If your car sustains some minor damage while in a Borrower's booking, we may offer you the option of accepting a cash settlement rather than getting the damage repaired right away. The decision is entirely yours, and if you would prefer to have your car repaired we are very happy to arrange it. However, sometimes Owners are happy with a cash settlement for minor damage, as it often works out to be more economical in the long term.
All cars accumulate small scrapes and scratches over time, and it's generally more economical to repair multiple scratches at one time rather than repairing each scratch as it happens. For example:
- over a two-year period of renting your car out, it sustains three scrapes on the front bumper
- you accept cash settlements of $100 for each scrape for a total of $300
- two years later you decide to get the scrapes repaired - because you're repairing them all in one job the repair costs $250
- you're $50 up from your three cash settlements
If your car is a little older, a few small scrapes shouldn't have a huge impact on its value, so if the damage is minor you could be coming out on top with a cash settlement.