Auto Insurance Claims: Should You Take The Money and Run?
Eyewitness 4 News in New Mexico recently highlighted a new trend in auto insurance claims: after an accident, more people are choosing to keep the money from their claim as opposed to using it for repairs. I can see their point; in this struggling economy, it may seem like a better idea to pocket that insurance payout and use it for family needs (like food), instead of non-essential car repairs. As a result, body shops are reporting a 25% drop in repairs across the United States.
However, body shop employee Tommy Hufnagel claims that insurance companies will often underpay consumers when sending them a direct check. If you think you’ll need any repairs at some point (even if your automobile still works right now), it might be a better idea to get a body shop estimate first.
Tags: Auto Insurance, auto insurance claims, body shops, car repairs
