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Paid my car off. /brag

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Haven't had an auto payment in over 8 years. It's a nice feeling. Will be buying a new car soon, plan to pay in cash unless I can get super low financing.
 
edro said:
I just found out recently that my uncle (who has upwards of 50 rental properties) doesn't carry home owners insurance on any of his property.
I personally have liability, because I have a 240k mi car, but if I had a <5yo car, I would carry full coverage.
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If a tenant starts a fire and burns down one of his apt complexes, injured tenants sue your uncle. How is he going to protect himself if he loses a lawsuit and they go after his other properties?
 
i love not having a car payment. its nice knowing its paid off. i try not to have one if i can help it
 
edro said:
I just found out recently that my uncle (who has upwards of 50 rental properties) doesn't carry home owners insurance on any of his property.
I personally have liability, because I have a 240k mi car, but if I had a <5yo car, I would carry full coverage.
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Does he only rent to illegals or something? Sort of ironic in the 69year old NASCAR driver thread how quick to sue you'd be.
 
The Boston Dangler said:
duh. the first part of my post was in response to someone saying his ins. payouts were larger than his bill.
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Well then, if you're pissed that your ins screws you over when their time to pay out comes, use a better company. When mine was totaled they didn't hassle me at all. Gave me a list of shops to get it estimated, and once the estimate was done they immediately paid off my loan (same company) and put the rest in my checking no questions asked. All I had to do was fax them the incident report.
 
yh125d said:
Well then, if you're pissed that your ins screws you over when their time to pay out comes, use a better company. When mine was totaled they didn't hassle me at all. Gave me a list of shops to get it estimated, and once the estimate was done they immediately paid off my loan (same company) and put the rest in my checking no questions asked. All I had to do was fax them the incident report.
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i guess that's all you could ask for. which company is that?
 
qliveur said:
Zebo is right. Unless you're a complete dipshit behind the wheel, full coverage is a waste of money.
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Wrong, because insurance covers more than just you behind the wheel. Hail damage, water damage, vandalism, etc. All should be covered by your insurance policy unless you have the cash around to buy a new car if the one you drive happens to be stolen/damaged from nature. No thanks, I'll keep my 30 grand I already spent that on a car and if irreparable damage occurs I don't want to plop down another 30, or more.


edit: until cost of insurance outweighs cost of vehicle/operation
 
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Demo24 said:
Wrong, because insurance covers more than just you behind the wheel. Hail damage, water damage, vandalism, etc. All should be covered by your insurance policy unless you have the cash around to buy a new car if the one you drive happens to be stolen/damaged from nature. No thanks, I'll keep my 30 grand I already spent that on a car and if irreparable damage occurs I don't want to plop down another 30, or more.
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depends on how much your premium is.

<=== paying like 3600...
 
Demo24 said:
Wrong, because insurance covers more than just you behind the wheel. Hail damage, water damage, vandalism, etc. All should be covered by your insurance policy unless you have the cash around to buy a new car if the one you drive happens to be stolen/damaged from nature. No thanks, I'll keep my 30 grand I already spent that on a car and if irreparable damage occurs I don't want to plop down another 30, or more.
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Where Zebo wins in this equation is that he does not plop down 30 grand for a car to begin with....he takes your car, after you trade it in, and buys it for $3,000 and drives it just as long as you drove it, at 1/10th the cost.
 
Engineer said:
Where Zebo wins in this equation is that he does not plop down 30 grand for a car to begin with....he takes your car, after you trade it in, and buys it for $3,000 and drives it just as long as you drove it, at 1/10th the cost.
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True, it works in that situation and I meant to add in above 'until cost of insurance outweighs cost of vehicle/operation'
 
Engineer said:
Where Zebo wins in this equation is that he does not plop down 30 grand for a car to begin with....he takes your car, after you trade it in, and buys it for $3,000 and drives it just as long as you drove it, at 1/10th the cost.
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Which is perfectly fine...if you cannot afford to have nice things, or otherwise dont care.


I didn't find a great career path to drive 8 year old Honda Civics.
 
Your job depends on what car you drive?
Demo24 said:
Wrong, because insurance covers more than just you behind the wheel. Hail damage, water damage, vandalism, etc. All should be covered by your insurance policy unless you have the cash around to buy a new car if the one you drive happens to be stolen/damaged from nature. No thanks, I'll keep my 30 grand I already spent that on a car and if irreparable damage occurs I don't want to plop down another 30, or more.


edit: until cost of insurance outweighs cost of vehicle/operation
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Even considering your edit you're still paying for the car twice.
 
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My insurance company takes all the premiums at the end of the year, minus the payouts, divide by the # of customers and sends us all checks.

I have full coverage. The towing\lockout service is great when you need it. And my premiums are super low.
 
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