There are some car dealers who won’t even let you drive the car you bought off the display lot until you’ve provided them with solid proof that you have auto insurance, in the same way that some financers won’t sell you your home until you’ve arranged homeowners insurance. This is understandable to a certain extent in that it’s all about protecting the asset while it’s undergoing its ownership transition. However, beyond these cases where one is pretty much forced to take out insurance, you really need to go back to basics with your insurance and really assess just exactly why you need coverage and what you need it for.
The basics of insurance
These days you could probably get insurance for just about anything, even if you don’t really need any. The insurance game is big business for the insurers who are on the other side of the fence and subsequently have access to the bucket loads of money that pour into their coffers through insurance premiums. Access to that kind of money is very addictive, to such an extent that brand new insurance policies are dreamt up as part of a conveyor belt of them coming out of a dedicated department tasked solely to find new channels through which to offer insurance.
Here’s the thing – you don’t have to put every bit of food in the insurance buffet on your plate though as this can work out to be a real waste of your time and money. You need to take things back to basics and ask yourself why you’d need coverage.
Fundamentally, insurance is taken out to protect your finances from an event which would otherwise put a big dent in them as a result of you having to foot the bill for a big, unexpected expense. For example, if you couldn’t afford to buy your vehicle cash, how on earth would you afford to replace the one you have in the event of something like a car accident?
So that perhaps goes back to a type of insurance which makes up the basics and one which is imperative, but there are many cases when it’s the other way around.
One of which case is perhaps paying something like the maximum premium bracket for legal insurance when you could pay a lot less by simply enlisting the services of The Johnston Law Firm, LLC instead of having your legal insurer promising to pay your legal fees for cases such as personal injury. This particular law firm offers free consultations, something which would naturally render the need to pay high insurance premiums on legal insurance redundant.
You do however have to be entirely clued-up about the details since that’s what insurance is all about – technicalities and details. You need to know exactly what it is which your insurance policy covers and what isn’t covered. By paying attention to these small details you’ll soon be able to pick out those unnecessary expenses associated with what you’re paying for as part of the coverage you get.
Author: Oliver Curtis
Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.