Geico said that I could either get a check or have car repaired by one of their approved service centers. If I take the check, do I have to use it for repairs on that car or can I use it for a down-payment for a new car and just get rid of the car that was damaged?
Answer by fire4511
If you take the check, you can fix the car, sell the car or plant flowers in the car. The check is compensation for the damage that was done. There is no requirement that you use it to repair the car.
If you are going to trade the car in, you are better off using the money as a down payment. You will end up ahead doing so, the dealer will either have the car fixed at their own body shop (at wholesale prices) or sell the car to a wholesaler who will sent it to be fixed cheaply.
Answer by MichaelS
For once, I agree with fire4511; you are merely being compensated for damage done to your vehicle. The choice is yours as to whether you get the car fixed or not.
I got a scratch years ago, and got a $ 250.00 settlement from the other party. A little polishing compound, and I had a new set of tires.
Answer by shjf47
You can use the money from the check for anything you want to use it for. It is yours.
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Orignal From: If I accept the auto accident compensation check do I have to use it for repairs?
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