We understand that having health insurance gives you peace of mind. Is it, however, necessary? The truth is that some insurance is unnecessary and waste of money. You can save money by determining which insurance policies are wastes of money. The technique of saving money is straightforward: you assess your spending, determine what you can do without, and make changes. Insurance is the same way.
Rental Car Insurance
Most people consider rental car insurance to be a waste of money. That's because your current auto insurance policy most certainly already covers you in the event of an accident. However, there is one key stipulation: collision coverage is required. But what if you don't own a car and don't have personal vehicle insurance? If you pay for your rental with a major credit card, you're probably still safe.
Personal Injury Insurance
Personal injury insurance is a different form of auto insurance coverage you'll come across when looking for a policy. If you and other passengers in your automobile are involved in an accident, personal injury insurance covers medical costs.
If you hardly have passengers in your car and have excellent health and disability insurance via your company, this insurance may be unneeded – your medical bills will be covered anyway.
Comprehensive Coverage
On an older automobile, you may choose to forego comprehensive coverage in addition to collision coverage. Try using the 10% rule of thumb to see if it makes financial logic for you. Consider the following scenario: you have a $4,000 automobile with a $1,000 deductible. Your insurance provider will pay you $3,000
if your automobile is ruined beyond repair.
If you're paying more than 10% every year for that coverage, you should probably cancel it. In fact, if you have an older automobile, you may only need liability health insurance. Liability coverage means that if you're at fault in an accident, your insurance will cover other people's bodily injuries and property damage. Liability insurance is needed by law, but if you drive an older vehicle, liability insurance may be all you need.
Pet Insurance
It's impossible to imagine not insuring our pets' health because we all love them so much. However, you'll find that pet insurance premium cost is usually higher than what you'll spend on your pet's health care out of pocket.
Is Health Insurance a Good Investment?
Many people ask if paying for health insurance is worthwhile. To put it another way, basic health insurance is not a waste of money. Even though there is no longer a government penalty for not having insurance, even if you're young and healthy, you risk having to pay for any unexpected or planned medical requirements, which can cost hundreds of thousands of dollars. Accidents and emergencies, after all, are never planned. And paying off medical debt could take years.
See us at Oklahoma Health Options. We have multiple services related to insurance for you. Contact us to pick the right one.
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