2007-01-09 08:16:30 · 3 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
I was recently in a car accident. The claims department says I have the cash out option, what is it? I'm waiting for them to return my call so In the mean time......
2007-01-09 08:18:33 · update #1
Usually this means you can either have your vehicle repaired or accept the cash amount of the estimate (less your deductible if any). Remember, this is your car and you have the option of repairing it or driving it around wrecked (now, your lein holder may have a different view about this).
2007-01-09 09:35:45 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Cowboy Bill is right, and in addition sometimes a "cash out" can mean they will pay you money for car rental on a cash out basis in a small amount for renting a vehicle that is basically for you to use or not use to rent a car. State Farm does this. They pay their insureds something small like 10.00 a day to "not" rent a car and they pay that on a cash out basis.(I think it's actually a bad thing to do this, but I don't make the rules at State Farm, so whatever). It's kind of in lieu of renting a car. Also, if you are making a claim with someone else's company and want a rental they may pay you up front instead of you paying for the rental yourself and getting reimbursed or instead of you having them bill it to the claim. That's also a cash out. It's an advance payment.
2007-01-09 10:15:57 · answer #2 · answered by Chris 5 · 2⤊ 0⤋
Details will vary from one company to the next, but in general it means you have the option of keeping the damaged car and taking a check made out to you for the amount of damage. You get the cash and they don't do anything to your car.
2007-01-09 08:23:23 · answer #3 · answered by Anonymous · 2⤊ 0⤋