As many of you know, I live abroad most of the time. This is the second time we have moved outside the US and it is usually for 2 - 3 years. This time we did not sell the cars as both were less than 2 years old. I left one with our boys in PA, the other I left for my nephew to use in CA. He had just moved from Canada to join Yahoo for an internship of 4 months. Same age as my boys, he took very good care of it and left it all detailed and oil changed etc at my friends house when he returned. Well, my nephew got a full time job at Yahoo this year and I gave him the car to use again until he had his CA license and some credit history AND saved up some cash to buy a car. I included him in my insurance and he was paying me $150 to cover that and for using the car. Unfortunately he was involved in a bizarre crash recently when the car ahead of him on the freeway broke an axle and both cars were totaled.
The insurance is paying me a very fair amount, probably more than what I would have gotten if I sold the car last year myself. After paying off the bank loan I will have about $9000 left over. I shall be saving my payments and the insurance for the next year (if I had the car to keep). My nephew will pay me the deductible for the insurance. Is that an even deal for me? Or should I be asking for more since our whole idea was to own a car at the end of the bank loan? BTW the car had only 28000 miles on it in 3 years now.
Thanks for all your insights.
UPDATE: On a side note, the adjuster got this weird mileage of 45000+ for my car and I of course questioned it. Says "oh, the car is too smashed up to get a reading off the odometer, so we went by an Oil Change Sticker that we found on the windscreen." Apparently the sticker said next oil change in Oct 2011 at 45200 miles! I don't know who or how that number came up becos the last oil change was at 19000 miles. I had it Smog tested in Mar 2012 and it was then 21700 miles. So, instead of being here on CafeMom, I have been going back and forth trying to get it corrected. The amount the insurance is offering depends on the mileage