Types of insurance my family does not purchase:
Full coverage auto (we have two old Honda Civics)
Life insurance (both spouse and I have decent paying salaries and could live fine with the salary of the other)
Accidental death and dismemberment (see above)
Homeowners (we rent. I understand it's built in)
Widget (we don't purchase too many new widgets nor care for this)
Burial (both of us are veteran's and have a limited benefit that should cover our cremations)
Long term care (maybe we are gambling here)
How about you?
Over insured society?
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Robert Muir
- Posts: 280
- Joined: Thu Jul 22, 2010 10:15 pm
Even though our cars are quite old and not worth much, we carry full coverage because the cost difference isn't much (considering the value of the cars) and if the other driver is at fault in an accident, your insurance company doesn't lift a finger unless you have full coverage.
We have 20-year $100k term insurance that we signed up for about 10 years ago to cover the mortgage on death. I'm going to keep it until the expiration because the extra money would be nice on death to cover extra expenses and the cost isn't much. Once the term policy expires, we won't be renewing it.
As a renter, you don't need insurance unless you want your possessions covered in the event of water damage or fire in your rental unit. I have homeowner's insurance, which is quite inexpensive through the local grange co-op.
I don't buy widget or extended warranty insurance.
Burial will be cremation with no ceremony.
LTC, we're gambling as well.
We have 20-year $100k term insurance that we signed up for about 10 years ago to cover the mortgage on death. I'm going to keep it until the expiration because the extra money would be nice on death to cover extra expenses and the cost isn't much. Once the term policy expires, we won't be renewing it.
As a renter, you don't need insurance unless you want your possessions covered in the event of water damage or fire in your rental unit. I have homeowner's insurance, which is quite inexpensive through the local grange co-op.
I don't buy widget or extended warranty insurance.
Burial will be cremation with no ceremony.
LTC, we're gambling as well.
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George the original one
- Posts: 5406
- Joined: Wed Jul 28, 2010 3:28 am
- Location: Wettest corner of Orygun
Health insurance is through work and they also provide a $50k life insurance policy at no cost. Non-working wife is comfortable with this arrangement.
Automobile insurance is liability only... unless the car is worth more than $5k, in which case we then carry collision with $1k deductible.
Home insurance is cheap, especially for something that's not paid for, so we're well insured there.
Uhm... nope, no other insurance policies that I'm aware of.
LTC <snicker> is a REIT I invest in.
Automobile insurance is liability only... unless the car is worth more than $5k, in which case we then carry collision with $1k deductible.
Home insurance is cheap, especially for something that's not paid for, so we're well insured there.
Uhm... nope, no other insurance policies that I'm aware of.
LTC <snicker> is a REIT I invest in.
Hi guys,
this make me think I may save the house insurance... I'm covered against burglary but:
1. they broke in in my apartment 2 years ago, so statistically for the area I live I should be fine for a long while
2. I've less and less things in my house, so why bother
For my vehicles (yes, I have a fancy motorbike and a van) I pay basic insurance as the van is old and the motorbike is hardly used.
I do have life insurance as it's a requirement for the mortgage.
For the rest, I sometime wonder if I'm over insured because the credit card, the company travel insurance and my personal travel insurance may overlap in different coverages...
this make me think I may save the house insurance... I'm covered against burglary but:
1. they broke in in my apartment 2 years ago, so statistically for the area I live I should be fine for a long while
2. I've less and less things in my house, so why bother
For my vehicles (yes, I have a fancy motorbike and a van) I pay basic insurance as the van is old and the motorbike is hardly used.
I do have life insurance as it's a requirement for the mortgage.
For the rest, I sometime wonder if I'm over insured because the credit card, the company travel insurance and my personal travel insurance may overlap in different coverages...
Listing would be:
Life insurance on self and wife---50K each--to fund funeral, etc.
Homeowners Policy on home.
Full coverage on two vehicles, liability only on the oldest car.
Health Care via retired military, Medicare, Tricare.
Insurance provided by our bank covers losses via Identity Theft.
Insurance on Travel Trailer.
Central EMS (ambulance) policy. (unlimited ambulance trips).
Termite Insurance (no one else listed this so I did, LOL).
Lost or Stolen Credit Card covered above by bank and Home Ins.
No extended warranties--useless mostly.
Life insurance on self and wife---50K each--to fund funeral, etc.
Homeowners Policy on home.
Full coverage on two vehicles, liability only on the oldest car.
Health Care via retired military, Medicare, Tricare.
Insurance provided by our bank covers losses via Identity Theft.
Insurance on Travel Trailer.
Central EMS (ambulance) policy. (unlimited ambulance trips).
Termite Insurance (no one else listed this so I did, LOL).
Lost or Stolen Credit Card covered above by bank and Home Ins.
No extended warranties--useless mostly.
By the way:
What about Social Security? That is a form of both old age and disability insurance, and many are paying for it. I am personally drawing it along with my wife, having "bought" it over a long period of time.
Social Security is an insurance that one "buys", even if the gubbermint makes you do it.
What about Social Security? That is a form of both old age and disability insurance, and many are paying for it. I am personally drawing it along with my wife, having "bought" it over a long period of time.
Social Security is an insurance that one "buys", even if the gubbermint makes you do it.
I carry a ton of insurance:
Renters
Automobile
Personal Liability Umbrella
*Health
*Dental
*Short Term Disability
*Long Term Disability
*Group Life
Term Life
Own Occupation Long Term Disability
*Malpractice
Medical Evacuation
My Watch is insured, and my wife's engagement ring (neither of these are dramatically expensive-- I think the insurance on the watch is about 90 cents per month).
I have some sort of crazy life insurance against dying in a plane crash-- I don't intentionally pay for this, it's a "free" benefit of a society I'm part of (No, it isn't a society for people who are afraid they'll die in a plane crash).
The ones with the asterisk are ones that are run through the business, so I don't pay for them in the traditional sense.
I used to have HIV insurance, paid for by my employer.
Believe it or not, I do try to minimize my insurance costs. For example, we dropped my wife's term life insurance a while back.
I was named in a lawsuit a few years ago, and it opened my eyes to some interesting things (ultimately I was dropped from the suit). First, asset protection is something to be pro-active about. Once your name shows up on a suit, you really don't have a lot of options. Also, insurance can encourage lawsuits, whereas effective asset protection discourages lawsuits.
Renters
Automobile
Personal Liability Umbrella
*Health
*Dental
*Short Term Disability
*Long Term Disability
*Group Life
Term Life
Own Occupation Long Term Disability
*Malpractice
Medical Evacuation
My Watch is insured, and my wife's engagement ring (neither of these are dramatically expensive-- I think the insurance on the watch is about 90 cents per month).
I have some sort of crazy life insurance against dying in a plane crash-- I don't intentionally pay for this, it's a "free" benefit of a society I'm part of (No, it isn't a society for people who are afraid they'll die in a plane crash).
The ones with the asterisk are ones that are run through the business, so I don't pay for them in the traditional sense.
I used to have HIV insurance, paid for by my employer.
Believe it or not, I do try to minimize my insurance costs. For example, we dropped my wife's term life insurance a while back.
I was named in a lawsuit a few years ago, and it opened my eyes to some interesting things (ultimately I was dropped from the suit). First, asset protection is something to be pro-active about. Once your name shows up on a suit, you really don't have a lot of options. Also, insurance can encourage lawsuits, whereas effective asset protection discourages lawsuits.
Incidentally, I think the HIV insurance was a scam. The idea was that you'd get $500k if you got HIV on the job (as a health care worker). The insurance was "free" to the employee, but naturally you were required to submit to an HIV test upon starting your employment, to make sure you weren't already positive, supposedly for insurance purposes. I think the whole thing was a scheme so that new employees would readily submit to HIV testing. There didn't appear to be any way to opt out.
On the subject of over-insurance...
George commented on my over-insurance (life insurance) in general and this prompted me to look into my auto and condo insurance.
For auto I already just have liability so I am all set - just have to price shop.
For home (I live in a condo), do I really need liability insurance? I have little guests and they are mostly family (won't sue) and friends (got good insurance from work) and if they slip and fall I suppose they are not going to sue me...
What about property damage? How about earthquake insurance? I am tempting to do without any condo insurance... if my mortgage allows for it...
Any advice, pls let me know thanks!
George commented on my over-insurance (life insurance) in general and this prompted me to look into my auto and condo insurance.
For auto I already just have liability so I am all set - just have to price shop.
For home (I live in a condo), do I really need liability insurance? I have little guests and they are mostly family (won't sue) and friends (got good insurance from work) and if they slip and fall I suppose they are not going to sue me...
What about property damage? How about earthquake insurance? I am tempting to do without any condo insurance... if my mortgage allows for it...
Any advice, pls let me know thanks!
In the us, yeppers on home liability. First, i understand it's not that expensive. Correct me if im wrong on that. Extended warranties, dental insurance, etc are overpriced. But home liability is probably a good deal.
I hate to rile up the libertarians, but even a trespasser can successfully sue you if they get hurt, eg breaking into your house (it happens, I'm not saying it's a slam dunk case). You cant always control what happens. Kids lose their ball in your yard and slip on leaves? You leave a candle burning and the fire spreads to a neighbor? A tree in your yard falls on a nearby car? Yeah, weigh the risks but don't overlook that fat tail... One of the worse cases is something on your property disabling a high earner and you get hit with a future earnings judgment.
Edit: in a condo much of the above applies. I'm not sure what, if any, liability insurance the homeowners association has for the common areas. You said people won't sue ou bit it's not always up to the injured party. If medical bills become astronomical, their insurance could go after you. Or their children, relatives, etc. Suing aside, If a friend or relative gets hurt on my propery, id like to be able to say "don't worry, my insurance has you covered."
I hate to rile up the libertarians, but even a trespasser can successfully sue you if they get hurt, eg breaking into your house (it happens, I'm not saying it's a slam dunk case). You cant always control what happens. Kids lose their ball in your yard and slip on leaves? You leave a candle burning and the fire spreads to a neighbor? A tree in your yard falls on a nearby car? Yeah, weigh the risks but don't overlook that fat tail... One of the worse cases is something on your property disabling a high earner and you get hit with a future earnings judgment.
Edit: in a condo much of the above applies. I'm not sure what, if any, liability insurance the homeowners association has for the common areas. You said people won't sue ou bit it's not always up to the injured party. If medical bills become astronomical, their insurance could go after you. Or their children, relatives, etc. Suing aside, If a friend or relative gets hurt on my propery, id like to be able to say "don't worry, my insurance has you covered."
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jennypenny
- Posts: 6858
- Joined: Sun Jul 03, 2011 2:20 pm
Health insurance - eat Paleo, gave up motorcycle.
Dental insurance - toothbrush, toothpaste, floss, vitamin K2.
Auto insurance - none.
Home insurance - none (thank God I don't live in a joke of a legal system written by lawyers in order to benefit lawyers, as well).
HIV insurance - condoms, do not share my crack needles.
Theft or something - Might be built into my credit card policy, not sure, nor do I care.
Travelers insurance - I am perpetually traveling the world. Have never bought this and I don't even know what it is really. It must be another word for health insurance. See: health insurance.
Dental insurance - toothbrush, toothpaste, floss, vitamin K2.
Auto insurance - none.
Home insurance - none (thank God I don't live in a joke of a legal system written by lawyers in order to benefit lawyers, as well).
HIV insurance - condoms, do not share my crack needles.
Theft or something - Might be built into my credit card policy, not sure, nor do I care.
Travelers insurance - I am perpetually traveling the world. Have never bought this and I don't even know what it is really. It must be another word for health insurance. See: health insurance.
@dragoncar - Just because someone gets hurt on your property doesn't mean that you're automatically liable - especially if said person was trespassing on your property at the time. Also, even if the person was a guest and has, say, a heart attack on your property, that doesn't mean that you're liable. The plaintiff has to prove, basically, that you neglected to make your property reasonably safe and that this neglect caused someone else to be injured. Or at least, that's what my law professor tells me. (See Premises Liability Law for more info). I'm sure some of the lawyers on this board can give a better understanding.
I personally don't have any insurance that isn't either legally mandatory or 'required' by my employer(there is no way to opt out except to quit my job). Which means I have:
Life insurance on self
Life insurance on dependents
Health insurance
Liability insurance on vehicles
Long term disability insurance
Short term disability insurance
Dental insurance
It's amazing how much insurance is considered 'mandatory'...
I personally don't have any insurance that isn't either legally mandatory or 'required' by my employer(there is no way to opt out except to quit my job). Which means I have:
Life insurance on self
Life insurance on dependents
Health insurance
Liability insurance on vehicles
Long term disability insurance
Short term disability insurance
Dental insurance
It's amazing how much insurance is considered 'mandatory'...
I didn't say you'd be automatically liable -- sorry if I gave that impression to anyone. You may be found liable, however, regardless of your culpability. In other words, there's always the risk that a Jury is sympathetic to the injured party who has a very good sob story. Another sad fact is that, even if you win, each side usually carries it's own legal costs. So if you are sued, there are lawyers fees etc to deal with, which insurance would normally cover. If you are ere, and people get wind of this, you can be a target for scammers, etc. Who "slip and fall" on purpose.
I'm not saying any of this is likely. But the risk is non-negligible, and the costs can be high. I think it's important to recognize these risks when making an insurance decision. My point is that you can't just say "well, I'm careful and don't have people over who would sue me" and leave it at that.
Your employer really forces you to buy life insurance for your children? That's insane. I'd love a hit as to who this employer may be.
I'm not saying any of this is likely. But the risk is non-negligible, and the costs can be high. I think it's important to recognize these risks when making an insurance decision. My point is that you can't just say "well, I'm careful and don't have people over who would sue me" and leave it at that.
Your employer really forces you to buy life insurance for your children? That's insane. I'd love a hit as to who this employer may be.
If you have accumulated a lot of money and rent property or drive a car or have any other liability exposure, you probably would want to get the cheapest auto and property insurance you can and then get what is called "umbrella" insurance, which is a secondary policy that covers where the others run out. It is relatively cheap.
@M, your employer is pretty strange if you have to insure the lives of your dependents. Who is the beneficiary of that?
@M, your employer is pretty strange if you have to insure the lives of your dependents. Who is the beneficiary of that?
Dragline, I always thought/assumed that umbrella policies require you to max out your primary insurance first. Or have some required level? Not true?
If im an insurer, I'm probably not going to offer a $1 million umbrella policy over a $30k auto policy for less than the cost of a $1 million auto policy.
If im an insurer, I'm probably not going to offer a $1 million umbrella policy over a $30k auto policy for less than the cost of a $1 million auto policy.
They require some minimum, but its usually not excessive, and may be in line with state requirements for auto insurance, for example.
Also, best way to save on insurance is to accept high deductibles.
The idea of insurance is to prevent catastrophe, not to pay for the little stuff. You overpay when you want insurance to pay for everything.
Also, best way to save on insurance is to accept high deductibles.
The idea of insurance is to prevent catastrophe, not to pay for the little stuff. You overpay when you want insurance to pay for everything.