I had an accident in my car. I have a loan on the car. I got an estimate to repair the car through a body shop that my insurance company works with. The insurance company sent me a check for the amount of the their body shops estimate. I found a place that will do a better job, and even cheaper than the first estimate.
Can I keep the remaining balance?
Answer
Yes, but if the car isn't done correctly you'll have a difficult time convincing your insurance company to pay for any additional damage. Strictly from a financial standpoint I'd say put the money you save on the loan to pay down the principal.
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