Posted: 6/2/2011 7:57:43 AM EDT
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So let's say these are the facts.
-Someone owns truck with around 17k left in payments -Hail storm hits and dents every horizontal surface on truck -Insurance company quotes damage at $2150 minus $500 deductible or $1650 total -Insurance co. Makes check out to "owner and bank" -Is it possible to cash the check? -What if person gets dents out themselves? Can they keep the money? -If they plan on keeping the car and paying it off quickly in the next six months, are they under any obligation to get it fixed? Or can they pocket the money if they are able to cash the check? |
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If the car is financed, you must repair it. remember you don't own the car until it is paid off.
If you do the work yourself, you will still have to file the paperwork with the insurance company, and they may want to have an appraiser look at the vehicle if you do it yourself as this might be seen as unusual. With a third party generally they won't unless the car is severely damaged. Now some bodywork places have been known to "buffer" the deductible for the vehicle owner, ie, claim for the damage with vehicle owners insurance, then ask for supplementals to cover their costs. Creative paperwork, so the vehicle owner doesn't have to have out of pockets expense to get repairs, even though they carry a deductible. This occurring depends on how high the deductible is. $500 aint bad. Generally, the more extensive the damages, the easier this is to do. Also more common with paintless repair individuals who essentially reverse the dent by massaging it form the inside - works amazingly well, and it the best way to do it if you can find a skilled individual. The only time I have been able to pocket a vehicle insurance check and do my own repairs is when the vehicle is owned outright. |
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Quoted:
so the owner must repair the vehicle... does that mean they can't repair the vehicle themselves if they have the know how? Not saying that would be impossible, only that the insurance company will required supporting documentation like labor and materials invoices, and might want to see the repairs. In other words they don't want to pay you more than it takes to fix it like it was. You could compare what others are charging per hour for this, etc. I would post this in GD with a title like "Bodyshop professionals help please" or something like that. I'm sure someone has been in that type of scenario and knows what would be needed specifically. |