The True Cost of a Car Accident (Even When It’s Not Your Fault!) ????

Recently, my car was totaled in an accident. Luckily, nobody was hurt, and it wasn’t my fault. The good news? The other driver had decent coverage, and their insurance company picked up the tab. Phew! ?? But even with good insurance, the true costs went far beyond just repairing or replacing the vehicle. Let me tell you—getting into an accident can cost you way more in time and emotional energy than you might think!

The Time Sinkhole ?

Sure, the other driver’s insurance covered the damages, but they couldn't compensate me for the time I lost. Here's how the hours added up:

1. 1 hour waiting for the police, tow truck, and my husband to pick us up (thank you, hubby! ??).
2. 1.5 hours figuring out the situation with my insurance and setting up the claim with the other driver's insurance.
3. 3 hours communicating back and forth with the adjuster and insurance company.
4. 3 hours retrieving my essentials from the car at the storage lot (and yes, I had to make two trips because no one was there the first time despite calling ahead!).
5. 1.5 hours getting a rental car, which was much longer than expected due to the last-minute request and lack of availability. I even had to cancel a meeting because of it!
6. 1 hours doing preliminary research for a replacement car.
7. 1 hour to collect the rest of my items after the car was declared totaled.
8. 2 hours getting title documents printed, signed, notarized, and shipped.
9. Future tasks: 1 hour to return the rental car, and probably another 5-10 hours to get a replacement vehicle.

That’s 20-25 hours down the drain—and I’m not even done yet! ??

The Emotional Rollercoaster ??

Beyond all the logistical chaos, the emotional impact was an unexpected toll I wasn’t quite prepared for.

Imagine this: two kids in the backseat, eyes wide, witnessing the accident unfold, and then all of us stuck on the side of the highway in the sweltering heat for an hour. We were flustered and shaken, so our next move? Straight to our favorite ice cream shop to soothe our nerves. ?? Because, honestly, sometimes all you need is comfort food and a flexible agenda to keep it together!

But nothing could have braced me for the news that my car was officially totaled. When I went to the body shop to retrieve my belongings, a wave of sadness hit me hard. ?? This was the car I had just paid off, the one that had been a part of so many adventures over the last five years. And now? Just like that, it was gone forever. ??

What I’d Do Differently Next Time ??

Here are a few lessons learned from my recent car accident that I wish I had known earlier:

1. File the Claim While Waiting for the Police – Time is precious, especially in a situation like this. Getting the insurance claim started right away could have saved me a lot of hassle down the road. Every minute counts! ?

2. Retrieve Personal Items Before the Tow Truck Arrives – Seriously, don’t leave anything behind! I learned this the hard way. If I’d taken everything out of the car immediately, I could have saved at least 5 hours and a ton of frustration. Once the car is towed, getting your items back becomes a tedious ordeal. ??

3. Manage Your Expectations – If your car is a few years old and the damage is more than just cosmetic, it’s probably going to be totaled. In my case, my car's market value was $15k, but the repair costs were nearly the same at $14k. With a salvage value of $7k, the insurance company chose to total the car and pay the net amount of $8k ($15k - $7k). Knowing this earlier could have saved me from wasting time waiting for updates and started car shopping right away! ????

A Little Reality Check: No Compensation for Time or Sanity! ?????♀?

Even with good coverage, the insurance company only compensates for time lost due to medical reasons, not for the hours spent dealing with the claim or getting your life back to normal. Think about it—no compensation for time spent retrieving your belongings, securing a rental car, or shopping for a new one. Now, imagine if you didn’t have sufficient coverage and had to battle in court just to recover your losses! ??

The Big Picture: Financial Planning Matters ??

This experience was a wake-up call on how unpredictable life can be. It reinforced the importance of having a solid financial plan and realistic expectations in place.

Accidents happen. Life happens. The least you can do is prepare financially for those unexpected twists and turns.

So, review your coverage, bolster that emergency fund, and think through your financial strategy. Because if my experience has taught me anything, it’s that life doesn’t just cost money—it costs time, energy, and peace of mind. ????

And thank goodness for good coverage and a decent insurance company! Still, I’d love to help you plan better so that you can navigate life’s surprises with confidence. Feel free to reach out!

#FinancialPlanning #ExpectTheUnexpected #LifeHappens #BePrepared #ValueYourTime #PlanAhead #GratefulForGoodInsurance