Can I get cash from an insurance company rather than fixing the damage to my car?

Question

My neighbor hit my car, but I need the cash more than I need the dent repaired. Is it acceptable for me to ask for the money instead of the repair? How do I go about this? Thanks

Answer 1

Yes you can, just tell the insurance to cut you the check for the estimate that you will provide for them.

Answer 2

You first need to report the accident to your insurance company, assuming you have collision insurance.

Also, be aware of any deductibles.

A claims adjuster will make out an estimate.

Some insurance companies require you to go to an approved auto repair shop, which then bills your insurance company.

You can propose to settle the claim at an amount that is less the claims adjuster's estimate, which the insurance company will probably go for.

Note, however, that the insurance company will want to know the circumstances of how your car was damaged. If you lie, you just committed insurance fraud. If you are truthful, the insurance company might go after your neighbor.

Answer 3

Once you provide (2 or 3) estimates to the other party's insurance company, the insurance company should send you a check for the lowest estimate. They may even come out, look at your car, and write a check then and there (Allstate does this). Of course, you sign a form stating that they will not owe you any more money. So, unless they ask you to go to a shop to fix it, you should just end up with the money anyway. The law then allows you to do as you (legally) please with the money.

Answer 4

Your neighbor's insurance company will write you a check for the lowest estimated repair cost. If you choose to keep the cash and not repair the dent, that's entirely up to you.

Answer 5

Take it to a body shop and see if you can get one of the owners or workers or someone there to claim that the car is unfixable and have them salvage it. The insurance company gives you money for the car, usually the depreciated value, then you buy the car back from where ever they send it to.

Or, tell your neighbor to just give you cash and you'll forget the whole thing.

Answer 6

All they care about is that you get a quote (or quotes) from body shops they approve of...get them comfortable with the amount of the check they will write. They don't care is you fix it or not, they just want to make sure that the fair value of the repair is all they are paying for.

Gonna take the cash and put a big bet on the Superbowl?

Answer 7

Usually the insurance company will just give you the check in the amount of the estimate, after consulting with an adjuster and the body shop. You can then do whatever you want with the money. It is definitely not fraud, despite one person's claim.

Answer 8

Yes you can. But if you don't fix the car and get the new body job inspected (by geico), the next time you get any damage, they will NOT cover that much (assuming the damage was from the first time and not fixed). Good Luck...

Answer 9

Unfortunately it is up to the insurance company (at least here in Ontario) as to how they will handle the claim. You can certain voice your opinion as to how you want to settle the claim, but they'll always find the cheapest way to settle.

Depending on how much damage was done, plus the deductible you have on your policy, plus whether your insurance premiums will increase because of your claim, you may decide not to bother getting the insurance company involved in the first place.

Answer 10

Just tell the insurance company that is paying. Negotiate the amount, get quotes, etc. Once it's all ready, tell the insurance to send you a check, you will take care of it.

You are in the driver's seat, it's your car and you aren't at fault.

Answer 11

yes just tell the insurance company you will take the money they give you to fix the car and get it done your self and they will give you a check and you can do what ever you want to do with it