how do i cash an insurance check from an auto accident?

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PostPosted: Tue Mar 02, 2010 9:11 pm   Post subject: how do i cash an insurance check from an auto accident?  

i was involved in a hit and run accident, reported it to my insurance compnay and took my car to get appraised by my insurance companies appraiser. i was drawn a check based on that amount less the deductible i am responsible for. the check is made out to me and my auto finance company and i want to know how i would go about cashing it since it was made out to me and the finance company.

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PostPosted: Tue Mar 02, 2010 9:17 pm   Post subject:   

You need to check with your finance company on how they handle it. If they have a local branch you can most likely take it in. If nothing local, you will need to mail it to them. You need to call them an see where you have to mail it and to whom. Don't just stick it in the mail.



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PostPosted: Tue Mar 02, 2010 9:58 pm   Post subject:   

Quote:
i want to know how i would go about cashing it since it was made out to me and the finance company.
You can't, the chances of them signing off and not making certain that the vehicle has been repaired are slim to none...they may however, allow you to apply it to the principle (smarter) of your note, or run it out in payments (not the smarter option)...



Let me ask you a couple of questions...what's your plan? Are you going to fix the car? Or do you just want the money? if you are going to fix it, your carrier may stop payment on this draft, and reissue one to you and the shop you intend to use.


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PostPosted: Thu Mar 04, 2010 8:30 pm   Post subject:   

it is my experience that the insurance company only makes the check out to you and the finance company if the car is totalled. otherwise it should have been made out to either just you or to you and the repair facility. I think I would contact the insurance company and inquire why the check was made out like that and let them give you the direction. Each company is going to have their own procedures

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PostPosted: Thu Mar 04, 2010 11:36 pm   Post subject:   

Quote:
it is my experience that the insurance company only makes the check out to you and the finance company if the car is totalled.
MiAlterEgo4Now, I think you are confusing the "ONLY" in your post with third party claims...Any time it's first party, (your policy) and a lein holder is on the policy they must be protected. There is no contractual obligation to protect a lein holder on their party claims (other/at fault persons policy)...so they only time a lein holder would be required on a third party claim is in the event of a total loss..
Quote:
I think I would contact the insurance company and inquire why the check was made out like that and let them give you the direction. Each company is going to have their own procedures
Because it's a first party claim, per his post
Quote:
reported it to my insurance compnay
, so they have no option but to protect the posters lein holder...I sincerely doubt ANY carrier would vary from this practice, to do so can result in them paying the claim again (twice).


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PostPosted: Fri Mar 05, 2010 12:52 pm   Post subject:   

thank you all for your responses. i contacted my auto finance company (wells fargo) and they told me that in order to endorse the check they would need:

1. the insureance estimate

2. the final invoice from the work being completed

3. a letter stating my satisfaction with the services that were completed on my car

so essentially i would have to deal with a body shop who doesn't require payment up front. the shop that i received my appraisal from stated told me that they don't require payment up front but that they are pretty sure that I could have my insurance company issue another check made out to myself and the bodyshop directly and leave my finance company out of the loop but that I should call and see if this could happen.



i'll be honest, i kind of do want the money but i also want my car fixed.... it isn't an extremely ugly dent in my car but all the same its only a couple years old so i'll get it fixed. I am going to inquire about bypassing my finance company and getting a check made out to just me or myself and the body shop... Thanks again for your input. Smile


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