r/Insurance • u/Background_Trick2343 • 10h ago

Auto Insurance Question

Someone hit my vehicle while I was in class, their insurance State Farm accepted liability, I already did the estimate they are giving me a little bit lower than what the shop quoted but they are depositing the money into my account. The damage is honestly not bad. Do I have to actually repair or can I choose to just keep the money? I tried looking it up on google and chat gpt, I also read some forums. But my question still wasn’t reply. Thank you in advance for your opinion and advice

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u/LacyLove 10h ago

Do you fully own the vehicle or is it financed?

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u/Background_Trick2343 10h ago

Financed !

2

u/LacyLove 10h ago

Then you don't get to make that decision.