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Can you keep the Insurance Settlement for damages to your vehicle?
Wiki User
∙ 15y ago
Yes, if your auto lender doesn't have to sign it and if they don't then require that the repairs be done. If it's a safety issue, though, you may not be able to renew your inspection without repairing the vehicle in addition to the safety concerns of just driving around in a damaged vehicle.
Wiki User
∙ 15y ago
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Can you tell the insurance not to write off the car to avoid taking out a new car note?
Not really. However, what you can do is ask the insurance company if they will allow you retain the vehicle after the settlement. If they allow you to do that, you can get the total loss settlement (minus the salvage value of the vehicle) and you get to keep the vehicle. It's not that simple though. First of all, if you have a lien holder, they would have to sign off on letting you do that and if you owe more than the car is worth, don't count on that happening. Secondly, do the math and figure out if keeping the vehicle is worth it. If after deducting the salvage value, you receive $5,000 and there are $4,000 worth of damages to the vehicle and the insurance company is declaring it a total loss, it might be worth it to retain the vehicle and pay to fix it. However, if the damages are over $10,000 and your settlement is going to only be $5,000, it's not worth it.
Can you keep your car and original title after another driver's auto insurance company has determined that my car is totaled?
It just depends on the terms of the agreement you worked out in the settlement. If you wanna retain ownership this is generally addresses during the claims settlement negotiation. For a reduced loss payment in lieu of salvage value, you can usually retain the vehicle. You can not collect for a full loss amount and then also keep the vehicle. If you did not address retention of the vehicle during the claim then you likely just have to hand the vehicle over to the insurance company because it is no longer your vehicle.
In insurance settlement do you have to get the car repaired or can you keep the money?
The Insurance Company is required to indemnify you for your loss. It's your business if you decide to repair the vehicle or use the money in some other way. So, No, you don't have to repair the car and Yes, you can keep the money.
After settling with the insurance company for a totaled car do you keep the car or does the insurance compnay?
Legally, if the company pays you for the totaled vehicle, it belongs to them. You can offer (if they don't) to by the scraps back. This would be deducted from your settlement and you would be paid the difference.
Who is entitled to your van if it was totaled in an accident that was the fault the other driver?
If you accept the settlement from the insurance company, the van is theirs. If you want to keep it, they will let you, but will reduce the settlement check by the salvage value of the vehicle. Not true. Illinois law to deter chop shops states if the vechicle is totalled, the insurance compnay takes possession after issueing a check for the value. Vehicle has to be 9 or less years old.
How can a person take a car away from someone who doesn't have auto insurance?
I assume you mean a repossession of a vehicle if you let your insurance cancel. When you purchase a vehicle and finance the cost of the vehicle you sign a legally binding contract. One of the terms in the contract is always that you must carry physical damage auto insurance payable to the finance company if the vehicle is a total loss or damaged. If you fail to keep this insurance you have broken the contract and the vehicle is subject to repossession and you may be sued for additional damages if the value of the vehicle is less than the amount owed to the finance company.
Can you keep your hail insurance claim money?
The insurance co. has contractual obligation to pay for your damages. It's up to you to fix your car. <><><> If you are still paying for the car, the finance company will require that you have the damages repaired.
What is covered if your vehicle is stolen before you have your insurance inspection?
In this case, if the car is not recovered, the insurance company will take into consideration the book value of the vehicle, any modifications made such as rims, stereo equipment, and repairs made (WITH receipts only) and offer you a settlement. Please keep in mind that this is non-negotiable considering they did not have the opportunity to inspect the vehicle. Speak to the adjuster asap.
Get An Auto Insurance Quote For A Modified Vehicle?
If you modify your vehicle in any way, you may need additional car insurance to protect it. Vehicle modifications are partially covered through the comprehensive insurance coverage of many policies. As much as $1,000 worth of damages can be paid for by this coverage, but anything over that amount needs a separate form of protection known as custom parts and equipment coverage. Ask about this coverage or select the necessary option when buying car insurance online to find accurate insurance quotes that will keep your modified vehicle protected. It's a smart way to fully protect your prized automobile.
Should you keep insurance on a repossessed vehicle?
Only if you intend to get it back.
Do you have to keep insurance on an unused car?
Not necessarily. If you never drive it you don't have to keep insurance. If you do use it, (at least once a month at best), you are required to have insurance as you have to have insurance anytime you are on the road with a motor vehicle.
What insurance companies provide company vehicle insurance in Miami, FL?
It is very important too keep your company vehicle insured. I would suggest contacting AllState insurance for a quote.
