More on Auto Insurance
I mentioned a friend’s insurance situation. Last night she came around with her new ride. It turns out she can’t raise her deductible to $1000.00 because her car insurance won’t let her due to the lien on the car. If you’re buying a new car or any car with a loan, keep in mind what your rates will be. Always factor the price of insurance into your monthly car payments, as well as the cost of gas for your commute.
A last diversion: I loaned my friend money to pick up her car before the insurance payout arrives (her other car got totaled). Normally I wouldn’t loan a friend money, I’d just give them a gift of a little cash. That’s a hard lesson learned from getting burned by friends in my youth. But I’ve loaned this person money in the past and she’s paid me right away when her next paycheck arrived. I know she’s trying to get serious about her financial situation. Last night she came around with the car and a small check for me. Listening to her talk about her odd jobs here and there I know she’s always got cash coming in. I guess that’s why I don’t mind lending her money, but I do mind with others.
To every rule there is an exception. Never say ‘never’, right? I guess it’s always the risk assessment you do in your head. Fortunately, I’ve become more conservative over time with loaning friends money and I pick and choose a lot better now.
Miserly Bastard wrote:
I agree with your comment about not lending to friends. I think you keep the relationship much cleaner if you do not.
Posted on 02-May-06 at 10:49 am | Permalink