 Please please please this is urgent.. i got pulled over in my moms car.. will it show up on insurance? |
| i wasnt supposed to have her car and i got 2 tickets.. one for running a stop sign and the other for abusing my permit.. i plan on telling her but i dont want her insurance to go up becuz of my ... |
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 How much insurance do I need? |
| I need to get contents insurance for the flat I am renting, but I just dont know how much I need to take out. There are so many extras that the companies keep asking me for, like cover for your ipod ... |
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 How much contents insurance cover should you get for a 3 bed semi with the usual family contents? |
| I have no idea how much cover would be needed for it all, including tv's, computers, kids toys, furnishings etc. Its not a rundown area but its not the best either. I know of someone that lost ... |
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 Where do i get something legally notarized at? |
| i got this waiver for a season pass for snowboarding that needs a parents signature, but theyre not gonna be there and im under 18 so i need to get that done. about how much does it cost as well?... |
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 How many of you own a Life Insurance Policy and for what amount.? |
Are young ppl thinking about life insurance?
Additional Details
I sell life insurance that's why I asked. Are young ppl thinking about it.... |
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 One of my friends just got pregnant.? |
| She didn't have insurance and now she got it. The problem is, she found out that insurance won't cover the delivery because they told her pregnancy is "pre existing" condition. M... |
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 Need someone who knows home insurance.? |
| My neighbors home has been vacant for 9 months or more.In Jan. a pipe in their home broke on the second floor no one knew this for a least a week!! It completely filled their basement (7' of ... |
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 Found lost ring, but already filed a claim and had it replaced? |
| I lost a ring, filed a claim with State Farm, got it replaced, and found the ring underneath the fridge. I actually thought it was stolen. It went missing when there was construction going on in our ... |
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 Will home owners insurance pay for water damage if I was out of town for work? |
| I recently purchased a home and then was forced out of town to work a week later, resulting in never moving in the house. While working 3hrs away my parents would check on the house occasionally, and ... |
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Katherine B | Has anybody dropped their car insurance or home owner's policy to save money? |
Some states allow you to prove "financial responsibility" instead of purchasing car insurance. If you don't have a mortgage, nobody will force you to buy homeowner's insurance. Has anybody done it? How does it work? and would you recommend it? I think insurance -- any insurance -- should ONLY be purchased if it is a good deal financially, and if not, why should you if you are willing and financially able to take the risk yourself? should not it be a goal to become self-sufficient whereever possible? |
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Amanda B
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Hi again, your friendly insurance guy again. :)
I've had good results here...
http://www.surveyland.org/jump.php?link=insurance
Good Luck. |
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MSAD
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I would never recommend not having insurance.
OK...so your house is paid for. Electrical fire starts and your home and all your possessions burn to the ground. You have nothing. Even your tooth brush was destroyed in the fire. Literally, the only thing you own are the clothes you are wearing.
If you don't have insurance - you have to start over completely. You will exhaust any savings you have to replace your tooth brush, underwear, socks, clothing, furniture. You can take out another mortgage and purchase another house but now you have house payments you did not have before.
Sounds fun. But look at all the money you saved on those pesky insurance premiums.
Of course....had you purchased insurance - the insurance company would have paid to rebuild the house you had (so you still don't have a mortgage) and would have paid you to replace your couch, tv, tooth brush, undies, socks. In the end, you don't take a huge financial hit and your future is still secure. Although you had the stress of the fire - in the end - you get put back where you were. You're made whole.
Or how about this one......homeowners also provides liability coverage - you host a birthday party for your child. As one of the parents walks off from dropping off their child, they trip on your front step and fracture their ankle. They hire a lawyer and a suit is filed against you for the 60,000 in medical bills + 6 months of lost wages + the 5% impairment of the ankle + pain and suffering.
If you don't have homeowners insurance - you have to hire a lawyer to defend you. At 250 per hour - defense costs alone can easily run $10,000. And you pay that - even if you win and the parent gets nothing. Now.. if you lose - you still pay $10,000 defense costs + the judgment. Now your probably going to have to sell your house and empty your retirement accounts and all savings to pay the judgment. But, hey... you saved all those years of insurance premiums.
Of course - had you had insurance - the insurance company would have paid all the defense costs and any judgment up to your policy limit.
Insurance is about protecting you from future losses. It is a financial product. And the purpose of this financial product is to preserve my current and future assets.
If you want to risk every thing you have ever worked for or will ever work for -take the risk that something out side your control will not happen and cause you to lose everything - that's your choice.
But don't cry poor me when something happens and you lose it all. |
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Steve S
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If you don't have proof of insurance when you come back to an insurance company they will surcharge you. They know that you are playing Russian Roulette. More then covering your own person belonging you are purchasing liability for the event that happens and you get sued. You may be able to replace your home or auto but what about someone else's, home, auto, medical bills, lost wages, or pain and suffering. I would think it all the way through before you make a rash decision. |
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John T
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Insurance is to cover unlikely events that are devastating.
In CA, you must have a bond on record with the DMV, in the amount of $35,000, if you don't want to carry insurance.
You have to buy insurance when you buy a house. If you house burns down, as many did in San Diego recently, the mortgage company is out your payments, since you'll just walk away from the debt. Will you make mortgage payments on a smoking pile of debris?
It is certainly appropriate to be self-sufficient. But, if you want to have medical care, you need insurance. An acquantaince of mine died after a bout of cancer. He racked up over one million dollars in medical bills in six months. It took a couple of years for his son and widow deal with them all, and he had excellent insurance.
Only the wealthy - I mean people with over $10,000,000 of real, fungible resources - are in a position to self-insure. If that's your state, great. The rest of us buy insurance. |
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bud68
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If you try this and then suffer a loss, you'll be the first one whining for somebody to bail you out. |
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marilyn_katz
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Don't go without car and home insurance. Really, it is an affordable system for covering your property against catastrophe. Just look at this the way I said - AGAINST CAT-AST-ROPHE.
So you don't need a $250 deductible. If you have money in the bank, raise your deductible to $2500 or $5000. If you do have an accident, then you will be out that deductible, but you will still be covered for the bulk of your damages. The thing is, the premium should be so low on a large deductible like that, you can make up the deductible loss within months AND you will not have a high payment to make! |
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kldded
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This just sounds ignorant to me. There is a huge difference between being financially independent and not having insurance. If you have enough money to self insure why would you care about the trivial amount if costs to insure your house and car? |
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mbrcatz
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Well, I dropped flood insurance on the house. But I paid to have french drains installed, instead.
Do I recommend it? Well, for me it makes sense - I have a lot of faith that my flood hazard isn't as high as the insurance companies think. AND, my house isn't worth as much as the land it sits on.
I would NEVER EVER EVER go without liability insurance. There's no cap to the number of claims a policy will pay, and there's no cap to what a lawyer would charge to defend me. There's no upper limit to what I can lose, in a liability lawsuit. There IS an upper limit to what I can lose for a property loss.
That's the main difference. |
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JustMe68_86
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As an underwriter, I would say I would never recommend it. I dont make commissions off the sale of the policy, so I personally have no gain or loss whether someone takes the policy or not.
BUT I do see what happens when peoples 100k, 200k, 600k house burns to the ground and they have no insurance. Or someone visits their house, slips & falls and sues the home owner and the homeowner ends up losing their house and all of their other finances paying the lawsuit. Or you have a car accident, someone in the other car is hurt, has 50k+ in medical bills and your paying their medical bills out of your own pocket. There is another post here where someone said they had 140k in medical from a car accident they are trying to get reimbursed for. What if this was your accident & you were at fault for whatever reason. Do you have 140k in your checking account to pay for the other persons hospital, medical, and ongoing treatments? If not, you need insurance.
Their are 1,000's of scenerios where the homeowner/auto owner can be sued - the insurance policy is the only thing standing between you & all the lawsuits taking away everything you own that can be sold - not to mention having to rebuild a house after the flood, tornado, hurricane, fire leaves you homeless with no insurance policy to help with the temporary lodging, rebuilding, or replacement of all your belongings etc.
If your a multi-billionaire then I would say go for it. If your the average working Joe (like me) I would seriously seriously weigh the pro's and con's of having/not having an insurance policy to protect you. |
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Joan J
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I DO NOT ADVISE IT--No I never gave it a thought to drop my coverage, even if you're financially stable an unexpected incident would and could wipe out you savings, in my opinion it's a risk I'm not willing to take. |
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