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[Stolen Car] and No Insurance
Posts
You've got the right idea with this theory, your numbers are a little ridiculous though. I shouldn't need to make a hundred grand a year to buy a new civic. Its more about starting out with an adequate down payment (enough to keep your apr and monthly payments down to something manageable to you), and not buying anything that's insanely expensive to insure. I could probably insure myself on a new Ferrari for less than what the OP was quoted on that Corolla.
They checked the impound lots when I contacted the police, and it wasn't there. There was no reason my car would be towed based on where I was parked. The cops also made sure I didn't get it repo'd, but I'm current on the payments.
Ah, life lessons.
Normally if you cancel or let your insurance policy lapse, your insurer will contact the lien holder and notify them of the lapse in coverage. Did you ever get a letter from your lien holder about it?
Also yeah, insurance in Florida is mandatory and you have to have an active policy when you register the car every year, though that doesn't stop an estimated 1/4 of the drivers in FL from driving without insurance.
Anyway, good luck with the bank and hopefully they recover your car (but given your location and the car, I highly doubt it).
Or has your rate ever increased randomly? They'll tack insurance on, and backdate it, when they find out you don't have insurance.
This is probably a regional thing, but in a lot of (I'd even go so far as to say most) areas, $60k/yr is considered to be a fairly high income. If I'm doing the right google searches, the average annual income in the United States is a little less than $30k/yr as of a few months ago. Now consider that in a lot of the US the used car market is abysmal right now, and you can see that most people simply don't have the luxury of using your formula to that extent.
Nope. $310/mo since Day One, and it's never changed. Got a letter telling me my coverage was in danger of lapsing, then that it lapsed, then that they'd taken the initiative and told my county that I was driving without insurance, and to suspend my license.
The silver lining here is that you had your car stolen before you got pulled over without valid insurance, had your license revoked, had to figure out how to get to work sans transportation, had to pay hundreds of dollars in reinstatement fees after proving that you had in fact purchased insurance, at the 25-50% premium increase you would then be on the hook for for the next 5+ years. The theft may have saved you money, in the long run.
I have recently witnessed this exact scenario play out with a coworker. It may not feel like it but you dodged a bullet.
when the indigo children come
Based on this it makes sense now. I'm guessing you're a guy under 25. That would explain why you were getting shafted.
By the way, get health insurance.
As it happens, I'll be covered for most of the rest of the year as a happy accident -- the summer study abroad and fall semester exchange program I'll be going to force me to buy health insurance as part of the fees for those programs.
Mayhaps paying $310 a month for a car isn't a good idea though if you're poor. And if you're under 25 car insurance is expensive, but healthcare is not, but you should still have both. And you probably qualify for your parent's healthcare too. And if you're in school it's probably required. Last thing you want is to be stuck because some asshole smashed your car and whoops you're in the ER with a $80,000 bill from the hospital.
So, in short, uh, you should spend some time reading contracts you sign in the future.
Of course, as a Rational Agent™, I should have realized these things in February of 2010 when I signed for my car, but those were heady days, full of youthful exuberance and almost callous disregard for where I might be in six years' time.
My parents also are pretty poor, and so none of us have health insurance. I know they had Medicaid for awhile, but they stopped qualifying for it a couple years ago; I don't know what's stopping us from getting it now. I'll ask them sometime. I might qualify for Medicaid individually, too.
If you gamble with your health or life... it could quite literally maim you forever.
I hope you do recover your vehicle and everything is ok, good luck.
I rationalized it as, "Well, I'm the World's Best Driver, so that probably wouldn't ever happen."
And I think the real lesson here is buying a car while going to college is just not a good idea. At least buying anything other then something to move you from point A to point B. But even then bikes, public transport, even scooters are typically a better, cheaper, and sometimes more reliable means of transport.
And actually OP, you may want to consider a scooter. You can get one for less then 1000 bucks, insurance is peanuts, gas mileage is great, and it will get you where you need to go. Just a thought.
Recognise the patterns.
WiiU: JamWarrior
Please tell me that you have learned your lesson and that you are now going to buy health insurance in addition to car insurance, assuming you ever purchase a car again.
:^:
Miami weather? I ride my motorcycle year round in Portland Oregon. Just carry a rain suit. But yeah, not something to do if you're not comfortable with it.
On the other hand... Honda Rebel: $1500. Rain suit: $150. Year of insurance: $75.
May I suggest some http://www.amazon.com/s/ref=nb_ss?url=search-alias=aps&field-keywords=boot+straps&x=0&y=0
Is this a realistic alternative to continuing to pay the $10k I still owe on a car I don't have? Like, I get the ethical duty I have to meet my commitments, regardless of circumstances... but $10k is a lot of penance for a stupid mistake. >_>
EDIT: Actually, 37 remaining payments @ $310.15 = $11,475 I still owe.
You generally can't sell the car until you pay off the bank note.
Sorry.
Also, for five figures, the bank will come after you.
#FreeScheck#FreeSKFM
I'm not sure if anyone you know really understands how money works...