Question About Insurance

[ilrandomheroil]

the top part is just the story, if you dont want to read all that the questions are at the bottom. Thanks!

 

so i was coming home from school and was driving in the left lane. I was going threw an area where i had goten my first and only ticket, so i was watching me speed closly. I looked over to my right and saw a small little buick riding becide me and pay no attention to them. the buick was tailgating this truck with a trailer hooked on. the truck ahead of the buick put on its blinker and made a turn like he should, but the buick was too close to the truck to avoid hitting it so it swerved into the right side of my truck. No serious damage was done, there mirror made a dent that was probally an eighth of an inch deep and maybe a foot long, with a little paint further behind the dent left from there car. you can only notice it if you are really looking. called the cops gave info and went home.

 

the hardly noticable dent is going to cost 718 bucks to fix. just got the check in the mail from their insurence.

 

$ 718 is alot of money, and if possible i would like to use it on a lift for my truck, so my question is do i have to use the insurence check on fixing the dent or is that money mine to do as i please?

 

and one other question, if i can spend the money on what i want should i or should i just fix the dent?

[99silverado1500]

You could just get Paintless Dent Removal and get it removed for 100-200 bucks

[d3athsong]

Dont quote me on this, cause im not sure how the system works where you live, but im beleive the money is yours to do whatever you want with.

[WFO]

The money is yours as far as I know. Try to remove the dent with dry ice. (link and video below)

 

http://www.gm-trucks.com/forums/index.php?...&hl=dry+ice

[99silverado1500]

Im going to try out that dry ice trick. Does anyone know if it has to be warmer out, I was going to try it out on like a 60 degree day.

[Zembonez]

The money is yours to do with as you please UNLESS you have a lienholder. (a loan in which it is used as collateral)

 

If you owe money on the truck, the lienholder has first rights to it unless you have the truck repaired and show them proof of such repairs. (If this is the case, the lienholder's name and your name should both be on the check) The law varies some from state to state but it is pretty similar in most.

 

If you don't have a loan out on the truck... buy that lift!

[hubbycap]

If you own the truck outright, and you don't spend the money on the truck, its value is diminished and you have been compensated for it by the insurance company, so you have been made whole. If your priority is to not renew the appearance of the truck, it would be your call, you have the value in either money or a repaired truck.

 

If there is a lien on the truck and the lienholder's equity is diminished to the point that its value is less than the outstanding balance, there exists a point in contract law that if known, may cause the lienholder to feel its interest is in jeopardy. This same situation would exist if you sold the engine and pocketed the money. It is at the descretion of the lienholder to reevaluate the colateral and determine its position. It could take no action, ask for a principal reduction to better its position or in extreme situations, call the note due in full.

 

Outside of lienhold interest (if any), you have no moral obligation to repair the truck or spend all of the money in the repair of the truck.

[Zembonez]

Evening Fred.

 

Billygoat Hill Chardonnay again tonight. Did a little sailing with the Captain last night.

[bobcat5544]

As long as your truck is not financed then you can do what ever you want with the check. If it is financed then you have to get the repairs done and show proof to your financer that they were done. If you don't have work done then that money most go to the financer towards the balance of your loan and any money left over must go back to the financer towards the balance of your loan.

[hubbycap]

Evening Jim,

Just finished my highball while I roasted coffee on the deck. Great time in the North Georgia Mtns. this past weekend.

[Zembonez]

Evening Jim,

Just finished my highball while I roasted coffee on the deck. Great time in the North Georgia Mtns. this past weekend.

COOL! I meant to ask you about that. Silly brain is at home on the charger...

 

OK... Thread hijack is over.

[scottmoyer]

The only time you need to get it fixed is if the vehicle is "very" damaged or leased. You do not have to get it fixed, even with a lien as they don't care. They're happy as long as they get their monthly payment. If the vehicle is totaled, then the lien holder needs to be paid first. The money is your to do what you want. You were compensated for the depreciated value.

 

BTW, dry ice doesn't work. If you want the dent fixed, get PDR done. No sense paying for a body shop unless the paint requires touchup.