Insurance.........
What is Car,
Life, and Travel Insurance Do You Really Need?
What is Car, Life, and Travel Insurance Do You Really Need - One imperative way to reduce your overall insurance costs is
to avoid purchasing insurance policies that you do not need. So, which car
insurance, life insurance, and travel insurance policies are not needed? The
list of policies one may not need will be different for everyone because of the
difference in person risk. For example, a celebrity who does not own a home
would not need to purchase a homeowners policy because there is no risk to them
of behind their home.
That is an palpable example, but there are times when one's
risk is very diminutive and suffering the consequences of the loss is a better
risk than purchasing a policy. Below is a list of insurance policies that most
people would not need to purchase for various reasons (reasons are listed when
applicable)
Insurance You Might Not Need
1. Comprehensive and Collision Coverage on Your Car Insurance: This is not necessary for automobiles that have little or no value.
2. Maximum Personal Injury Protection Coverage (PIP) on Your Car Insurance: If you have a good health insurance policy, your injuries should be covered. If you prefer some protection, just buy the minimum.
3. Rental Car Insurance: If you have a current full coverage policy, check with your agent to see whether you're covered. Also, check with your credit card provider — it may offer coverage if you use the card when renting.
4. Mechanical Breakdown Insurance: If you currently own a new car or have a leased vehicle that is still under warranty, you don't need this added to your car insurance.
5. Roadside Assistance: If you already belong to an automobile club like AAA, you don't need this included with your car insurance.
6. Life Insurance: If you are single and have no dependents you will only want life insurance if you are using it as part of a long-term strategy. For example, buying whole life or universal life with values at a young age can save you cash since you will build investments that you can borrow from more easily than a bank when the time comes to start a business or a family, and you can also benefit from a lower rate by locking in a policy while you are in good health and have no problem transient the life insurance health check exam.
Travel Insurance: If your current health insurance policy covers you abroad, you should find out what is covered and then decide if you need to take an extra policy. You may want coverage for lost luggage, but consider that your homeowner policy may cover you subject to your deductible. You may also want to consider any credit card benefits that you may have and contact your credit card company to find out if they offer travel insurance automatically when you purchase a ticket or travel using the credit card before you spend extra money.
If you are traveling for business purposes, a personal travel insurance policy would not cover you, you need to talk to your work about this coverage, so be careful if you are buying a plan to cover professional travel, you may be wasting your money.
Take advantage of your employee benefits wherever you can.
In all cases, find out what is exposed and what is not. For illustration, does your policy cover air ambulances, is that a concern for you? Once you've explored your needs and option, decide if you want the extra coverage and if it is worth your investment.
8. Extended Warranties on Appliances: In the end, these can cost more than just buying a replacement appliance.
9. Insurance on Outstanding Credit Card Balances: This type of insurance can be costly, and there are a lot of loopholes to go through before any benefit is paid.
10. Credit Insurance and Mortgage Insurance: This is voluntary insurance on your mortgage. A typical life insurance policy would be a better option.
By avoiding the above policies, you will not reduce your risk and you still may experience a loss in any or all of the above categories, you need to weigh the risk or use this insurance as part of a strategy to decide for yourself if in your current situation, the coverage is worth the price of the insurance.
One important way to reduce your overall insurance costs is to avoid purchasing insurance policies that you do not need. So, which car insurance, life insurance, and travel insurance policies are not needed? The list of policies one may not need will be different for everyone because of the difference in individual risk. For example, someone who does not own a home would not need to purchase a homeowners policy because there is no risk to them of losing their home.
Insurance You Might Not Need
1. Comprehensive and Collision Coverage on Your Car Insurance: This is not necessary for automobiles that have little or no value.
2. Maximum Personal Injury Protection Coverage (PIP) on Your Car Insurance: If you have a good health insurance policy, your injuries should be covered. If you prefer some protection, just buy the minimum.
3. Rental Car Insurance: If you have a current full coverage policy, check with your agent to see whether you're covered. Also, check with your credit card provider — it may offer coverage if you use the card when renting.
4. Mechanical Breakdown Insurance: If you currently own a new car or have a leased vehicle that is still under warranty, you don't need this added to your car insurance.
5. Roadside Assistance: If you already belong to an automobile club like AAA, you don't need this included with your car insurance.
6. Life Insurance: If you are single and have no dependents
you will only want life insurance if you are using it as part of a long-term
strategy. For example, buying whole life or universal life with values at a
young age can save you money since you will build investments that you can
borrow from more easily than a bank when the time comes to start a
business or a family, and you can also benefit from a lower rate by locking in
a policy while you are in good health and have no problem passing the life
insurance medical exam.1. Comprehensive and Collision Coverage on Your Car Insurance: This is not necessary for automobiles that have little or no value.
2. Maximum Personal Injury Protection Coverage (PIP) on Your Car Insurance: If you have a good health insurance policy, your injuries should be covered. If you prefer some protection, just buy the minimum.
3. Rental Car Insurance: If you have a current full coverage policy, check with your agent to see whether you're covered. Also, check with your credit card provider — it may offer coverage if you use the card when renting.
4. Mechanical Breakdown Insurance: If you currently own a new car or have a leased vehicle that is still under warranty, you don't need this added to your car insurance.
5. Roadside Assistance: If you already belong to an automobile club like AAA, you don't need this included with your car insurance.
6. Life Insurance: If you are single and have no dependents you will only want life insurance if you are using it as part of a long-term strategy. For example, buying whole life or universal life with values at a young age can save you cash since you will build investments that you can borrow from more easily than a bank when the time comes to start a business or a family, and you can also benefit from a lower rate by locking in a policy while you are in good health and have no problem transient the life insurance health check exam.
Travel Insurance: If your current health insurance policy covers you abroad, you should find out what is covered and then decide if you need to take an extra policy. You may want coverage for lost luggage, but consider that your homeowner policy may cover you subject to your deductible. You may also want to consider any credit card benefits that you may have and contact your credit card company to find out if they offer travel insurance automatically when you purchase a ticket or travel using the credit card before you spend extra money.
If you are traveling for business purposes, a personal travel insurance policy would not cover you, you need to talk to your work about this coverage, so be careful if you are buying a plan to cover professional travel, you may be wasting your money.
Take advantage of your employee benefits wherever you can.
In all cases, find out what is exposed and what is not. For illustration, does your policy cover air ambulances, is that a concern for you? Once you've explored your needs and option, decide if you want the extra coverage and if it is worth your investment.
8. Extended Warranties on Appliances: In the end, these can cost more than just buying a replacement appliance.
9. Insurance on Outstanding Credit Card Balances: This type of insurance can be costly, and there are a lot of loopholes to go through before any benefit is paid.
10. Credit Insurance and Mortgage Insurance: This is voluntary insurance on your mortgage. A typical life insurance policy would be a better option.
By avoiding the above policies, you will not reduce your risk and you still may experience a loss in any or all of the above categories, you need to weigh the risk or use this insurance as part of a strategy to decide for yourself if in your current situation, the coverage is worth the price of the insurance.
One important way to reduce your overall insurance costs is to avoid purchasing insurance policies that you do not need. So, which car insurance, life insurance, and travel insurance policies are not needed? The list of policies one may not need will be different for everyone because of the difference in individual risk. For example, someone who does not own a home would not need to purchase a homeowners policy because there is no risk to them of losing their home.
Insurance You Might Not Need
1. Comprehensive and Collision Coverage on Your Car Insurance: This is not necessary for automobiles that have little or no value.
2. Maximum Personal Injury Protection Coverage (PIP) on Your Car Insurance: If you have a good health insurance policy, your injuries should be covered. If you prefer some protection, just buy the minimum.
3. Rental Car Insurance: If you have a current full coverage policy, check with your agent to see whether you're covered. Also, check with your credit card provider — it may offer coverage if you use the card when renting.
4. Mechanical Breakdown Insurance: If you currently own a new car or have a leased vehicle that is still under warranty, you don't need this added to your car insurance.
5. Roadside Assistance: If you already belong to an automobile club like AAA, you don't need this included with your car insurance.
7. Travel Insurance: If your current health insurance policy covers you abroad, you should find out what is covered and then decide if you need to take an extra policy. You may want coverage for lost luggage, but consider that your homeowner policy may cover you subject to your deductible. You may also want to consider any credit card benefits that you may have and contact your credit card company to find out if they offer travel insurance automatically when you purchase a ticket or travel using the credit card before you spend extra money.
Take advantage of your employee benefits wherever you can.
In all cases, find out what is covered and what is not. For example, does your policy cover air ambulances. Is that a concern for you? Once you've explored your needs and options, decide if you want the extra coverage and if it is worth your investment.
8. Extended Warranties on Appliances: In the end, these can cost more than just buying a substitution machine.
9. Insurance on wonderful Credit Card Balances: This type of insurance can be costly, and there are a lot of loopholes to go through before any benefit is paid.
10. Credit Insurance and Mortgage Insurance: This is charitable
insurance on your advance. A typical life insurance policy would be a better
option.
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