Car insurance: Do I have to get the repairs after an accident or can I keep the money?

[UltraVires]

@Aestivalis

So would it be appropriate to spend the $950 trying to pay off the remainder of the loan so you can own it outright?

Sure. As has been said upthread, the $950 is your money to do with as you please. You may have a contractual obligation to the bank to keep your car in good repair, but if you pay them off, then the contract with them is completed.

[thirdname]

Damn. 2.5 years ago a tree branch fell on my car. The estimate was $900-something and my deductible was $500, and I didn’t think it was worth it for a cosmetic issue on my old car. So I could have collected $400? Is there any chance I can still collect that money this long after the incident? I use State Farm.

[UltraVires]

@thirdname

Damn. 2.5 years ago a tree branch fell on my car. The estimate was $900-something and my deductible was $500, and I didn’t think it was worth it for a cosmetic issue on my old car. So I could have collected $400? Is there any chance I can still collect that money this long after the incident? I use State Farm.

1. Check your policy language. I’m sure that there is a provision that you have to report an accident within a reasonable period of time.

2. $400 isn’t worth getting a claim on your record. A reputable company like State Farm usually gives you one free claim before they jack up your rates. I would recommend saving that one for a big accident.