by Guest » Mon May 09, 2011 10:16 pm
I have a check from the liable third party that is to be used for repairs...however I hav found another repair shop and I want to request that the check be written payable to me...upon speaking with the insurace company they said it will be in my name and lienholder name( my car company) is there any way i can just get money for myself?
Posted: Tue May 10, 2011 12:13 am Post Subject:
If this is from the other parties carrier and they don't have a lien from your lien holder then they should be paying your directly. They is, they are under no obligation to include your lien holder. I guess they could... but I've never seen anyone do that. If nothing else they should be able to put your name on it and that other repair shop. If you are going to do what you state then this should not be an issue.
Posted: Tue May 10, 2011 12:19 am Post Subject:
is there any way i can just get money for myself?
Not if there is a lienholder on the title. They have a secured interest in the vehicle as long as you owe $0.01 on the loan. They can force you to have repairs made before releasing the funds.
As trench has said, this is not the way the insurance companies write the checks, but I believe he's thinking in terms of third-party claims, where you are dealing with another person's insurance company. Anything is possible.
If this is a first-party claim (your own insurance company), your lienholder is probably listed as an additional insured, which is the reason they wrote the check to both you and your lender.
Each lender has their own method of dealing with this, but it should not affect your ability to choose which auto body repair shop you use to make the repairs, as long as they are licensed. It should not delay release of the funds once repairs are completed. Many auto body repair facilities are asking the vehicle owner to sign a document making the repair shop the agent of the owner in the collection of the claim money. In exchange for you signing that document, the shop will release the repaired vehicle to you.
If the insurance company does not pay the reasonable cost of repairs, the body shop will pursue their unpaid damages directly from the at fault party instead of going after you. That could include your lender for failure to pay the claim proceeds to the repair shop in a timely manner.
Posted: Tue Aug 23, 2011 04:49 pm Post Subject: KcsAvwxbOYZ
This is way better than a brick & mortar etsablismhnet.
Add your comment