Insurance

66Mustang

Just a light topic I thought would make for good discussion.

These days you can insure almost anything from the obvious like your house or car; to your phone and laptop; central heating/boiler; appliances like washing machine, fridge or oven; and even clothes and shoes.

I am wondering what sort of things people choose to insure and why?

I am of the opinion that insurance companies exist to make money, so on average, you will lose out by buying insurance and are better off putting the money into an emergency savings account and using that money to get things repaired or replaced.

Exceptions to the rule are the car - a legal requirement, and the house, as we couldn’t afford to replace that!! I think if I was in work I would also have some sort of insurance for my salary against getting injured or long term sick, especially if I was self employed or in certain jobs. Again this is because I couldn’t afford to “replace” that (I don’t have several weeks/months of earnings saved up).

I think the general rule for me is: if I can afford to replace it, it doesn’t get insured. If I couldn’t afford to replace it, I insure it.

However that is just my opinion and I am wondering what others do and why.

janer1967

I am with you on this most of the time even if you do take out the insurance there is something in the small print that means they don't pay out 

Lots of people insure pets to avoid massive unexpected vet bills as well 

Medical cover can also be an important one if you can afford it some cover dental and glasses etc as well as payment for hospital appts and stays in hospital and for quicker private consultation 

66Mustang

@janer1967 good point, I forgot about medical cover, I pay monthly for 2 dentist checkups a year but that also has some insurance built in so if I get a tooth issue they fix it

I made use of that when I had a fall and broke some teeth and it was something like £1000 a tooth I would have had to pay if I didn't have the cover, so that was worth having

If I could afford it I probably would have health insurance, not just for teeth