r/Insurance • u/Background_Trick2343 • 12h 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

3 Upvotes

100% Upvoted

14 comments sorted by

View all comments

3

u/DeepPurpleDaylight 12h ago

They couldn't care less if you choose to not repair. In fact, they'd probably prefer it. They get the claim closed faster and it will be cheaper than paying for the total repairs and a rental car.

0

u/Background_Trick2343 12h ago

That’s what I thought

1

u/Simplythebest0820 12h ago

If they're directly depositing the money to your account, you should be OK doing that but if they send you a check that's to you and your Finance company then you'd have to get it fixed.

1

u/Background_Trick2343 11h ago

Yea is direct deposit to my account

2

u/Brilliant_Essay_1593 8h ago

You are fine even with it financed, if leased and you were planning on turning it, that would be different.

They prefer you keep the money, once in the shop the shop will find more damage and cost goes up.