quote:
Exactly how stupid am I: Car warranty edition. by secondandshort I thought the same thing about flood insurance. Thought if I flood everyone is going to flood. Well everyone flooded. Going to be about a 50k mistake. I'm not a huge insurance guy but this did open my eyes a little bit. I'm tired of learning things the hard way.

Insurance policies exist to make the insurer $. For both parties it's about risk. If you have enough money to cover the cost of a tire, windshield, or flood damage, then by all means don't buy the insurance. If the adverse event covered by the policy will put you in financial ruin, you should probably buy the insurance policy that protects you from it if said event happens.

1 ...

Report Post

Posted by KG6

Member since Aug 2009

10920 posts

Posted on 12/20/16 at 5:05 am to YipSkiddlyDooo

quote:
If the adverse event covered by the policy will put you in financial ruin,

I don't think it necessitates that the issue put you in financial ruin to get the coverage. If I totaled my car, I could probably buy a new one cash (wouldn't want to). I could still pay my bills, etc. It's the reason I have a safety net. But, if someone offers coverage at a reasonable rate, then I'll take that. I know car insurance is required, but comprehensive is not.....and I still get that coverage.

Not saying the coverage I got for road hazards worth it. I made a quick decision based on annoyance of recent events......the reason I made the thread. But, it could be that someone did their own risk analysis to determine that even though they can afford a tire, it might be financially wise to take what is offered. And if it isn't used, it's athe a cost they are willing to lose.

0 ...

Report Post

Money Talk - Replies to Post

Return To Board

Page 1

Return To Board