Should I Repair My Car or Keep the Cash?

You’ve been in an accident and have been given an estimate for repairs to your car from the insurance company. Now you have two options:

  1. Repair your vehicle
  2. Keep the cash but don’t do the repairs

Before you make a decision, there are a few things to keep in mind.

Actual Damage to Your Car

Some damage can look minor but still present a significant safety issue. For instance, damage to a fender or a ding in a door may seem insignificant but can hide dangerous structural damage. Alignment issues may be imperceptible, but a bent frame can compromise your vehicle’s ability to absorb impact in a subsequent accident, increasing the chances of severe injuries and death.

Knowing the extent of the actual damage requires disassembly and further exploration by a certified technician. Your insurance company’s estimate may not tell the full story.

Whether you can see the damage or not, if it would make driving the car dangerous, you need to repair your car. If the damage is purely cosmetic, then the choice is yours…but do keep in mind how cosmetic damage may affect resale value.

Who Really Owns Your Car

If you still owe money on your car, the bank technically owns your car. With that comes the expectation that you will keep it in running order and good appearance. In this case, the decision isn’t yours. You must repair your car instead of taking the money.

Continued Car Insurance Coverage

If you choose to keep your car the way it is—i.e., damaged, you may not be able to insure it against physical loss. In other words, accident damage left unrepaired may make you ineligible for comprehensive and collision coverage. So, if you are in another accident, you may have to pay for repairs or a new car entirely out of pocket.

At Quanz Auto Body, we are one of the top collision repair centers in Albuquerque. Our goal is your safety and satisfaction. If you’ve been in an accident, bring your car to us. We’ll quickly and professional assess the damage so you can get the full picture and make the decision that is right for you. Contact us today!