Avoidable insurance policies

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PostPosted: Mon Nov 17, 2008 12:03 pm   Post subject: Avoidable insurance policies  

Are there any insurance policies that are kinda useless? Anyone wanna point 'em o'er here?


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PostPosted: Mon Nov 17, 2008 12:04 pm   Post subject:   

Yupp..I'd think that there are quite a few of that sort. If you could really avoid purchasing insurance policies that would not be of any use to you then I'm sure that you're gonna save a lot of money.If you'd consider the individual risks, then you'd always know that this list of unwanted policies would vary from one person to another, depending on their differences in areas of operations. In case I don't own a home, then I'm sure I'd never need to get a home insurance policy at all.

BarbieL


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PostPosted: Mon Nov 17, 2008 12:07 pm   Post subject:   

Hey, I'd not support the idea that replacing your life insurance is always bad idea. Every thing has its good and bad!



But yeah, once you're opting for a new policy, it is better for you to analyze your needs and determine what best for you and your near ones. Your decision has to based on your long-term goals.

Plasticmind


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PostPosted: Mon Nov 17, 2008 12:09 pm   Post subject:   

Quote:
In case I don't own a home, then I'm sure I'd never need to get a home insurance policy at all.


There are times, when we come across risks that are minor compared to the hassles of bearing policies that cover-up such risks.

I'd like to name a few of them over here-



* Collision and comprehensive- If your car is depreciated to a larger extent then I don't think its wise for you to get such coverage for a valueless car.



* PIP- You could only think of maintaining the minimum limit under circumstances that you have a good health insurance in place.



* On-road help- If you got registered with bodies like AAA, I don't see any reason why you should go for it.

So you see..there are quite a few! Roddick
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PostPosted: Mon Nov 17, 2008 12:14 pm   Post subject:   

Hi there...I'd like to add 3 more to your list!



Rental car coverage:-

Under circumstances that you have a wholesome coverage, you may check with your agent to know your coverage status.



Machinery damage coverage:-

Check if your vehicle warranty is still on or not. If it is.. then you need not opt for this one. Also, you don't need to have this one if you own a new car.



Life insurance coverage:-

You just don't need to have life insurance if you don't have anyone depending on you. Some times our employees would offer such coverages. Please ask your employer regrading the same.



The more we are aware of the reason why we'd need such coverages we'd be able to understand the circumstances wherein we could avoid paying for them.

Regards, Fatman

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PostPosted: Mon Nov 17, 2008 12:30 pm   Post subject:   

Twisted Evil Errors and Omissions:

Total waste of premium.



Evil or Very Mad Private Mortgage Insurance:

If someone can't afford a down payment to start with it's rather absurd to charge them an additional $100 to $150 per month on top of their other monthly mortgage expenses.



Twisted Evil Uninsured Motorist Insurance:

Another total waste of money.

If you have medical insurance why pay two premiums for duplicate coverage? Your medical bills.



Evil or Very Mad Extreme Liability Coverage:

On persons who don't have a pot to spit in or a window to throw it out of.

Lawyers sue Corporations and Insurance Companies not Joe the Plumber to win a multi-million dollar judgment that would never be paid.



Twisted Evil Pre-Paid Legal:

You may as well go to Office Depot and get your forms there.



Evil or Very MadTwisted Evil No Fault Insurance:

The Florida lawyers retirement program and the biggest fraud scam in the state.



Evil or Very Mad Auto Repair Insurance:

Total rip off.



Twisted Evil Hospital Indemity Plans/Cancer Plans/Accident Insurance:

Total waste of money.



Evil or Very Mad Guaranteed Acceptance Life Insurance:

Not worth the paper its printed on.



Twisted Evil Private Medicare Supplements:

Waste of money, do the math.

Many doctors will take a Medicare assignment, PLUS medical billing fraud inflates the bill at least a minimum of 25% to 35%.



Evil or Very Mad Pre-Paid Funeral Plans:

Stupid. There are nothing more than a special annuity with the funeral home named as the primary beneficiary.



Just to name a few!



Razz Let the hate mail begin! Razz


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PostPosted: Mon Nov 17, 2008 12:58 pm   Post subject:   

Hi,

I guess there are a few more..like travel insurance, credit insurance, Outstanding credit balance coverage, Extended warranties for home appliances etc.





  • Travel insurance-

    Check to see if your existing health insurance coverage would be enough to cover you when you're abroad

  • credit insurance-

    Your mortgage insurance would fall into this category. A life insurance policy would often be a better bait.

  • Outstanding credit balance coverage-

    You would better avoid this coverage since it is too much to pay for all the hassles that you'd need to go through before you'd get any benefit worth a single penny.

  • Extended warranties for home appliances-

    You'd be the best judge towards determining whether it would cost you more to keep the policy in force or to get a new appliance.




In all of these policies the risk covered is too small compared to the price you'd pay for them. ArindamSenIndies
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PostPosted: Mon Nov 17, 2008 1:02 pm   Post subject:   

Quote:
Uninsured Motorist Insurance:

Another total waste of money.

If you have medical insurance why pay two premiums for duplicate coverage? Your medical bills.
disagree on this one gary, um also covers loss of wage (all states are not pip states, nor is it offered in all states) also um will pay a bi injury settlement as well..



One that drives me nuts...and most seniors that still drive will have both AAA ''AND'' roadside assistance on their auto policys...I personally have pointed out this waste of money to about a hundred of them over the years...


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PostPosted: Mon Nov 17, 2008 3:28 pm   Post subject:   

Yeah, I disagree, UMBI coverage is something _everyone_ should consider.



My vote is Life Insurance in some cases. I'm single and have no dependents. When I die, I want LOTS of unpaid debt! That and just bury me wrapped in a blanket in some hole. I won't mind.

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PostPosted: Mon Nov 17, 2008 7:29 pm   Post subject:   

I am sooo with T-scope on this one. UMBI is something everyone should consider. Have you ever stopped to consider if you were hit by a driver WITHOUT insurance? There are many reasons why the other driver may have no insurance coverage or the insurance company refuses to provide coverage. The other driver may choose to intentionally violate the law and drive without any insurance. He may have been recently canceled for non-payment. If you own a car and are on the road alot I would not advise going wiht out it.

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PostPosted: Tue Nov 18, 2008 2:27 am   Post subject: insurance  

As most of you know, I'm a single mom. I DO have Life Insurance. My son, on the other hand, does not. I've seen alot of those 'guarantee Life' things. And....I've asked different insurance companies. GARY......you have some great info about different kinds of insurance, in your above posts. Just straight and to the point!!

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PostPosted: Tue Nov 18, 2008 3:23 am   Post subject:   

Yep life insurance is a given..I can think of some useless policies but they would all be depending on a persons situation....I think this all would need to be more detailed and more fitting to the person at hand..meaning if you don't have jewelry...you don't need that coverage...no vehicle...not that coverage so I would chalk this up to as dependiing on the person and their life.

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PostPosted: Wed Nov 19, 2008 5:10 am   Post subject: insurance  

UMBI?? Can someone explain what this is, please?

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