Repair or sell

Tiny
SESTOREY
  • MEMBER
  • 2007 HONDA CIVIC
  • 66,500 MILES
Recently, I was rear-ended and the other driver's insurance company is accepting liability. I was planning on purchasing a new car, and wanted to know whether I should get my car repaired first or just use the insurance money for a down payment and trade it in as is.
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Tuesday, March 6th, 2018 AT 6:45 AM

7 Replies

Tiny
ASEMASTER6371
  • EXPERT
Good morning.

If you have it repaired and then trade it, the accident will show on Carfax reports and that could directly effect the value of your trade.

I would consider trading it as is and use the insurance money to upgrade.

Roy
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+1
Tuesday, March 6th, 2018 AT 6:59 AM
Tiny
SESTOREY
  • MEMBER
Thank you for the prompt response! Can I bother you with one more question, please? The quote that I was given by the insurance company seems a bit low to the repairs needed. I understand that it is standard policy to quote low, expecting to supplement the price of the repairs once the collision company deems them. Am I losing out on the potential total amount of the claim if I just take what was originally quoted?
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Tuesday, March 6th, 2018 AT 7:07 AM
Tiny
ASEMASTER6371
  • EXPERT
If you decline to repair the car that will be your settlement. The only way the settlement will be higher is if you had it repaired and the supplemental will apply. You cannot supplement something you cannot see.

Roy
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Tuesday, March 6th, 2018 AT 7:10 AM
Tiny
SESTOREY
  • MEMBER
So your suggestion is just to take the settlement, correct?
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Tuesday, March 6th, 2018 AT 7:13 AM
Tiny
ASEMASTER6371
  • EXPERT
Yes it is.

Roy
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Tuesday, March 6th, 2018 AT 7:15 AM
Tiny
SESTOREY
  • MEMBER
Thanks for your advice! Greatly appreciated!
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Tuesday, March 6th, 2018 AT 7:17 AM
Tiny
ASEMASTER6371
  • EXPERT
You are welcome. We are here to help.

Roy
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Tuesday, March 6th, 2018 AT 7:18 AM

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