Accident - Insurance Proceeds Question

[jeepin]

I was recently involved in an accident in my JL that was not my fault. The other driver's insurance has estimated $2,300 damage to my JLUR. Predominantly, the only damage I have is the front bumper, grill and scratches on the fenders. I still owe on my JL so they want to write a check to the repair shop directly or to me and the repair shop. Long winded question is that I would like to use as much of these funds as possible to upgrade if possible. What are my options? Thanks!

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[smithrd65]

Fix the Jeep dont upgrade with repair funds.

 

[Oletimer]

Very little options in Florida at least. It is usually made out to both just as you said.

 

[TRZ]

Don’t forget to push for diminished value, the accident will show up on the Carfax and thus reduce the Jeep’s value.

 

[jeepin]

Don’t forget to push for diminished value, the accident will show up on the Carfax and thus reduce the Jeep’s value.

How do you do that?

 

[Compression-Ignition]

You can't have the check made out to you?

 

[Oletimer]

You can't have the check made out to you?

Its got to do with rules for financed vehicles. You sign promising to keep physical damage insurance.
If it was made out to individual, they may just cash check and let vehicle go back.

 

[jeepin]

Fix the Jeep dont upgrade with repair funds.

Looks like my route but is pretty dumb to replace a stock plastic bumper for $300+ if it were possible to legally allocate in a different manner.

 

[Oletimer]

Looks like my route but is pretty dumb to replace a stock plastic bumper for $300+ if it were possible to legally allocate in a different manner.

Have your shop put bumper of your choice on, pay the difference.

 

[Jmonroe]

Have your shop put bumper of your choice on, pay the difference.

This is your answer. Bank only wants guarantee the damage to your collateral is repaired, value maintained. They're unlikely to care if you replace OEM with more valuable aftermarket replacements.

 

[Oletimer]

This is your answer. Bank only wants guarantee the damage to your collateral is repaired, value maintained. They're unlikely to care if you replace OEM with more valuable aftermarket replacements.

Correct!

 

[Maverick909]

Have your shop put bumper of your choice on, pay the difference.

this is the best way. you could ask them to install the Mopar Steel bumper. if its the front bumper I recommend the Rampage Rage front bumper 229.99 (P/N 99306) from quadratec right now and its good for up to a 10K winch. as long as you get a shop willing to work with you once they get the ok to fix the jeep you should be just fine.

 

[DonBindas]

Don’t forget to push for diminished value, the accident will show up on the Carfax and thus reduce the Jeep’s value.

-Diminished Value-
This is a HUGE issue!​

I think Georgia has a pre-determined lost value assignment as a reference point.

I've heard dealers say that a "Reported" accident is something like an automatic 20% loss in resale value?

Getting a check made out to you also directly relieves the insurance company of any "supplemental" (unseen) damage after the initial appraisal and before a tear-down to repair it.

 

[Jmonroe]

Getting a check made out to you also directly relieves the insurance company of any "supplemental" (unseen) damage after the initial appraisal and before a tear-down to repair it.

This is not true, unless you've signed a release, which would be the other guy's insurance. If using your policy you have a contract, there will be no release, they'll cover hidden damage if found after the fact. This is quite common.

 

[DonBindas]

This is not true, unless you've signed a release, which would be the other guy's insurance. If using your policy you have a contract, there will be no release, they'll cover hidden damage if found after the fact. This is quite common.

You are correct, but if you get a check made out directly to you (not the body shop), then there is a sign off release on the back of that check.

I've had personal experience to back that statement up.

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