Car insurance question

[Smallpotatoes]

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?

 

[slappy4428]

Yup. Sure is.

 

[RickStain]

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.

 

[Baron Scicluna]

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.

 

[Drip]

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

 

[Shaggy]

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.

 

[Madhavok]

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.

 

[OTD]

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

 

[Gene Parmesan]

Hail damage paid off a car for me once.

It was awesome. Invest it in a new stereo.

 

[KevinmH9]

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

 

[Gutter]

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.

 

[Smallpotatoes]

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.

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.

 

[txsportsscribe]

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.

has nothing to do with insurance company "getting a little wise;" if there's no lien on the car, it's up to you whether you want to use the money to fix it.

 

[qtlaw]

The money is to compensate you for the damage to your property; whether you want to spend it fixing your car or pocketing it is your choice.

 

[slappy4428]

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.

Sure it wasn't hookers and cocaine?

 

[trifectarich]

$650 worth of damage and you get a check for that amount? What, you have the $10 deductible?

 

[exmediahack]

A Ford Taurus with 173,000 and STILL on the road?? Call the local TV station and see if they'll do a feature story!

[/toyotaownersarcasm]

 

[Mystery Meat II]

$650 worth of damage and you get a check for that amount? What, you have the $10 deductible?

deductable wouldn't factor if it was the other driver's fault because it should be their insurance picking up the bill

 

[Football_Bat]

The last fender-bender I was in, I got a cool grand courtesy of State Farm, which I discover pays recipients handsomely. I'm not a customer so for all I know they may lowball the hell out of their own.

 

[Football_Bat]

A Ford Taurus with 173,000 and STILL on the road?? Call the local TV station and see if they'll do a feature story!

[/toyotaownersarcasm]

I'm driving two Chevys with a combined 700K. I'm holding out for a commercial.