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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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Wiki User
2005-11-05 18:13:45
2005-11-05 18:13:45

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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