Three Types Of Insurance You Do Not Need

Three Types Of Insurance You Do Not Need



Three Types of​ Insurance you​ Do Not Need
Insurance is​ generally something that you​ purchase in​ order to​ protect you​ and your family from the​ potential financial loss caused by a​ catastrophic event or​ serious illness.
But there are types of​ insurance that dont really provide that peace of​ mind for you,​ that are not required,​ that cost more than you​ could ever benefit from,​ and that are best avoided.
Here are 3 types of​ insurance that you​ can just say NO to.
Life Insurance Sold By Credit Card Companies
Credit card companies will offer you​ insurance that pays off your credit card balances when you​ die. if​ you​ already have a​ life insurance policy,​ either obtained on​ your own or​ through your employer,​ that will do the​ same thing. Why pay the​ credit card companies a​ much higher premium for the​ same thing?
Rental Car Insurance
When you​ rent a​ car,​ they always ask you​ if​ you​ want auto insurance which will cover you​ if​ you​ are in​ an accident in​ the​ rental car. if​ you​ have your own auto insurance,​ you​ will most likely not need this. Check with your agent to​ be sure,​ but most policies cover you​ regardless of​ what car you​ are driving. Even if​ your regular policy only offers this coverage by adding a​ rider to​ your policy,​ the​ cost of​ the​ rider will most likely be much cheaper than paying the​ higher perday charge that the​ rental agency will charge you.
There are a​ couple of​ exceptions to​ note. if​ the​ car rental is​ for business use,​ check to​ see if​ your employers business policy covers you. And if​ you​ will be driving outside of​ the​ US,​ your agent can tell you​ if​ you​ will require special coverage.
Unreasonably Low Deductibles
While this is​ not technically a​ type of​ insurance,​ it​ is​ an insurance expense that you​ can do without. a​ lot of​ people carry lower deductibles because of​ the​ peace of​ mind it​ gives them. But how many times do you​ really need this lower deductible? and nowadays,​ while you​ may be required to​ carry insurance,​ it​ is​ often detrimental if​ you​ actually use it!
So if​ filing a​ claim will jeopardize your insurance coverage,​ you​ may want to​ only file a​ claim that you​ really cant handle. it​ makes much more sense to​ raise your deductible and selfinsure for the​ smaller claims,​ using the​ savings from your lower premiums.
If you​ decide to​ increase your deductibles,​ be sure to​ put your saved premium dollars into a​ savings account so that you​ can pay for those losses that fall below your increased deductible amount.
Specialtytype coverages,​ like the​ ones mentioned here,​ can usually be covered with another good broadbased policy that you​ already have. And why are these speciality insurance polices more expensive? it​ costs more for the​ insurance companies to​ administer these policies . . . so guess who ends up paying for the​ extra costs?!




Related Articles:




Powered by Blogger.