I had hail damage on my new car which is financed. What to do?

Question

I got an estimate from Geico of 3400 $ and since I have a 1000 $ deductible which I can't shell out right now, I thought of using the insurance money into my finance. When I talked to Geico, they say that they cant give me the check and it can go only to the body shop. What do i Do?

Answer 1

I would like to recommend you possess as much information as you can before taking action,here is a good place for that purpose.http://car-insurance.easyideas4u.info/ca...

Answer 2

If you have a leinholder on your vehicle the insurance company is obligated by law to protect that leinholder. Either they will issue a 2 party check with your name and the leinholder, your name and the body shop, or they will just pay the body shop directly. If you do not take care of the hail damages now, when  you return the vehicle to the financing company they will attempt to get reimbursed for the damages by contacting Geico and you will still be obligated to pay the 1000.00 deductible.

Answer 3

For the insurance company to have paid you directly, and then you not having the work done could is some jurisdictions be considered fraud.  I understand you predicament, your deductible for your insurance coverage is more than you can afford, but you would be able to afford monthly payments.  You should do this: contact your finance company, they might be able to lend you the deductible amount for the vehicle.  Depending upon your credit history, and your payment history to the finance company, they may or may not help you.  Otherwise, just wait an dsave your money until you can afford to have the work done-it is worth a try.

Answer 4

Get the car fixed. Those dents really make your cars value drop considerably. I feel your pain. I live near Kanakakee, IL and the storm we had earlier in week had golf ball sized hail in it. I have 6 dents that I too have to deal with. Sadly, I have an 07 Impala (dark red) and those dents show up badly.

Answer 5

geico is absolutely right the check is made out to the body shop. What I would suggest is talking to the shop and setting up a payment plan for the remaining $1000. If they are not receptive ask Geico for a list of all of the auto body shops on their service list. And ask the other shops. Tell them you'll put something in writing if need be. They'll usually work with you.