Keep the money or have your car repaired?

[missmuffet]

You get into a fender bender. Your insurance company sends you the money for the repair. Would you keep the money which can be a good amount or would you have your car repaired? Why?

[Willa]

Sometimes the check is made out in the amount of the estimate to the company doing the repairs.   In event that the car is "totaled", it may be made out to the owner, who may buy it back and repair it using cheaper labor and products at a savings.  Or they are free to apply it to another car, or use it as needed.  

I don't consider this a moral issue, if that is what you are asking.  

[Guest]

Depends on the damage to the car, the cost of repairs and the amount of the check. The money is yours so I'm with Willa and this is not a moral issue unless the check is made out to someone other than yourself.

[Neighbor]

2 hours ago, missmuffet said:

You get into a fender bender. Your insurance company sends you the money for the repair. Would you keep the money which can be a good amount or would you have your car repaired? Why?

I suffer loss of value in my vehicle. It doesn't matter if I restore the vehicle or take the insurance compensation for my loss and keep my vehicle  in a damaged condition. There is no unwarrranted gain, no windfall, it is merely a stopping of the extent of my loss that any insurance proceeds helps cover or compensate. I see no dilemma for me in either choice.

Whys? Hey if it is my old Ford truck,  dents build character. So I leave them and take the compensation for the loss of value in the truck. If it is my personal passenger sedan, well maybe I do  still enjoy it looking nice and so I get the dings and dents hammered out and the car painted too, maintaining the value to some degree in the car itself.

In any case I thank God that I do not have medical damage and repair to pay in the form of hospital and doctor bills from the accident.

[missmuffet]

5 minutes ago, Neighbor said:

I suffer loss of value in my vehicle. It doesn't matter if I restore the vehicle or take the insurance compensation for my loss and keep my vehicle  in a damaged condition. There is no unwarrranted gain, no windfall, it is merely a stopping of the extent of my loss that any insurance proceeds helps cover or compensate. I see no dilemma for me in either choice.

Whys? Hey if it is my old Ford truck,  dents build character. So I leave them and take the compensation for the loss of value in the truck. If it is my personal passenger sedan, well maybe I do  still enjoy it looking nice and so I get the dings and dents hammered out and the car painted too, maintaining the value to some degree in the car itself.

In any case I thank God that I do not have medical damage and repair to pay in the form of hospital and doctor bills from the accident.

A fender bender probably is not going to cause any medical damage. Maybe a stiff neck? I never sign a release from the insurance company right away. There are so many people without insurance on the road they are asking for you not to turn it into your insurance company. Just a small little dent could be a sizeable check.

[missmuffet]

1 hour ago, Willa said:

Sometimes the check is made out in the amount of the estimate to the company doing the repairs.   In event that the car is "totaled", it may be made out to the owner, who may buy it back and repair it using cheaper labor and products at a savings.  Or they are free to apply it to another car, or use it as needed.  

I don't consider this a moral issue, if that is what you are asking.  

A car being totaled and a fender bender are two different things. A moral issue is not what I am asking. For some who really need that money that is more important than a dent in their car.

[bryan]

Does the fender bender damage affect the safety or usability of the car at all?  If not, then you may choose to get the car repaired so it looks better.   You could take the insurance money received and use it for something entirely different.  It's completely up to you.  

[walla299]

5 hours ago, missmuffet said:

A car being totaled and a fender bender are two different things.

Not necessarily.

It really depends on the market value of the car in some cases. For example, if the air bags deploy and the car is old enough the insurance company will total the car. Air bags are not cheap.

For the rest: Many need the money for other things and so leave the car un-repaired and use the money for other needs in my area. There are lots of damaged vehicles on the road in my area, and I can't say I blame the owners. Food, clothing, and shelter come first. Nothing else matters if you don't have those first.

[Sower]

A hail storm put about a hundred small dents in my wife's car.  It was totaled. Bought the car from the insurance company extremely cheap. Wife bought another nicer car. Her old car became our son's college wheels. He loved it, it ran great, had a unique textured paint job. Wife got newer car. My old pick up still runs. Everybody happy. God is good.

[missmuffet]

1 hour ago, walla299 said:

Not necessarily.

It really depends on the market value of the car in some cases. For example, if the air bags deploy and the car is old enough the insurance company will total the car. Air bags are not cheap.

For the rest: Many need the money for other things and so leave the car un-repaired and use the money for other needs in my area. There are lots of damaged vehicles on the road in my area, and I can't say I blame the owners. Food, clothing, and shelter come first. Nothing else matters if you don't have those first.

I am talking about a fender bender. A slight bump. Why would the air bags deploy?