Reimbursement of vehicle damage

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Reimbursement of vehicle damage

I was in an accident and the insurence
company of the person at fault sent me
a check, made out to me, called
reimbursement of vehicle damage. Will i
get in trouble if i ise that money for
something else?
I am in colorado.

Asked on May 28, 2016 under Accident Law, Colorado

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

When an insurance company issues a check regarding a car accident to the owner of the vehicle versus to a repair shop, then it's the owners to keep. They can choose to use the money for rep airs but they can also use it for anything else that they want. However, if repairs are not made tothe car, it will effect it's resale later on when the owner wants to trade it in, sell it privately, etc.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

No, you can use the check for anything you want: when an insurer pays the money to you (rather than paying it to the repair shop), it's your money, and you can use it to fix the car, or pay bills, take a vacation, etc. The insurer gave you the amount of money you are entitled to, based on the extent of damage, make and model and year of car, etc.; what you then do with it is up to you.


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