If you recall our car got a major boo-boo earlier in the week. Good news is I got a call from the insurance adjuster yesterday and they will cover all of the damages! The total bill is just under $4000. Of that I’ll be responsible for $850 due to my deductible (I have a deductible bonus of $150 for not having any accidents until now). I haven’t had to use my insurance since I’ve had the car so it’s nice to know the process is going smoothly so far from Met Life. They’ve actually been really friendly and helpful through the entire process (I wouldn’t have named them otherwise). The estimate from the collision shop is about two weeks to complete the repairs since they need to order parts then do the work. Unfortunately that also means I’ll have the rental car for that time as well which will partially come out of pocket for me.One interesting thing I found out was the car dealership was still on my title with a lien hold in my insurance plan. I paid off the car over a year ago so I was surprised to hear this. Not owning a car before I didn’t realize I had to let the insurance company know that my loan had been paid off. I just faxed them documents stating that the lien was removed. If I didn’t do this then the check from the insurance company would have the car dealership on it as well. I’ll also have to send for a new title from DMV so that I have an official title in my name only in case I ever want to sell the car.
Lessons learned:
- Have good car insurance
- Make sure you have emergency savings – you never know what can happen
- If you financed your car make sure you clear up the title with your insurance and DMV once it’s paid off
- And lastly – Don’t get your garage angry or it might jump out at your car!
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{ 5 comments… read them below or add one }
i had the same issue a while back – i paid off my car, but forgot to let the insurance company know. I just switched companies recently – and when i switched the old company still had the bank as the lienholder. oops! luckily i didn’t have to use the insurance.
Thanks for the tip! I just got off the phone with my insurance guy and verified that there’s no lien hold on our car’s title.
Little things like that are easy to forget and is a hassle when you actually have to use your insurance.
nice and clever tips.
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I’m glad they are going to cover all the damages apart from your excess.
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I finally have the lien off the insurance. They had mailed me a check which I had to destroy since they are sending me a new one (without Toyota on it). I guess it’s fortunate that the care repairs aren’t complete yet.
Thanks for all the comments!