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Need some insurance advice...My girlfriend was borrowing my car (her inspection is out of date) and ended up getting into an accident; she was changing lanes on the highway and didn’t see someone in her blindspot. Thankfully she and the other driver were completely OK, and my car (and photos she took of the other driver’s car) only show cosmetic damage. 
 

That said I still want to get my car fixed, and I’m sure the other car owner will as well (turns out the other driver was borrowing it as well), so I have absolutely no idea what to do from an insurance perspective. Obviously the best case scenario is to just deal with it outside of insurance, but depending on our deductibles that might not make sense, and with potentially four insurance companies involved (the reading I’ve done on whether insurance follows the driver or the car is conflicting) it seems wise to maybe just let them sort it out. 
 

@Dodger

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Insurance varies state by state and province by province, unfortunately, so it's often very difficult to predict how it should be handled. One tip would be to make a post on your local/regional subreddit and see if any insurance agents/adjusters respond.

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7 minutes ago, Chris- said:

 

Need some insurance advice...My girlfriend was borrowing my car (her inspection is out of date) and ended up getting into an accident; she was changing lanes on the highway and didn’t see someone in her blindspot. Thankfully she and the other driver were completely OK, and my car (and photos she took of the other driver’s car) only show cosmetic damage. 
 

That said I still want to get my car fixed, and I’m sure the other car owner will as well (turns out the other driver was borrowing it as well), so I have absolutely no idea what to do from an insurance perspective. Obviously the best case scenario is to just deal with it outside of insurance, but depending on our deductibles that might not make sense, and with potentially four insurance companies involved (the reading I’ve done on whether insurance follows the driver or the car is conflicting) it seems wise to maybe just let them sort it out. 
 

@Dodger

You need to get an estimate. Cosmetic damage turns into structural damage really quickly when dealing with certain areas. Doors are reinforced, and when those structures are compromised require replacement. You can easily find replacement doors at a junkyard, but then you have to handle paint matching. Someone is going to have to physically inspect the damage in order to give you an honest answer. 

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Just now, Iculus said:

You need to get an estimate. Cosmetic damage turns into structural damage really quickly when dealing with certain areas. Doors are reinforced, and when those structures are compromised require replacement. You can easily find replacement doors at a junkyard, but then you have to handle paint matching. Someone is going to have to physically inspect the damage in order to give you an honest answer. 


Yeah I’ll be getting an estimate for sure, but I’m still not sure what to expect in terms of how the insurance should play out. 

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4 minutes ago, Chris- said:


Yeah I’ll be getting an estimate for sure, but I’m still not sure what to expect in terms of how the insurance should play out. 

I don't read good. carry on. 

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2 hours ago, Chris- said:

 

Need some insurance advice...My girlfriend was borrowing my car (her inspection is out of date) and ended up getting into an accident; she was changing lanes on the highway and didn’t see someone in her blindspot. Thankfully she and the other driver were completely OK, and my car (and photos she took of the other driver’s car) only show cosmetic damage. 
 

That said I still want to get my car fixed, and I’m sure the other car owner will as well (turns out the other driver was borrowing it as well), so I have absolutely no idea what to do from an insurance perspective. Obviously the best case scenario is to just deal with it outside of insurance, but depending on our deductibles that might not make sense, and with potentially four insurance companies involved (the reading I’ve done on whether insurance follows the driver or the car is conflicting) it seems wise to maybe just let them sort it out. 
 

@Dodger


 

Your girlfriend will be at fault for the accident. If you have one of the bigger companies they should cover an unlisted driver getting in an accident in your car. The smaller companies often have a million exclusions and not covering unlisted drivers is often one. If they cover it the accident goes on her record, though on your renewal your insurance may ask that you either add her as a driver or exclude her from coverage in the future. 
 

Since it’s going to be your girlfriends fault your deductible will apply. You can tell the other guy he can either go through your  insurance or he can use his and they can just get reimbursed from your insurance. 
 

if the damage is truly minor for both it may be better just to handle it out of pocket, won’t be worth the rate increase later. But stuff that looks minor can end up being a few grand on modern cars. You can file the claim and tell your insurance to give you the estimates and if they are low enough you can tell them you will just handle it. Or just file the claim and let them pay it and pay your deductible.

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@thewhyteboar Have you played this game?

 

capsule_616x353.jpg?t=1613004520
STORE.STEAMPOWERED.COM

Lost Angel is the first feature-length interactive FMV(full motion video) made in Korea. We invite you to the dangerous journey of influencer Alex, who is on a trip to Korea!! Your choice will soon become a new story for this film.

 

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Just now, Keyser_Soze said:

@thewhyteboar Have you played this game?

 

capsule_616x353.jpg?t=1613004520
STORE.STEAMPOWERED.COM

Lost Angel is the first feature-length interactive FMV(full motion video) made in Korea. We invite you to the dangerous journey of influencer Alex, who is on a trip to Korea!! Your choice will soon become a new story for this film.

 

Never even heard of it!

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8 hours ago, b_m_b_m_b_m said:

My company countered with a similar increase in pay, bonus, etc. Just made my decision much harder 

 

Damn. My best friend actually had the same experience a few months ago. He ended up staying. But his company wasn't laying people off either. I'll be curious to know what you decide.

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8 hours ago, b_m_b_m_b_m said:

My company countered with a similar increase in pay, bonus, etc. Just made my decision much harder 

 

If your current employer is doing layoffs I think it makes sense to take the other offer, no guarantee the current one won't axe you a few months from now.

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3 minutes ago, GeneticBlueprint said:

 

Damn. My best friend actually had the same experience a few months ago. He ended up staying. But his company wasn't laying people off either. I'll be curious to know what you decide.

Leaning towards moving on to the new job. In addition to what @Jasonsaid above, the new company has more opportunities (and now) whereas my current one keeps saying basically "well in 6-12 months we might be able to start up this major project but it will be essentially maintaining the course until then" which sounds pretty awful given that the last couple months I haven't had to do a whole lot though there are open projects that I'm on. I've been getting phenomenal reviews so I must be doing something right but it's a recipe to get screwed if I do get axed in 6-12 months.

 

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So I just found out (from my Bay Area friend) that mortgages work quite differently in Canada and the US? For anyone curious, here is what ours is:

  • 25-year mortgage
  • 5-year fixed
  • 1.59% interest
  • 5% down-payment
  • CMHC Insurance included at 4% of principle (cost to protect against default - eliminated if over 20% down-payment)

After 5 years we'll refinance. My friend said that it's common in the US to have 15 or even 30-year fixed rates? Here you can maybe get 10 years, but the standard is 3 or 5. But actually, variable-rate is just as common. Right now if we'd gone variable we could have got 1.29%, but then it changes whenever the Bank of Canada changes the prime rate. Lots of people do this.

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9 minutes ago, Kal-El814 said:

30 year fixed is pretty standard in the US, yeah. Down payments can be high, I think 20% is pretty standard.

 

That's crazy (30-year fixed)! Do you at least have the option of breaking the mortgage at points to re-finance? Like, imagine getting a mortgage in 1988 for 20% and then having rates drop to 3% a decade later. My opinion is that 3 or 5-year fixed increments are better than both alternatives (30-year fixed or yearly variable) as they let you average out the drops/rises, but not have to be worried about your payments increasing by $500 in a single month if rates rise.

 

I don't think that 30-year mortgages are legal here, except in very specific circumstances. You also need to pass a stress-test, which I think is that you have to be able to afford a 4-5% increase in interest rates. 

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5 minutes ago, Joe said:

30 year mortgages > 15 year.

 

But can you break them without large penalties if rates drop by quite a bit? That would be my big concern. 

 

Fake edit - Ah, you meant length. I agree. In Canada the standard is 25 years, but you can go lower if you want. Or, as I prefer, just choose accelerated payments (add a month's worth of payments over the entire year) to pay it off more quickly. Actually, that's something I forgot to mention about ours:

  • Can make up to 20% lump-sum payment against principal per year
  • Can increase regular payments by up to 20% to pay down principal faster
  • Can change between weekly, bi-weekly, or monthly payments on the fly
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Just now, CitizenVectron said:

 

But can you break them without large penalties if rates drop by quite a bit? That would be my big concern. 

 

Fake edit - Ah, you meant length. I agree. In Canada the standard is 25 years, but you can go lower if you want. Or, as I prefer, just choose accelerated payments (add a month's worth of payments over the entire year) to pay it off more quickly. Actually, that's something I forgot to mention about ours:

  • Can make up to 20% lump-sum payment against principle per year
  • Can increase regular payments by up to 20% to pay down principle faster
  • Can change between weekly, bi-weekly, or monthly payments on the fly


Yes, you can definitely refinance here.

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11 minutes ago, CitizenVectron said:

 

That's crazy (30-year fixed)! Do you at least have the option of breaking the mortgage at points to re-finance? Like, imagine getting a mortgage in 1988 for 20% and then having rates drop to 3% a decade later. My opinion is that 3 or 5-year fixed increments are better than both alternatives (30-year fixed or yearly variable) as they let you average out the drops/rises, but not have to be worried about your payments increasing by $500 in a single month if rates rise.

 

I don't think that 30-year mortgages are legal here, except in very specific circumstances. You also need to pass a stress-test, which I think is that you have to be able to afford a 4-5% increase in interest rates. 

 

Bought a condo in 2008 and refinanced twice, sold that in 2019, bought a house in 2019, and have refinanced that twice, so yes.

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2 minutes ago, sblfilms said:

I actually have never had a mortgage. I actually thought about taking one out on my house as lack of a mortgage history is actually hurting my credit score at this point 🙄


You owe me $200, so I’ll just hop on the phone with Equifax to give you a little boost. 

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Just watch out for banks jamming you up with closing costs on refis. I’ve seen some people refi to a lower rate but end up

in a worse position because the closing costs ate up the rate savings over the rest of the time they lived in the house.

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In other news: I just agreed to terms on the purchase of the assets of a drive in up in Stephens City, VA from the estate of the former owner who died of Covid. Working out a new lease witht he property owner. Hopefully will have everything nailed down by the middle of next week so we can get the place opened by the end of March. Sooooo I'll have many an opportunity to hit you DC area folks up for a nice meal. Get vaxxed, boys.

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What is crazy is the price I got it for. His kids want to cash out quick. Thing is easily worth 3-4 times what they agreed to, and it wasn't me that low balled them, they were just excited to get rid of it and to a person with experience in the business to keep their father's legacy alive so they essentially are selling it for just the tangible asset value which will pay off in a single year of operation. Wild stuff happening.

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1 hour ago, sblfilms said:

In other news: I just agreed to terms on the purchase of the assets of a drive in up in Stephens City, VA from the estate of the former owner who died of Covid. Working out a new lease witht he property owner. Hopefully will have everything nailed down by the middle of next week so we can get the place opened by the end of March. Sooooo I'll have many an opportunity to hit you DC area folks up for a nice meal. Get vaxxed, boys.


teach me how to open a drive-in in Detroit 

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