Leftover money from home insurance claims
can be kept if you're entitled to it per your policy
. Before the check is written, insurance companies send a claims adjuster to assess the damage to determine the payout amount.
When should you not repair your car?
When repair costs start to exceed the vehicle's value or one year's worth of monthly payments on a replacement
, it's time to break up with your car, according to automotive site Edmunds and Consumer Reports, the product review site.
How long does it take to repair damage on a car?
How long does it take to repair a car? Cars that have been damaged in accidents can be repaired in less than a few days (2-5 on average), but sometimes it can take
as long as several months
.
How much do dents devalue a car?
An average accident can decrease a car's value instantly (and permanently) by
10 – 25% annually
, whereas an accident that only creates light damage (such as light scratches or small dents that don't impact the paint) will only decrease its value by 5-15%.
Can an insurance company ask for money back?
Under California law,
if a provider does not contest a notice of overpayment, he or she is required to reimburse the insurance plan for the amount requested, within 30 working days of receipt of the notice
.
Does insurance fix your car if you are at fault?
If you live in a fault state, the person responsible for the accident will hold liability for anyone's injuries. The other driver would file a claim with your insurance company, and
you or your car insurance will pay for losses
. In a no-fault state, however, each party's auto insurance usually covers their losses.
What happens when you withdraw an auto insurance claim?
If you withdraw your own insurance claim,
your insurance company will not issue a reimbursement check or pay for repairs
. The claim will be kept on file with a payout of $0. It is unlikely to increase your premiums but possible.
What takes the longest to fix on a car?
Replacing an Engine
People who have experienced the agony of replacing an engine, whether it's your average Joe or a certified auto technician, will say this is the greatest challenge in any car.
How long does it take for insurance to pay out after accident?
Once an insurance company has admitted liability and agreed to process the claim, they tend to move quickly. Some claimants receive their compensation in a few days. More commonly, the claimant will receive their compensation payment
within 2 and 4 weeks
.
How long does it take to do body work on a car?
After a car accident, a claims adjuster from your insurance company will estimate the damage to your car and produce a repair estimate. Getting a collision body repair estimate can take anywhere from
two to five days
depending on the insurance company you use.
Is it better to repair or replace a car?
It is almost always less expensive to repair a car than buy a new one
. Although something as severe as a blown motor or a failed transmission will run you between $3,000 and $7,000 to replace at a dealership, such repairs still don't cost as much as buying a new car.
What if damage is more than car is worth?
If the adjuster determines the cost to repair the damages to the car is more than it is worth to them—that is, repairs exceed the actual cash value, or ACV, of the car—then it is considered a
total loss
.
Should you buy a 10 year old car?
When buying a used car that's 10-years-old or older, your primary concerns are purchase price and reliability.
Don't pay more than that 10-year-old car is worth
. And, pick a car with a solid reputation for dependability. No car is really too old if you follow those rules.
Is it worth fixing car dents?
Small dents may cost $100 or less to fix. At this price,
it can be a good idea to get it fixed if you're bothered by the dent's appearance or want to sell your car
. But, doing it yourself may cause paint damage. Plus, even a repaired dent can result in rust down the road.
Is it worth it to fix a car dent?
Reduced resale value
.
Things like unrepaired dents can lower the value of a used car, even if they're small. Add paint damage and rust spots to these car dents, the price a buyer is willing to pay goes down even more. Furthermore, unrepaired dents are a sign of a neglectful owner.
Are small dents worth fixing?
Unless the dent or scrape is very minor (and therefore very cheap to fix),
older and less-valuable vehicles probably won't gain much value from a repair
. You're often better off just keeping your money and living with the scrape and the knowledge that your car is a little less perfect than it was yesterday.
Can insurance company recovering costs from me?
Unfortunately,
if your insurer cannot recover their costs from the other party, the claim may affect your no claims bonus and you may have to pay the excess
. You can make a claim to the Disputes Tribunal or the District Court to try to recover the money from the other party.
How long does an insurance company have to ask for a refund?
Timing. Except in the case of fraud, the insurance company must make any request for an overpayment reimbursement in most states
within 365 days from the original payment
.
How far back can insurance companies audit?
Most workers compensation insurance company audits will go back
as far as 5 years
, but there are a few that will only do 3 years. This audit process can generate an additional premium owed, or a returned premium, based on your final payroll numbers.
Can I choose who repairs my car after an accident?
YES! It's your car, your choice!
You are free to choose who repairs your car after a road traffic collision
. If you have been involved in a road accident, one of the most frequently misunderstood problems is that motorists are free to choose which repairer fixes their vehicle.
Do you have to pay excess if accident is your fault?
You only have to pay excess when you claim on your own insurance. That means if you had a bump (that was your fault), and there was no damage to your car, you wouldn't have to pay excess for the other driver's claim.
Your insurer would pay for the whole thing. Even if the accident was your fault
.
What you must pay before an insurance company will pay a claim?
Deductible:
The amount you must pay out of your own pocket
before your insurance company will start paying for services. (Example: If you have a $500 deductible per year, and each doctor's visit costs you $100, your insurance may not kick in until you've been to the doctor five times.)
Should I cancel my car insurance after an accident?
As long as the policy was active at the time of the accident (which it sounds like it was), you should be fine
. Second, if your car is totaled, you can cancel your insurance if you are not getting another car in the near future.
Can I cancel an auto claim?
Generally,
yes, you can cancel or withdraw an insurance claim by calling your insurance provider's representative
. You may want to cancel a request, mainly if the damages are low and you can pay them yourself. Typically it is a bad idea to cancel a claim because it will stay on your record.
Can you cancel car insurance while a claim is in process?
Can I cancel my car insurance with an open claim? Yes —
as long as the accident happened when your auto insurance policy was active, canceling it afterward will not affect your ability to file a claim
.
