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 Post subject: Insurance money
PostPosted: Thu Aug 02, 2018 10:03 am 
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Joined: Sat Jun 30, 2012 5:22 pm
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If you are in a car accident and you get insurance money to fix your car, is it illegal to use that money for something else?


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 Post subject: Re: Insurance money
PostPosted: Sat Aug 04, 2018 9:54 am 
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Joined: Sat Jun 30, 2012 7:14 pm
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I don't think so - but state laws, as well as the provisions of the contract - may vary.

If they give you 5k to fix a car, and you find a good mechanic who will do it for 2k, what else would you do with the rest?

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 Post subject: Re: Insurance money
PostPosted: Sat Aug 04, 2018 2:07 pm 
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Joined: Sun Jul 01, 2012 5:16 pm
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Location: Sunshine State
Exactly. We got money to have our van's tailgate 'repaired'. It should have been replaced but the value of the van was less than replacement cost. We got $2500. Dh was able to find a tailgate the same color at a junkyard and installed it himself. We pocketed the rest. Dh considered it his finders fee and labor :)

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 Post subject: Re: Insurance money
PostPosted: Sat Aug 04, 2018 10:11 pm 
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Briva wrote:
Exactly. We got money to have our van's tailgate 'repaired'. It should have been replaced but the value of the van was less than replacement cost. We got $2500. Dh was able to find a tailgate the same color at a junkyard and installed it himself. We pocketed the rest. Dh considered it his finders fee and labor :)


Did he have a loan on it? I don't think there would be anything wrong at all with pocketing ALL the money if you own the vehicle outright.


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 Post subject: Re: Insurance money
PostPosted: Sun Aug 05, 2018 12:16 am 
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Location: Sunshine State
No, it was over 10 years old by then.

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