2 weeks ago I was hit by a drunk driver and my front left side of my car was damaged. My car is a 97 Sebring and just worth 1400. Well My insurance company called me to say that they are gonna give me 2400 to fix my car, not its NOT a total loss....now do I HAVE to fix my car with this money? I really dont want to because I want another car, I would like to use this money on another car or a down payment. What should I do?
2007-05-02 13:32:55 · 4 answers · asked by yogurlmsbunny 4 in Cars & Transportation ➔ Insurance & Registration
It is up to your own discretion if you want to repair the vehicle or not, and what you do with the money you get from the insurance company. If you choose to take the money to purchase a new vehicle, it is up to you. The only thing your insurance company must do, is to pay you for the damages to your vehicle, LESS your deductible.
Make sure you check around to find out what exactly your car is worth, it may have been a communication error whoever told you the car is worth $1400. You would hate to not repair it and find out it was really worth much more right? If you do end up just buying a new vehicle, I would suggest trying to sell your car to a salvage yard - they will pay a good chunk for it - your insurance company MIGHT be able to tell you who they use, or just look in the phone book.
2007-05-03 04:34:12 · answer #1 · answered by S17V 4 · 0⤊ 0⤋
I would check with the insurance company first. If you did't check with them and you spent the money on something else and they found out it could be insurance fraud. Then you would be in a world of hurt. Besides if you stay with the same insurance company to insure the new car, they might get a little suspicious.
2007-05-02 20:42:04 · answer #2 · answered by ashes2angel83 2 · 0⤊ 0⤋
Call your insurance company to see if they care what you do with the money.... if they don't, try to sell the car as is, and take the money.... if they do, you're pretty much stuck... it would probably be in some fine print or something if you have to.
2007-05-02 20:38:56 · answer #3 · answered by v_2tbrow 4 · 0⤊ 0⤋
The money is yours. Do what you want to. As long as you don't lie to anyone, it should be perfectly legal (In other words, don't say that you fixed your old car if you didn't, and then try to say later that it got hit again).
2007-05-02 20:41:47 · answer #4 · answered by Randy G 7 · 0⤊ 0⤋