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If the car is entirely in YOUR name, the money from the insurance payout is entirely yours. The insurance payout is reimbursment for damages. You are at liberty to sell the damaged vehicle and purchase another with the money, spend the money on something else or whatever you want to do. Recognize, however, that if the bank holds title to the vehicle because of a loan, the money from the insurance company must be used to either repair the vehicle and bring it back to a value that satisfies the bank's need for collateral or you must use the money to pay down the loan.

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โˆ™ 2005-11-05 18:13:45
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Q: Is it legal to not get your car fixed and pay off the car with the insurance money and get a new one with the balance of the payout?
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Related questions

If you have don't insurance and a cab driver with insurance hit you will you get your car fixed?

Since you were not driving legally and had no legal right to be where the accident took place, the insurance company may deny the claim. You would likely win in court, but that doesn't get your car fixed now..

Can you use the money from the insurance company to buy a new equipment instead of fixing it?

You are not obligated to spend your auto insurance settlement claim check on a particular kind of repair. In fact, after payout, the auto insurance company has no legal ability to control or restrict how you spend your settlement money.

Who needs legal malpractice insurance?

Legal Malpractice Insurance is coverage specifically for professionals practicing in the legal field

What type of liability insurance is used by an attorney?

Attorneys use Professional Liability Insurance. Often referred to as Legal Liability Insurance

Is it a good idea to have legal insurance with your auto insurance?

Legal insurance is not the same as auto insurance; legal insurance is simply a retainer that is paid to an attorney or lawyer so that they can be help in counsel if they are needed. Auto insurance, depending on the level and premium paid, provides coverage in case of an accident.

Legal Insurance ?

form_title=Legal Insurance form_header=Legal insurance provides attorneys, lawyers and other legal professionals with the professional liability insurance they need to be successful. Main area(s) of practice:=_ Full or part time?= () Full () Part Number of Attorneys in your firm:=_ Do you currently have professional liability insurance?= () Yes () No

Is Legal and General the name of an insurance company?

Yes, Legal & General is an insurance company. They offer life, home, landlord, lifestyle cover, and pet insurance.

Is it legal for a landlord to request renters insurance in the state of California?

Apparently, it is. I lived in Southern CA. in an apartment complex that kept flooding. So when the owner got everything fixed, he required renters insurance so that he couldn't be sued if it flooded again.

What is the purpose of legal malpractice insurance?

The purpose of legal malpractice insurance is to cover all or some of the legal costs of an attorney, who is being sued by a former client for malpractice.

Can a driver with no insurance clain of your insurance?

Sorry, the driver with no insurance can claim of your insurance. He/she has no legal right to lodge such unauthorised claim.

Can your child be a beneficiary under your life insurance policy if you do not have legal custody of her and can a life insurance company require that you be their legal guardian?


What is understanding insurance and legal in the seven functions of catering?

understanding insurance of issue

Liability of debtor after vehicle repossession in state of Texas?

The debtor is liable for the payout balance of the vehicle less resale amount. Additionally, he must pay any repossession fees, storage fees, transportations fees, interest from the lender, and penalties. In the evnet these are not paid, the lender will have no other recourse but to sue for the balance along with court costs, and legal and collection costs and fees.

Is it legal to be charged more at the doctors if you have insurance?

It is legal for a provider to have a cash price and a a different price for different insurance companies. So yes.

Functions of insurance company's legal department?

An insurance company's legal department is there to handle situations that require court appearances or may involve lawsuits. The legal department will represent the company.

Is it legal to have out of state driver car insurance?

Yes, it is legal. You need to make sure that your minimums are within the legal range for your current state and you need to update your insurance records as well.

Are you still liable to pay if the vehicle is repossessed?

You are still responsible for the balance of the contract, in addition to repossession, collection, and legal fees. Added to this can be transportation costs, storage costs, auction fees. The car should be sold and the sale amount deducted from your contract balance. What ever is left is called a deficiency balance and your are still liable for it. Keep in mind that most repossessed vehicles are sold at a substantial loss (much less than for what is owed) and the additional fees can result in a higher balance than the original payout on the vehicle.

Is broad form insurance legal in Oregon?

why are you asking a legal question anomously on the internet. ask a licensed oregon insurance agent. that is the only reputable answer you can get

Is the sks legal to own in Mass?

Yes, as it is originally configured with a fixed 10 round magazine and a fixed stock.

What products do Legal and General offer?

Legal and General offer financial services. These include investments, pensions and annuities, life cover, and other types of insurance, including home insurance and pet insurance.

What are the legal requirements for one resident to get travel insurance in Columbus?

There are no real legal requirements for one resident to get travel insurance. As long as the insurance plan covers basics such as medical, lost items, personal accident, and legal expenses, then the individual or family should be fine.

What are the legal requirements for insurance for rented property?

There are no mandatory legal requirements for insurance for rented property. However it is advisable to review your homeowners insurance if renting out the property or part of it is covered. If it isn't covered you should get a landlord insurance policy in order to be safe.

Insurance company totaled vehicle and resold to salvage place but didn't change title and 6 months later car is being driven and stil in my name. What are my legal options?

Did you sign the total over to the insurance company and have proof of the total payout/paperwork? If so, contact the insurance company and demand they switch the title over immediately and then report them to your state insurance commission and the DMV! The person driving your old car is in trouble too for not registering the car within 30 days of purchase.

Can friends be added to health insurance?

No. Only legal dependents can be added to your health insurance policy.

What are fixed expenses?

Fixed expenses include rent or mortgage payments,depreciation on fixed assets (such as cars and office equipment),salaries and associated payroll costs, liability and other insurance, utilities, membership dues and subscriptions(which can sometimes be affected by sales volume),and legal and accounting costs.These expenses don't change, regardless of whether a company's revenue goes up or down.