What not to insure...

[abowers]

Re: What not to insure...

Insurance is not even a question. We got a new car last year. People drive like idiots around here, traffic stinks (those are two understatements), and there are a lot of expensive cars on the road here. I wouldn't go without insurance!! Besides it's required I think. It was required that we show proof of insurance before we drove the car off the lot.

[Gruntina]

Re: What not to insure...

Insurance is not even a question. We got a new car last year. People drive like idiots around here, traffic stinks (those are two understatements), and there are a lot of expensive cars on the road here. I wouldn't go without insurance!! Besides it's required I think. It was required that we show proof of insurance before we drove the car off the lot.

It’s been a problem in my areas for people with no car insurances and non documented immigrants driving... when they hit a car and total it, the driver of the totaled car is out of luck because those who hit them had no auto insurance. But this can come out of non fault party insurance but it may raise the price of maintaining the insurance for that person.

[tabbycat31]

Re: What not to insure...

I know that people say not to insure electronics, but there's one electronic that I have insured. My ipod (I got it as a gift in 2005). It broke on me in early 2006, and Apple replaced it for free (had it less than a year). When I got the replacement, I bougth the warantee on it just incase something happened to that Ipod. It was a huge headache, and the peace of mind was worth $60 to me in that case. Usually I don't insure electronics though.

[GrimJack]

Re: What not to insure...

I have never insured a car from collission that was worth less than $5k. We had plenty of money in the bank at the time to replace said cars. Now that we have a relatively new car it sucks paying collission. Bummer. But necessary of course. But I would get weird looks when I mentioned my last car was not insured for collission. My last car cost me $1k and I think 1 years premiums was more than the car value itself - you just have to think these kids of things through...

Extended warranties I avoid like the plague no matter what the product is.

I went along with this idea myself until I got into an accident; my car was totaled and the other car was damaged. The part that burned me is that as soon as the other insurance company found out I did not have comprehensive, they changed the deal from 60/40 to 90/10 my fault and my insurance took a hit. I discussed this with my agent and he said that had I kept comprehensive, it would have been a no-fault situation and my record would be clean. I now consider comprehensive insurance as including a battalion of lawyers.

[creditcardfree]

Re: What not to insure...

I went along with this idea myself until I got into an accident; my car was totaled and the other car was damaged. The part that burned me is that as soon as the other insurance company found out I did not have comprehensive, they changed the deal from 60/40 to 90/10 my fault and my insurance took a hit. I discussed this with my agent and he said that had I kept comprehensive, it would have been a no-fault situation and my record would be clean. I now consider comprehensive insurance as including a battalion of lawyers.

Our car accident made me change my mind on this one too. There are other factors that one doesn't forsee in an accident. Even a hit on a $2500 vehicle can be costly.

[Ima saver]

Re: What not to insure...

Do not insure your children, they have no one relying on them for income. The sales girl offered me insurance on my dh cell phone? I got it for free and even if I bought it, it was only $19.95!

[creditcardfree]

Re: What not to insure...

Do not insure your children, they have no one relying on them for income. The sales girl offered me insurance on my dh cell phone? I got it for free and even if I bought it, it was only $19.95!

Those are good ones. I completely agree!

[tabbycat31]

Re: What not to insure...

Suze Orman said something about insuring children last week on her show. SHe normally does not recommend it, but a caller said that many people after the loss of a child are so emotionally disturbed that they have to take an extended (unpaid) leave from work.

That was her only recommendation about insuring children

[creditcardfree]

Re: What not to insure...

Suze Orman said something about insuring children last week on her show. SHe normally does not recommend it, but a caller said that many people after the loss of a child are so emotionally disturbed that they have to take an extended (unpaid) leave from work.

That was her only recommendation about insuring children

I think, god forbid, if that were to happen I would use my emergency fund just as in the case of a job loss.

[tinapbeana]

Re: What not to insure...

I think, god forbid, if that were to happen I would use my emergency fund just as in the case of a job loss.

a friend of mine lost her child in a car accident, and between funeral costs, court and legal costs, several months of bereavement time from work, therapy and anti-depressants, she was lucky to come out alive. her situation was very unique as there was a civil settlement regarding the child's death. the money from the settlement allowed her to at least recover financially.

in all honesty, though, i don't know many EFs that could take this kind of hit, and while i have no kids of my own if it were only a couple of bucks a month and i could spare it, i would have insurance on them.