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/cgi-bin/YaBB.pl General Category >> The Cafe >> insurance question /cgi-bin/YaBB.pl?num=1366050007 Message started by Pine on 04/15/13 at 11:20:07 |
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Title: insurance question Post by Pine on 04/15/13 at 11:20:07 So in the hail storm damage last month, my 2009 tacoma got $3500 damage. Which is to say ... you cant see a thing at 7 feet away. And at 1 foot you have to tilt your head. I own $2901 on her. The check is made out to me and the toyota fin. What are the groups thoughts on using the check to pay off the truck versus PDR ( paintless dent repair)? Does the insurance company care? Do they have any say if they did not make the check out to the body shop? Lastly, currently I have never traded a truck in.. I drive it till a little old lady or a snow storm destroys it. Generally every 10 years or so. I take good care of my rides.. but it is a TRUCK... not some pretty beemer or some such. Nick here, scratch there.. pfft. |
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Title: Re: insurance question Post by rfw2003 on 04/15/13 at 11:23:08 If they made the check out to you, they don't give a darn what you do with it, as long as you don't try to make another claim for that same storm. So if you don't mind the hail damage, pay that sucker off. R.F. |
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Title: Re: insurance question Post by Serowbot on 04/15/13 at 11:51:00 Dimples in the bodywork are good for aerodynamics... it'll probably help yer' gas mileage... Think of it, as an act of God, performance mod... ;D... ...(that's why, they dimple golf balls)... |
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Title: Re: insurance question Post by Dane Allen on 04/15/13 at 12:46:12 The point of insurance is to make you whole in the event of an unforseen loss and the damage to the truck is the loss. They amount they paid to you is derived from the premiums for coverage you have paid them as agreed to in your policy. If you don't use the money to fix the truck then the truck still has the reduced value due to the damage so it is not like you are defrauding the system somehow. Prefectly legit from a non-lawyers perspective ;D |
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Title: Re: insurance question Post by Charon on 04/15/13 at 12:52:44 When our car got hail damage the insurance company wrote us a check for the damage. Since we had no lien the check was written to us. They also told us the car was no longer insured against hail damage, unless we had it fixed. Years before that we had hail damage to another vehicle, which still had a lien. The check was written to us and the lien holder, since the lien holder actually has first claim. We chose not to repair the vehicle, so the check was used by the lien holder to pay down that much of the loan. |
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Title: Re: insurance question Post by Blinky-FSO on 04/15/13 at 12:58:49 31080F04150E13610 wrote:
Pine, If I am reading this right, the check was made out to a joint payee, you and Toyota finance? The insurance company does not care but Toyota finance will. Good hunting |
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Title: Re: insurance question Post by verslagen1 on 04/15/13 at 13:23:49 Does toy finance make payments for insurance? Seems to me that check should've been made out to you alone. I'd use the check to pay off TF. If you don't repair the damage it's only the resale value that tanks. once paid off, no one but you cares. |
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Title: Re: insurance question Post by Pine on 04/15/13 at 13:39:25 2C2B3D2424480 wrote:
Pine, If I am reading this right, the check was made out to a joint payee, you and Toyota finance? The insurance company does not care but Toyota finance will. Good hunting [/quote] yes... and the one thing I would not consider would be to pocket the money and not pay it off, as that could be considered cheating Toyota who has a vested intrest in the truck. Once they are paid off, that intrest is gone. The biggest expense is the roof with about 10 bigger dents (size of a nickel depth of a dime) and a few smaller ones. To do PDR they were going to scrap and replace the headliner, which of course is perfect. Two dents in the hood.. and new winshield... I can pay off the truck AND replace the windshield and still make bank. Roof dents be derned ( summer heat might fix many of them) |
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Title: Re: insurance question Post by verslagen1 on 04/15/13 at 14:08:56 As long as you keep payin' TF, you're not cheating them. might be worth trying the dry ice trick. |
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Title: Re: insurance question Post by Charon on 04/15/13 at 14:36:35 But, if the check is made out to Toyota Finance and you, you cannot use it unless TF signs off on it. If it works the way ours did, you and they can sign the check to the body shop, or to pay off the loan. You cannot simply pocket the check. Remember, whether you like it or not, the reason comprehensive/collision insurance is required by the lienholder is to protect THEIR interest in the truck, not yours. |
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