Smart Recovery Choices: Making the Most Out of Your Accident Repair
Smart Recovery Choices: Making the Most Out of Your Accident Repair
If you’ve been in an accident and you’re not at fault, you may be able to put a few pennies in the piggy bank after you’ve repaired your car- if you’re smart about it. We will be generalizing a lot in this article, so be certain to check with local laws. They may be different than what we’re talking about, so we take no responsibility for your actions based on this article.
What You’re Required To Fix
In the vast majority of cases, the victim is not required to make any repairs at all. You are being compensated by the insurance company for a loss, not actually the full and total repair of the vehicle. This is why so many insurance companies prefer to “total” a car. When “totaling” a car, they can simply pay the value of the vehicle and write it off as a loss. It’s easier to do that than try to repair an older vehicle, since most companies are only required to pay the lowest county value of the damaged vehicle. This is often much lower than it would cost to repair severe damage.
If you decide to take their valuation of your vehicle and you have know-how or friends in the repair business, it is very likely that you can underscore their bottom line and keep the rest.
Where The Money Goes
If you do decide to repair via a local business, be certain to keep documentation of everything. Some insurance companies will write you a check to begin with, others will demand to wait until the shop is finished and simply pay the shop instead of you. If dealing with the former, do not cash that check until your vehicle has been fully repaired. Why?
Because that sum they’ve given you is based on a wide variety of information which may or may not be relevant to the shop that you’re using. You may end up with less money than you need, and if you cash the check you have (generally) accepted their payment as fair. No one wants to be out of pocket on an accident in which they were the victim. Oftentimes, it happens.
If you are concerned about this happening to you, simply inform the insurance company that you are going to use a particular shop. Inform the shop that you want the bill sent to the insurance company that you are dealing with. The shop and the insurance company will communicate on billing, coverage, etc and one or the other (perhaps both) will inform you of their decisions.
How Much Ya Spent
If you decide to fix the vehicle yourself after having a “totaled” check or otherwise handed to you, you will not get any more money from the insurance company even if you go over the budget. Go ahead and cash the check. However, keep detailed track of everything that you spend. Use junkyards in your area to find parts that are otherwise difficult or expensive to buy. Try to keep everything to a minimum and you may just come out ahead.
If you’ve been in an accident and you’re not at fault, you may be able to put a few pennies in the piggy bank after you’ve repaired your car- if you’re smart about it. We will be generalizing a lot in this article, so be certain to check with local laws. They may be different than what we’re talking about, so we take no responsibility for your actions based on this article.
What You’re Required To Fix
In the vast majority of cases, the victim is not required to make any repairs at all. You are being compensated by the insurance company for a loss, not actually the full and total repair of the vehicle. This is why so many insurance companies prefer to “total” a car. When “totaling” a car, they can simply pay the value of the vehicle and write it off as a loss. It’s easier to do that than try to repair an older vehicle, since most companies are only required to pay the lowest county value of the damaged vehicle. This is often much lower than it would cost to repair severe damage.
If you decide to take their valuation of your vehicle and you have know-how or friends in the repair business, it is very likely that you can underscore their bottom line and keep the rest.
Where The Money Goes
If you do decide to repair via a local business, be certain to keep documentation of everything. Some insurance companies will write you a check to begin with, others will demand to wait until the shop is finished and simply pay the shop instead of you. If dealing with the former, do not cash that check until your vehicle has been fully repaired. Why?
Because that sum they’ve given you is based on a wide variety of information which may or may not be relevant to the shop that you’re using. You may end up with less money than you need, and if you cash the check you have (generally) accepted their payment as fair. No one wants to be out of pocket on an accident in which they were the victim. Oftentimes, it happens.
If you are concerned about this happening to you, simply inform the insurance company that you are going to use a particular shop. Inform the shop that you want the bill sent to the insurance company that you are dealing with. The shop and the insurance company will communicate on billing, coverage, etc and one or the other (perhaps both) will inform you of their decisions.
How Much Ya Spent
If you decide to fix the vehicle yourself after having a “totaled” check or otherwise handed to you, you will not get any more money from the insurance company even if you go over the budget. Go ahead and cash the check. However, keep detailed track of everything that you spend. Use junkyards in your area to find parts that are otherwise difficult or expensive to buy. Try to keep everything to a minimum and you may just come out ahead.
Here's How You Do It:
Here's How You Do It:
Step 1
Step 1
Click the link below
Click the link below
Step 2
Step 2
Once you enter your zip code and go through a few questions, you will have the opportunity to check for the best carrier quotes in your area for a savings of up to $536 a year.
Once you enter your zip code and go through a few questions, you will have the opportunity to check for the best carrier quotes in your area for a savings of up to $536 a year.
By Jennifer Bernard – April 21, 2020
By Jennifer Bernard – April 21, 2020
EDITOR'S NOTE
EDITOR'S NOTE
You're NEVER LOCKED into your current policy. If you've already paid your bill, you can still cancel and receive a full refund for days remaining in your cycle.
You're NEVER LOCKED into your current policy. If you've already paid your bill, you can still cancel and receive a full refund for days remaining in your cycle.
© Copyright autoalliancehub.com 2020 | Privacy Policy | Terms & Conditions | Contact Us
© Copyright autoalliancehub.com 2020 | Privacy Policy | Terms & Conditions | Contact Us
Here is a link to a survey which demonstrates the importance of comparing rates and how applying this "rule", in any state city or zip code, can help seniors save 32% and $368 per year. A second survey which analyzed car insurance quotes for 1,000 zip codes across the U.S. found that within a given zip code, rates vary by 154% on average, allowing seniors to find an average of 32% and $368 per year in savings.
Here is a link to a survey which demonstrates the importance of comparing rates and how applying this "rule", in any state city or zip code, can help seniors save 32% and $368 per year. A second survey which analyzed car insurance quotes for 1,000 zip codes across the U.S. found that within a given zip code, rates vary by 154% on average, allowing seniors to find an average of 32% and $368 per year in savings.
http://www.bankrate.com/finance/insurance/car-insurance-why-do-people-switch.aspx
http://www.bankrate.com/finance/insurance/car-insurance-why-do-people-switch.aspx
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This website is not associated in any way with Facebook. Facebook is a registered trademark of Facebook, Inc.
Our content is supported by advertising partners. We may receive compensation for actions you take on websites that you click through to. Our goal is to provide you with valuable information that you can potentially leverage to make informed decisions, however nothing we post should be considered financial advice. Always do your own research.
Our content is supported by advertising partners. We may receive compensation for actions you take on websites that you click through to. Our goal is to provide you with valuable information that you can potentially leverage to make informed decisions, however nothing we post should be considered financial advice. Always do your own research.
Quick Money Savings Tip For Safe Drivers
Quick Money Savings Tip For Safe Drivers