So, I got into a fender bender last week, and the insurance company did an estimate at $1100 for my repairs. My deductible is $500, but they’ll cut me a check for the remainder. It’s 100% superficial damage to a car that’s over 10 years old. I can live with a cracked bumper, so my question is, am I required to use the money for repairs if I own the car. I know if I still had payments, they make the check out to me and the repair shop to ensure the value stays higher while it’s bank owned, but now it’s paid off.
I’d rather use the money and the car for a down payment/trade in on a used SUV since I live in a state with mountains and snow and we go camping a lot. Is there any major downsides to doing this? Would it be better to fix the car, then trade in?
Any advice?
Submitted April 02, 2019 at 02:57PM by violanut https://ift.tt/2I87Fdl
