Comments on: Life After Credit Card Debt – Figuring Out Priorities

By: Blogging away debt reader

Blogging away debt reader — Thu, 03 Dec 2009 07:44:06 +0000

I am sorry to hear about your car. Insurance is a funny thing…When you have it you don’t need it, then when you don’t, you do!

Parker

By: Joe

Joe — Mon, 30 Nov 2009 06:28:09 +0000

That stinks about your car! But if you compare what the car is actually worth against the amount you would have paid in insurance over the next couple of years before potentially purchasing a newer car, I’m sure it at least evens out. The timing just got you.

By: Jay

Jay — Mon, 30 Nov 2009 06:10:47 +0000

Tricia–

Your updates are really great. I still check in often hoping to read one!

Ugh. Sorry about the accident. If there was ever was a reason for an emergency fund, you have just identified it!

Also…GOOD FOR YOU for resisting temptation re: the LCD television. Especially this time of year, temptation is all around!

By: emmi

emmi — Mon, 30 Nov 2009 00:17:48 +0000

ConnieF, if you go around having accidents all the time, then your insurance raises your rates astronomically, or simply cancels your policy and good luck getting another one except in the special high risk pool, which can charge you something insane for it.

The alternative is keeping an extra 10k lawyers occupied a year arguing out who is at fault in every single solitary auto accident.

We took the collision off our 19 year old 4k value car that we drive about 10 times a year. It was only $90 a year at the time, so as you say, not enough to really self-insure. I’ve rethought about that several times since, but never added it back on.

By: ConnieF

ConnieF — Sun, 29 Nov 2009 01:57:41 +0000

Too bad about the no-fault, but are you sure that’s how it works? What’s to prevent people from going around having accidents all the time if their insurance never pays for anyone else?

Also, aside from looking at the value of your car, you should look at whether you can afford to buy a new car if/when yours gets totalled. For instance, I own a ’94 Ford Explorer worth maybe $3,500. BUT my collision insurance only costs an extra $150 a year. So I can way more easily afford to pay the $150 for insurance than I can to pay $3,500 for another car. The old saying, “penny wise and pound foolish” comes to mind.

By: Tricia

Tricia — Sat, 28 Nov 2009 23:41:00 +0000

NYGIRL – Unfortunately, I live in Michigan and it is a no-fault state. That means that your insurance company pays if it was your fault or not. We cannot go after the other driver’s insurance. Since we didn’t have full coverage – we were out of luck. If we had full coverage, it wouldn’t have cost us anything (if an accident is not our fault we do not have to pay a deductible – we only pay a deductible if it is our fault).

By: Beth

Beth — Sat, 28 Nov 2009 16:03:43 +0000

Hi Tricia!

Thanks for continuing to blog about life after debt. I learned a lot from you about getting out of debt and now I am continuing to learn from you about life after debt!

Please keep updating us – what might seem like a misstep to you could help lots of online fans from making those same mistakes in their futures!

I wish you and your family all the best!

Beth

By: jolie

jolie — Sat, 28 Nov 2009 15:32:46 +0000

Great to hear from you. So glad things are going so well, even if it is not all smooth sailings. Glad to hear that you weren’t hurt in the accident.

By: NYGIRL

NYGIRL — Sat, 28 Nov 2009 12:12:49 +0000

Hey Tricia…great to see your post! With regard to the accident, wouldn’t the other party’s insurance pay for the damage to your car? Glad to hear you are still cc debt free!!!

By: John DeFlumeri Jr

John DeFlumeri Jr — Sat, 28 Nov 2009 10:25:00 +0000

The car thing, it was pay then or pay now, just fix it up part way so you can stand it.
That wasn’t the end of the world.

John DeFlumeri Jr