Sound advice from FiveCentNickel.

Instead of buying warranty after warranty, why not create an "extended warranty fund." In other words, whenever a retailer offers you an extended warranty, simply transfer that amount of money into a dedicated savings account.

If/when problems arise, you can simply pay for the repairs (or replacement) out of your warranty fund. And once the fund builds up to a sufficiently healthy size, you can back off on your contributions.

There are two main benefits to self-insuring in this way. First, you'll get to earn interest on the money as it accrues. Second, you'll be the one that gets to keep the cash when your stuff doesn't break.

 

 

A couple weeks ago my car was broken into while I was photographing a wedding. At the church. Apparently you're not safe anywhere. Smashed it up, stole my iPod, some loose change and a pack of gum.

Fine, whatever, suck it up, shell out the $200 deductable, buy a new iPod and get on with life, right?

 

Apparently not.

 

Just came from my appointment with the insurance assessor, and, turns out, when someone takes a crowbar to a thirteen year old car it's what they politely call a "total loss" which in not so plesant terms means "Here's a cheque for $2500 bucks, we ain't fixin' it, so you'd better start car shopping."

 

Now, that's not exactly what I was hoping for, considering that I've got wedding and honeymoon to pay for in less than a year. So I suppose I'd better start considering my options:

1. Buy it back from MPI, replace the window myself, hunt down a scrap door and live with the mangled panels until the time comes that I'm ready to buy something new
2. Buy something second hand for 10-15 grand - half of which I'd probably be able to pay outright, which would make the payments a pittance.
3. Go for broke, buy something new (or almost new) and just live a little poorer than I'm used to for the next 4-6 years.
4. Lease something.

What would you do? and any suggestions what I should be looking at for vehicles?