy holder never repairs the vehicle and just spends it on a TV or somthing insurance is on the hook to pay twice. basically if you want to put the check for damage towards your loan, you are going to have to come to an agreement with your leinholder to do so. |
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Quoted:
If there is still a lein on the vehicle. (at least in every state i'm licensed as an adjuster in) any check for damage has to be made as a two party check to the Policyholder and the leinholder, policyholder or body shop, or it is acceptable to isse a check straight to the body shop. This is done to protect the leinholders investment. The reason is because if the vehicle is repossesed with damage, the leinholder can come after the insurance company for the funds for the damage. if the insurance company issued a payment straight to the policy holder and the policy holder never repairs the vehicle and just spends it on a TV or somthing insurance is on the hook to pay twice. basically if you want to put the check for damage towards your loan, you are going to have to come to an agreement with your leinholder to do so. I had heard that most lienholders will accept this if the payoff is low enough, and mine is. I guess I will ask the insurance adjuster. Thanks |
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Quoted:
Quoted:
If there is still a lein on the vehicle. (at least in every state i'm licensed as an adjuster in) any check for damage has to be made as a two party check to the Policyholder and the leinholder, policyholder or body shop, or it is acceptable to isse a check straight to the body shop. This is done to protect the leinholders investment. The reason is because if the vehicle is repossesed with damage, the leinholder can come after the insurance company for the funds for the damage. if the insurance company issued a payment straight to the policy holder and the policy holder never repairs the vehicle and just spends it on a TV or somthing insurance is on the hook to pay twice. basically if you want to put the check for damage towards your loan, you are going to have to come to an agreement with your leinholder to do so. I had heard that most lienholders will accept this if the payoff is low enough, and mine is. I guess I will ask the insurance adjuster. Thanks thats my impression as well . If the leinholder gets their money, they don't care if the car has damage. |