Can You Keep Auto Insurance Claim Money?

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   Tom Sheehan

   Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482

   Here is the thing.  Insurance claim settlements are intended to pay for the repair of damage caused by a covered loss under the provisions of a policy contract, in this case an car insurance policy.  If one receives a settlement and then chooses, for whatever reason not to repair the damage, I have not seen a case where an insurance company is going to be looking for it's money back.  Keep in mind a couple of things, however.  If you have a lien or lease on your car, the check will be made payable to BOTH you and the financial institution and they will need to have the car repaired as a condition of your agreement with them.  Also, if you happen to have another incident that further damages the same car parts that were damaged previously, the claims professional will be able to tell the older damage from the more recent and will NOT include an amount needed to repair both.

   Answered on January 8, 2014

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