Questions tagged [insurance]
The promise that something will be paid in case of loss. Used to cover important items and reduce personal risk. This tag covers how to get it, how to keep it, what kind, and why you should have it.
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For very high-net worth individuals, does it make sense to not have insurance?
Various types of insurance (health, car, life) protect you from relatively low probability but very expensive events in life (cancer, serious car accident, etc.) For the average person, it makes sense ...
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Why buy insurance?
I don't understand why people buy insurance when they know the odds are not in their favor. Is staying uninsured and saving money not a better bet? I am not talking about house insurance. About things ...
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Tenant claims they paid rent in cash and that it was stolen from a mailbox. What should I do?
I own a duplex, live in half, and rent out the other half to college students. I have just made a mistake that cost me $750.
One of my tenants was late paying her rent. I'd thought it was still late, ...
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Does it make sense to insure something when you could financially bear its loss?
I'm wondering whether it makes sense to insure something if its loss would not be life-changing. I want to buy a boat to live on while I attend university. It would cost about 10,000 dollars and my ...
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15
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Are small insurances worth it?
Small insurances like phone insurance, tire insurance, etc. Are these worth it?
In general I always have a bad gut feeling about any insurance. I just don't like the idea of paying for stuff I never ...
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1 year old car is dead, called the car dealer they can fix it only if I can bring it, what should I do?
I have a new Toyota Prius (2017 model), bought between 12-13 months ago.
The car recently has gone totally mad (Ironically 1 week after the service). So I arranged a booking to get it checked out, ...
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Why does Geico ask me not to reveal the limits of my liability coverage in case of a car accident?
I read on my "Evidence of Liability Insurance card" issued by Geico in California, US:
What to do at the time of an accident: […] Do not reveal the limits of your liability coverage to anyone.
Why ...
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Is insurance worth it if you can afford to replace the item? If not, when is it?
I am talking here exclusively about insurance for items (not for health or other type of insurance where lives and liability are at risk).
Let's say I have a 1-year old Macbook (costs $2000+tax new) ...
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Is life insurance a financially sound safety net?
I'm the sole provider of a household of two - myself and my wife. I make enough to keep us both afloat, with a sizeable chunk of luxury on the side.
For practical numbers, I am a month away from ...
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Insurance company sent me huge check instead of pharmacy. Now what?
I received a $20,000 check from my insurance company that was supposed to go to my specialty pharmacy. It's made out to me. Since it was obviously a mistake, I called the pharmacy, and they said to ...
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Car insurance (UK) excludes commute to and from work, will not pay on claim during non-commute
My girlfriend was recently involved in a crash where both parties are claiming it was not their fault.
She took out a policy with an insurance company called GoSkippy whose brokers are Eldon ...
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8
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Did my insurance company scam me when they paid less for my car than I saw it selling for at a used car dealership later?
Tree fell on my car, windshield smashed. Other than that I can drive it, I can still get in and drive it around (obviously with limited visibility) had to wear extra protection so I wouldn't get cut. ...
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Why do people buy insurance even if they have the means to overcome the loss?
Insurance companies are businesses and their goal is to make money. It follows that if you are neither lucky nor unlucky, you will end up in the long run losing money by stipulating an insurance. I ...
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The mortgage company is trying to force us to make repairs after an insurance claim
We had some hail damage to our roof and deck after a bad storm and made a claim with our insurance company. The damage was in the 5 figure range, but the estimate for the deck was only a couple of ...
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Who pays the premium for bank deposit insurance?
Normally, when I want insurance coverage (e.g. for my car and house), I have to pay a premium to the insurer. My bank account comes with deposit insurance to insure me against bank collapse. It looks ...
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Is there any reason a person would voluntarily choose to have PMI?
Private Mortgage Insurance (PMI) seems to be treated as a necessary evil. Inquiries about pmi on this site and elsewhere almost always revolve around avoiding it - how to avoid being required to ...
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Auto premium increasing with aging vehicle and no new tickets
I have just received a new auto insurance bill for the next six months for my comprehensive insurance. It is about 8% higher than the previous six months whereas I have had no new moving infractions ...
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7
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Do I need life insurance if I can cover my own funeral costs?
I'm fairly well off and could cover the cost of a funeral out of personal savings and investments. I'm also single, in my late 20s, and live alone. Unfortunately, my family (parents and siblings) aren'...
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How can life insurance possibly work as investment?
Every here and there I hear about the following investment option: There's an insurance company that is willing to take my money and hold it for some very long time (like 5 years or more) and then ...
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How does retroactive COBRA coverage work?
I'm voluntarily leaving my job at the end of this month for a new position in a couple of weeks. At my new job, I have health care coverage effective my first day of work. My current coverage ...
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Why do people take out life insurance on their children? Should I take out a policy on my child?
I've always found those flyers that the schools send home in September contemptible. But maybe I'm the one in the dark...?
If the purpose of life insurance is to replace a wage-earner's income in ...
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Health insurance coverage canceled due to mistake. Can it be corrected?
My medical insurance coverage through my spouse's employer was terminated because my spouse mistakenly checked the wrong box during the annual open enrollment.
I've been on my husband's insurance ...
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Is it rational to buy insurance if I have the same sum in a savings account?
I considered to buy a house-contents insurance. The total value of the contents is quite small, say X. Meanwhile, I have X in a savings account, that I can withdraw at any time. I am not sure whether ...
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If I let a friend drive my car for a day should I tell my insurance company?
If you have a friend visiting from out of state and you let them drive your car to a museum or something, as a one-off thing, I think it's a little impractical to let your insurance provider know that ...
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Is it true that car insurance can go up if a member of your family gets a license?
I was told that because I live with a parent, if I were to get a drivers license, their insurance payments would be higher, even if I'm not actually on their insurance.
Is that true?
How would the ...
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How much should I fund an HSA? Is there a danger in over-funding one?
I'm reviewing my options for health insurance during open enrollment and one of them is a HDHP/HSA option. I hear these are best for young people without chronic conditions etc. I think I fall into ...
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Was my insurance technically cancelled?
A few weeks ago I received a cancellation notice effective two weeks from then for my home insurance because of a single occurrence of a lack of funds. I immediately paid the balance due and had the ...
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What to do with expired cards (credit, debit, insurance cards, ...)
I wonder if it is safe to throw away expired cards (credit cards, debit cards, health insurance cards) with name and card/account/ID number as trash. Even if other people have them, will they be able ...
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Why should I invest my money in a life insurance policy?
As i am 24 now i get lot of calls from lot of insurance companies asking to take up an insurance policy.... So i decided to get answers for some of my questions in basicallymoney...
Why should i ...
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6
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Do insurance rates depend on credit scores?
When reading up on credit scores, I came across this article. It contains this paragraph:
A bad score can become a black mark that leads to missing out on the home you want (credit checks are a ...
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9
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If you have insurance of some kind, and you are in an accident, does that mean that they increase your monthly fee?
I've always been confused by things like this:
Joe has his car stolen or drives it into a wall by accident, or some other kind of accident happens which "goes on the insurance".
Joe gets ...
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2
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Insuring a girlfriend's motorcycle
My girlfriend has a motorcycle that she bought a few months ago with a loan (she put down $2k and now her payments are ~$82 a month).
A few months later, she realized that she cannot keep the bike ...
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3
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When does it make sense to cancel collision and comprehensive auto insurance?
I have owned my car for about 8 years now and have had collision and comprehensive auto insurance the whole time. The starting value of the car was around $20K. The trade-in value is currently ~$6K (~$...
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Does the following kind of retirement product exist?
Say I am 65 and want to retire and I have saved up $1 million over my lifetime. I also want to use this money up before I die because I have no heirs. Let's say the average life span of humans is 85 ...
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Why is the mandated minimal liability car insurance coverage so high?
All over the world, you need car insurance that covers the damages you do to others. In Austria and Germany, this insurance has to cover at least 7 790 000 € of damages. Isn't it a bit high?
This ...
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Universal Life Insurance or Term Life Insurance?
I am new to this website and asking for your help with a situation related to my personal finances.
I have a friend who recently joined WFG (World Financial Group) and they were asking for me to join ...
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3
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I got a USPS insurance check today for a package I got yesterday
So there was a USPS package I was supposed to have gotten on Sept 1, per Informed Delivery. I waited several more business days, just in case, and then went to the post office to ask about it and they ...
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8
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Buying insurance (extended warranty or guarantee) on everyday goods / appliances?
I have a practice of never buying insurance except when the law demands, such as car insurance, or when the loss would be too great to bear, such as house insurance, and this policy has saved me a lot ...
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What are the practical implications of buying a house in a high Earthquake risk area?
I am purchasing a house in Indio California, that is described as being in an high risk Earthquake area. That sounds scary but the actual stats for the area are less so:
Nearest Earthquake: 2.9 ...
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How to best insure my phone?
I just bought a smartphone. Family plan with wife and parents. The salesmen were trying to push an insurance plan, but with just a quick look down the exclusions it's pretty restrictive. At $8 per ...
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What's the incentive for an at-fault driver to respond to a third-party claim?
I have filed a third-party claim worth about US$3,000 with the at-fault driver's car insurance in California.
The other driver has been unresponsive to the adjuster. If this continues for another ...
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The doctor didn't charge the health insurance in time, am I liable?
I got a bill for an emergency room visit for one of my kids. It was the weekend and that was where the insurance told us to go. Luckily no stitches needed. Fast forward 7 months and I get a bill ...
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Annuity money is not insured?
I am thinking of buying an annuity. I am worried about the following words on the contract. Is it the standard way of an annuity? If something goes wrong, will I lose ALL my money? I am in the USA.
...
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How does a tuition insurance payment affect 529 withdrawals?
Qualified college tuition and expenses were paid from a 529 plan in 2014. The school sent a 1098-T and the 529 plan sent a 1099-Q and everything was fine on my 2014 taxes.
In 2015 my child has left ...
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7
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Should I get renter's insurance?
I'm thinking about getting a renter's insurance policy. Here's my question: What should I consider when deciding to get it or not? Edited to add: Is it a good idea to get renter's insurance?
I'm ...
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Am I supposed to buy insurance when renting apartments in the US?
Are tenants supposed to have some kind of rented property damage insurance? What are the customs in the US?
In other words: should I find an insurance company that covers expenses if I damage anything ...
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Why does my car insurance premium go up when I remove my wife?
I was messing around with my car insurance policy to see if I could get my premium to go down a little bit, so I was just curious; How much is my wife making my premium go up?
As it stood, my ...
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Do I need ID theft Insurance?
Identity theft insurance?
Dave Ramsey says yes. Consumer reports (CR) says no.
The complication is that Dave recommends an identity theft insurance from Zander Insurance, where as CR says to say no ...
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4
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At what age should I consider buying long term care insurance?
An oft overlooked, but important insurance product that has the ability to protect us from a reasonably likely and fiscally devastating event, Long Term Care insurance seems like something I am out to ...
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How can rebuilding a city/large area be considered an economic boost?
After the Sendai earthquake, news sites say that rebuilding the city will be an "economic boost" for Japan. Okay, great for construction companies, but the government and insurance companies are ...
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