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Auto Insurance Claims/settlement towards new car

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Expert: Bennie719 - 4/4/2008


Question
Can you take the settlement at put it towards a new car instead of repairing the car that was in the accident? I was just in an accident and my car is old. It will cost more to repair it than the car is worth? How does that work??

Thank you,

Answer
Hi Kfafoutis,
As long as the check from the insurance company is issued only to you, you can do anything with the money that you desire.
I hope this is helpful.
I would appreciate your taking a moment to rate my answer.
Sincerely,
Bennie
San Francisco Bay Area

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Bennie719

Expertise

I have extensive knowledge in Personal Auto, Homeowners Insurance and Personal Umbrella coverage. I am also thoroughly familiar with claims handeling procedures. Will answer questions related to the above.

Experience

Experience in the area: Served as an expert at askme.com from 7/2000 thru 10/2002 in the catagories of general insurance, auto and home insurance. Answered 422 questions before that site closed. Licensed in California since 1961, first in Life and Health for 2 + years and as a Property/Casualty Agent/Broker since 1964. I sold my business and took early retirement in 1998. Still maintain a valid California Property/Casualty Agent/Broker license. I have been a volunteer at allexperts.com since 2002. I can provide assistance in the following fields: Property and Casualty Insurance, Insurance Law, Auto Insurance Claims.

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not applicable

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