What are your thoughts about insurance?

Aug 09 2007

I crashed my early this year. Well, someone crashed into me but either way I was so glad I had car insurance. The other driver was found to be at fault and I had to pay $0 excess and ended up getting a whole new front, wheel, shockers and paint job for free. Had I not had insurance it would have cost me about $7000.

So my experience with insurance thus far is good. I know it is really expensive but the alternatives aren’t really worth mentioning. When I have a family and a kids I will certainly be taking out life insurance to make sure they are well looked after if anything happened to me. You work so hard to provide for your family and it would all be lost if you died and they were left with nothing.

The same goes for regular house insurance. Most people work their whole lives to buy and pay off their mortgage. Imagine if you came home from work and your house was a smouldering pile of rubble and had burned down because someone left the gas on. 30 years of hard work gone. If you have insurance it can all be taken care of.

Now I am not saying go out and get yourself any old insurance. Shop around and make sure you are getting a good deal and READ THE FINE PRINT. Many people find that their insurance doesn’t cover them when they really need it. Floods and other acts of God are some common events insurance companies like to leave out.

In the long run, however, insurance is probably worth it.