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Insurance paid out and repair

T

timur

Member
Some one dented my truck the other day and I filed it with insurance

Then the company start sending out a claim and I think "It's a truck! Who cares?"

I mean, I bought my truck so I don't need to worry about it getting hurt. That's why people have trucks lol.

So that my question...if I request a payout, do I have to use it to fix my truck?

All my friends has different answers because I think they guessing lol. Does anyone know for sure?

Oh, I bought my truck with a loan if that matteres lol
 
It's a big deal to the truck but not a big deal to ME lol

Comeon it's a truck

So yes, i want to take a money and run, but is it legal?
 
Originally posted by: timur
Not a big deal to ME lol

Comeon it's a truck

So yes, i want to take a money and run, but is it legal?[/

it's supposed to be used to fic your car, no one is teeling you have to do it. Insurance companies are well aware that peopel do this and tehy do not really care since people will pay for the premium each year, which is more than any money they could give you to fix your car..
Click to expand...
 
Originally posted by: Gibson486
Originally posted by: timur
Not a big deal to ME lol

Comeon it's a truck

So yes, i want to take a money and run, but is it legal?
Click to expand...

it's supposed to be used to fic your car, no one is teeling you have to do it. Insurance companies are well aware that peopel do this and tehy do not really care since people will pay for the premium each year, which is more than any money they could give you to fix your car..
Click to expand...

Oh ok so there's no law sawing I gotta do it and it don't matter the bank still own my car? I took a loan lol

I don't want break the law know I'm saying?
 
i think usually what happens is that you go fix the car with your own money, then get an invoice and send it to the insurance and you'll get reimburised, no?
 
Originally posted by: timur

Oh ok so there's no law sawing I gotta do it and it don't matter that the bank still own my car? I took a loan lol
Click to expand...

If there is a lien on the car, as there will be if your loan is still outstanding, the payment check will be made out to you and to the lienholder/bank. You can't cash it without their signature. If the value of the vehicle is less due to the damage, they will not let you have the money. It'll have to go towards paying down the principal of the loan, or towards repairs.

 
pretty sure your going to have to send in an invoice or receipt in order to get money. So unless you know someone that owns a bodyshop that's willing to write you out a receipt...
 
Originally posted by: JoeKing
pretty sure your going to have to send in an invoice or receipt in order to get money. So unless you know someone that owns a bodyshop that's willing to write you out a receipt...
Click to expand...

The payout is based on the appraisal. They ask if you want to send the check to the body shop that did the appraisal or send it to you.
 
I've taken payouts before. Perfectly legal for me, but I think you have to sign something acknowledging that the insurance company won't cover the damaged part.
 
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