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Car insurance question

Discussion in 'Anything goes' started by Smallpotatoes, Oct 7, 2009.

  1. Smallpotatoes

    Smallpotatoes Well-Known Member

    Last month, I was involved in a minor accident. Somebody backed into me in a parking lot, causing a small dent and scraping the paint. The damage was about $650. The check from the insurance company was made out to me.
    My car is paid off and has about 173,000 miles on it. I'm not sure when I'll be able to get the dent fixed.
    What I'm wondering, because fixing the dent might not do much to improve the trade-in value of the car, is if it's legal to just keep the money and not fix the car?
  2. slappy4428

    slappy4428 Active Member

    Yup. Sure is.
  3. RickStain

    RickStain Well-Known Member

    Absolutely! My last car paid for itself two times over that way, both at very opportune times in a young, poor marriage. There was a few times we were broke and I drove around watching the other cars hopefully.
  4. Baron Scicluna

    Baron Scicluna Well-Known Member

    As the others said, yes it is. Happened to me once, and I really needed the money at the time.

    My wife had a parked car dented by another driver, and after they called the insurance companies, the other driver's company told my wife to take the car to her mechanic to be fixed and to have the mechanic send the insurance company the bill, so maybe they're getting a little wise to the whole thing.
  5. Drip

    Drip Active Member

    What kind of car are we talking about? Yes, the money is yuours to do with as you please.
  6. Shaggy

    Shaggy Guest

    The thinking is that, yes, you're pocketing $650 and the one who caused the accident would surely grumble. But when you want to sell that car, it's probably worth $650 less. So either way, it evens out.

    But yes, I once got an $1100 check and used it for a semester of rent in college. Or booze. I can't remember which.
  7. Madhavok

    Madhavok Active Member

    I'm still waiting for the day for this to happen to me. My car is paid off and has some dings and dents and I'm just going to drive her as much as possible. She's old - 2000 - so I'm not expecting much if I ever trade her in or sell. I'll gladly use the money on rent or bills.
  8. OTD

    OTD Active Member

    I've done it a couple times. The money's yours.
  9. Gene Parmesan

    Gene Parmesan Member

    Hail damage paid off a car for me once.

    It was awesome. Invest it in a new stereo.
  10. KevinmH9

    KevinmH9 Active Member

    Go for it! They'll never ask if you got your car fixed so just pocket it.
  11. Gutter

    Gutter Well-Known Member

    I've been involved in three accidents, hit all three times.

    As "luck" would have it, two of the accidents were about the time I was thinking about getting a new car.

    Those insurance checks ... including one where they just totaled my car ... made for great down payments on my new car.
  12. Smallpotatoes

    Smallpotatoes Well-Known Member

    On a 2001 Ford Taurus with 173,000 miles, I don't imagine fixing it will help much with trade-in. I'm almost certain to be its last owner. The next owner will probably just use it for parts, if anything.
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