Louisiana Geico Claim Question (newbie)

[yoda27]

i have geico and have some dings and scratches on my truck i want the money for but dont care to fix them. i figure im paying for insurance to take care of that so is it my option to take the money and not get it fixed or not? also the truck is not owned out rt by me their is a lien holder.
heres what geico is wanting to do. they said that they can do a 2 party check (me and the fixer or shop) i told them i have a buddy that does side work and they said no problem but they need his name and social for tax reasons they say. it seems very complicated. but i have some one to be that other party BUT would i be breaking some law or commenting some form of fraud if i took the money without fixing the truck since their is a lien holder involved?
ty very much

 

[moonlightandmargaritas]

i have geico and have some dings and scratches on my truck i want the money for but dont care to fix them. i figure im paying for insurance to take care of that so is it my option to take the money and not get it fixed or not?

No, it's not your option. Insurance, by definition, is designed to make you whole (fix the damage), not make a profit (don't care to fix them).

also the truck is not owned out rt by me their is a lien holder.

How would you feel if your co-owner (the lienholder) was trying to do something without your approval? PS-It's "there".

i have a buddy that does side work and they said no problem but they need his name and social for tax reasons they say. it seems very complicated.

Complicated? How? Why is it that your "side work" buddy has a problem getting a 1099? Tax fraud?

 

[FullAuto]

How did you get these dings and scratches? Was it in a tornado or windstorm? Are these parking lot dings? Has Geico done their inspection yet and said all the damage was from a single loss? If you just have door dings on the car, you should pay your deductible for each one that is repaired since they are all individual losses.

If you simply take the check based on their estimate, you're okay. If the shop sends in a supplement for additional damages, the supplement check will be made to the shop directly. As soon as they sign that check without actually doing the repair, that's fraud.

 

[djs]

If you pay off the car, then you can keep the money. If there is a lienholder, they want their collateral fixed and repaired.

Also non-repaired damage will not be paid for a second time. If you have an accident that damages the same area and didn't fix it, then they won't pay to fix it again.

Dan

 

[yoda27]

No, it's not your option. Insurance, by definition, is designed to make you whole (fix the damage), not make a profit (don't care to fix them).
How would you feel if your co-owner (the lienholder) was trying to do something without your approval? PS-It's "there".
Complicated? How? Why is it that your "side work" buddy has a problem getting a 1099? Tax fraud?

u seem aggravated by my post and questions. have no idea how it worked needed to educate myself before doin something i shouldnt but ty for ur response

full auto
one looks like someone keyed the side of my truck they other is a big ding on the tail gate acquired at different time so they r different claims. no inspection yet i wont be doing it yet like i said i wanted to keep the money but dont want to do anything illegal and it seems if i took the money and didnt fix that would be. ty

djs
ty

 

[FullAuto]

full auto
one looks like someone keyed the side of my truck they other is a big ding on the tail gate acquired at different time so they r different claims. no inspection yet i wont be doing it yet like i said i wanted to keep the money but dont want to do anything illegal and it seems if i took the money and didnt fix that would be. ty

djs
ty

You should at least check into if there is a threshold where they will pay just you up to a certain amount. For example, the company I work for will pay out up to $2500 net directly to you even if there is a lien holder. If there is threshold, make the claim for the key scratch. It's a comp claim where the dent would likely be considered a collision claim unless it was vandalism. Comp claims typically won't affect your rates like a collision claim.

Although repairing key scratches aren't real labor intensive from a panel repair point of view, they usually affect more panels. The more panels it touchs, the more parts have to be removed in order to repaint the panels (door handles, belt moldings, run channels, glass, emblems, trim, etc.). Refinish time really runs up an estimate. If a fender, door and bedside were keyed, I bet that would be $1500+.

I most likely wouldn't make a claim just for a tailgate dent if the tailgate is still functional. That wouldn't be a small claim. There's little to R&I, nothing to blend, easy access and a small panel. You'd net little after any kind of deductible. And if it's a collision claim, you're likely to get a surcharge.

 

[Insurance-Guy]

Why are you asking a bunch of insurance agents for advice? I get these calls every once in awhile at the office. You are dealing with a direct carrier so deal with them. You see no value of having a insurance agent. Why not ask the lizard...

 

[yoda27]

You should at least check into if there is a threshold where they will pay just you up to a certain amount. For example, the company I work for will pay out up to $2500 net directly to you even if there is a lien holder. If there is threshold, make the claim for the key scratch. It's a comp claim where the dent would likely be considered a collision claim unless it was vandalism. Comp claims typically won't affect your rates like a collision claim.

Although repairing key scratches aren't real labor intensive from a panel repair point of view, they usually affect more panels. The more panels it touchs, the more parts have to be removed in order to repaint the panels (door handles, belt moldings, run channels, glass, emblems, trim, etc.). Refinish time really runs up an estimate. If a fender, door and bedside were keyed, I bet that would be $1500+.

I most likely wouldn't make a claim just for a tailgate dent if the tailgate is still functional. That wouldn't be a small claim. There's little to R&I, nothing to blend, easy access and a small panel. You'd net little after any kind of deductible. And if it's a collision claim, you're likely to get a surcharge.

geico said they do not have that thresh hold.........thats wut has me concerned about the deal

 

[denny]

You want to check how much your deductible is first before putting in claims for small damages. If you take the money and don't repair it then you are not allowed to make another claim on the same damage. I thought that was pretty obvious lol.

 

[yoda27]

You want to check how much your deductible is first before putting in claims for small damages. If you take the money and don't repair it then you are not allowed to make another claim on the same damage. I thought that was pretty obvious lol.

it is the main concern was legal or not to file the claim and not repair it when theres a lein holder involved. geico will only issue a 2 party check. well what if i got my friends name and my name and we just cashed it with no work intended to be done. thats my concern weither we would get in trouble for that