Okay, to start off, I'm 24 and do my own online exchange currency business which I started around december, Thus far to this day I've netted around 28-29k. I'm still staying at my parents house trying to live frugal as possible to save up $. I have a credit union bank savings with decent interest just letting it sit. But one thing happened recently that kinda changed my idea on everything. Some months were worse than others and/or I just spent money on lots of useless stuff I didn't need. Anyways I made a big purchase of buying a car(10k). I got into a car accident where a guy hit me an took off, I took off after him finally got him to pull over, pressed charge's ect. Now I see doc,chiropractor 3 days/week for lawyer purpose. I owe 1k deductible on my PIP. I also owe a additional 2k on my car, Cash wise I'm not doing so well and currently have about 3. The pip payment won't be due for maybe another 6-8 month's, Meanwhile I still have full coverage costing me roughly 250/month. Would it be the best option to payoff the car and downgrade insurance to basics to save $? Or just keep paying high $ on my insurance and wait for the lawyer to cut check for my injuries,damage to car,diminished value of car? Remember I have about 3k. So if I spend the 2 I have 1k left and I would probably get a new insurance and pay 6 months upfront(500-700$), or monthly at 100 or less a month. What to do?
Cliffs:
I'm 24
I made a big purchase of buying a car(10k).
I got into a car accident [but legal proceedings are still pending]
I owe 1k deductible on my PIP. I also owe a[n] additional 2k on my car, Meanwhile I still have full coverage costing me roughly 250/month(Just recently bumped up to 538$/month)
I have $3k in a savings account
Would it be the best option to payoff the car and downgrade insurance to basics to save $?