Anyone familiar with insurance settlements?

[antos351]

I should get insurance settlement pretty soon? If i am 17, I cant cash it until 18 or 21 right?

 

[GasX]

If it is auto insurance, I assume you can use it to pay off the car. Given that, what is the difference between this type of settlement and yours?

 

[snakesnfrogs]

you should be able to cash it---you can cash a paycheck right? Unless it's written jointly.

 

[antos351]

actually i got hit by car while riding a bike in 1997,had knee and nose surgery well now i should get settlement from insurance company

 

[antos351]

friend of mine told me it's a special check that cant be cashed until i am 18, not sure if that's true

 

[snakesnfrogs]

<< friend of mine told me it's a special check that cant be cashed until i am 18, not sure if that's true >>





they can't give you a check that's basically post-dated---if they are sending you a check, I don't see any reason you shouldn't be able to cash it



PM RossMAN---he works for a bank, maybe he can tell you for sure.

 

[Emulex]

Any check, by federal law, is payable-on-demand.

You present the check, and ID, to the bank that wrote the check, they must cash it (unless the funds are not available).

If they made it out to your mom or dad as well, you'd need their signatures and ID present too.

 

[RossMAN]

I work in banking not insurace, although they are financial sectors they are two totally different businesses.

Since you're not legally an adult until you are 18 your insurance settlement check will probably be made payable to your parents/legal guardian unless your name is the ONLY name on your car title and insurance policy.

Why not call your insurance agent or their toll free number and ask them? Which insurance agency?

 

[antos351]

if it's on my mothers name it's even better cause she can cash it immediately of course i will take only $5k to buy a car rest, i will invest safely for future wont use no matter what

 

[antos351]

anyone else

 

[LordSandMan]

I got a settlement for getting bit by a dog when I was 2 years old. The money was put into some type of a fund that parents can't touch, because it is intended only for the children. I wasn't able to take it out until I was 18 (in the state of MN, may be different elsewhere). The Reasoning behind it is the parents could take the money and buy drugs, alcohol, or a new fishing boat. This prevents the parents from doing that.

This sounds like what you have there.

 

[antos351]

LordSandMan you were right


I signed contract that will approved by court, it will be put in special fund until I am 18

 

[Viper GTS]

Sarah's ex-boyfriend received a $250,000 settlement for being hit by a car when he was 5. He received somewhere in the neighborhood of $18K per year lump sum payment from when he turned 18, &amp; once he turns 21 he'll receive the remainder in a lump sum.

He has no ill effects from the accident, &amp; has $18K a year without doing an hour of work. Add a full time job &amp; he's making quite decent money. And he's a lazy bastard too.

:|

Viper GTS <-- Works his ass off &amp; will be lucky if he tops $30K this year.