Quote:
Originally Posted by Mr_Draco
If they ask you to give them back the extra you will be required to give it back. The money is not yours. It was given to you to pay for the repairs and nothing else. So if they ask you can do 1 of three things 1) give it back, 2) don't give it back and they adjust your premiums likewise and get it back plus extra anyway, 3) don't give it back, be dropped from your insurance and be taken to court where you will be forced to pay it back, plus court costs, plus lawyer fees.
And fyi, switching to a cheaper company and pocketing the extra could very well be spun into insurance fraud which is a jail-able offense and most insurance companies won't touch you after this is put on your record.
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Noted.
However, let's put it this way. You buy a Camaro and it gets stolen. You decided to replace your Camaro with a Civic. Now does the insurance company say, "Well you are replacing your Camaro with a Civic so we are only going to cut you the check for the price of the Civic and not the Camaro."?
No, you had a initial loss on the Camaro not the Civic. You are paying your premium on a Camaro, not a Civic. It's the same principle. If what you say is the case, then why don't I just tell the insurance agent to lower my premium because if I total my car, I would only be replacing it with a cheaper car. What's the point of me paying a higher premium to cover something that has more value?