The week of Thanksgiving was one of the biggest adulting weeks of my life. I got into a car wreck and my insurance company decided to total my car. Even though my airbags didn’t go off, they decided it was close enough they were just going to total it even though it was drive-able. I got the fun lesson of learning why you buy insurance and to focus on the positives.
I am very, very grateful that no one was hurt in the wreck. I am grateful that although I have to start over on a car loan, my insurance is making it pretty much a wash and I am only out my deductible + $500 I wanted to put down. Of course I have to deal with switching over insurance and a higher rate due to an accident, but I am grateful.
I will say though that in the moment, I was very sulky. Not having a car, while not really needing to go anywhere, I just felt trapped. I was overwhelmed with all things I didn’t have control over. The worst? The worry of how this impacts Christmas and wedding budgeting. I had just finished putting down quite a few deposits and have a few more to go. I am so thankful I had decided to wait a few days as I would have been very low on savings.
My best friend Sarah has given me a week to be a little sulky as I finalize insurance payouts/car loan stuff. Bad moods aren’t allowed past next Monday. Or at least not related to the car situation. It actually makes me mad that I’m so lucky and yet I’m still in a bad mood? How bratty is that?!
But there are a couple of things that really stood out to me from last week I am grateful for and learned from…
Have an Emergency Fund
I am very thankful that my parents drilled it into my head that I need to always have an emergency fund. Even in college I was able to save enough that I had one. This is just my personal rule, but I subtract my emergency fund from my actual savings to see what my true “savings” is. I don’t like to count on that money being there in case of emergency.
Even though I am very stressed (read: sobbed on the phone to my dad) about money with the holidays and wedding coming, I know that I still have a tiny bit to still have in savings vs a $0 balance. I am so grateful that while sometimes I spend a little more than I should, I did listen to my parents.
Trust me, if even I can be disciplined about this, you can too.
Go Hard on Insurance
DO buy gap insurance if you are taking out a car loan. Thankfully mine wasn’t needed, but if my car’s value would have been less than what I owed, it would have covered it, whether its $400 or $4,000. You can buy this from the dealership or from your insurance company, but either way, do some shopping and cover your butt.
While I was trying to figure out if I was going to have to get a rental for a bit, I realized I didn’t get rental reimbursement. It does raise your premium, but if you can’t afford a rental or price out what it could cost, you can make a more informed decision. I didn’t buy rental reimbursement through Progressive (it raised my rate a lot and wasn’t worth it) but I did learn a lot more about what I DID buy.
I can definitely say that before my wreck all I knew was that I had insurance. I am much more aware of what I have now and will no longer grumble when I make that expensive yearly payment.
So Thanksgiving week as no joke around here. I am so grateful. Even when a little crabby. But lesson learned, save money, buy insurance, don’t follow too closely in your car and make sure you count your blessings.
Meg @ Closet Fashionista
Oyyy! That stinks but I’m so glad you’re okay and that you were prepared with good insurance and an emergency fund!
I was bad and had to sink mine for our house down payment (because closing costs were more than we expected) but I’m slowly building it back up.
https://www.closet-fashionista.com/
Karly
Oh, sweet friend – I’m happy to hear that you’re okay! Being in a car accident is both scary and a pain in the ass, so I understand where you’re coming from. Like you said, try to focus on the positives. Obviously things could’ve been way worse. Hang in there! xx
Rachelle
omg happy you didn’t get hurt. Been in this position before and yes it sucks. So bad mood totally allowed.
xo
Pinksole
Patricia
Late to the blog….I’m so sorry you were in an accident sweetie. Having been through this ourselves, I know how tough it can be. It’s a huge learning curve if it’s your first, and can be a huge mess if it’s not your first. Our youngest son was just in an accident, not his fault, but the insurance company decided to total his car, his airbags didn’t go off either. Luckily he bought gap insurance, although Mercury is the worst with that. He’s since changed the company he has insurance with. He got somewhat of a decent down check and bought a used car. The idiot who plowed into him, didn’t even has eyes on the road, resulting in our son getting pretty banged up. He was in PT for quite some time, just starting to feel a little better. I pray you aren’t hurt, and are able to find something reliable to buy. Life can be so unfair, can’t it?
Lyddiegal
Oh that is so awful about your car! For some reason over thanksgiving dinner this was one of the exact conversations we were having – if you’ve got an old but well maintained car and get into an accident that might not even be your fault, yet your car is totaled and YOU have to now have a new car lone and higher insurance. It’s like… what good has all that insurance done you all these years?
But seriously, I hope you get a fabulous new car that you love and it erases all the bad feelings and you can think of how lucky you are to have this great new car.
Chic on the Cheap