Is it a Good Idea to find Insurance for Things

Is it a Good Idea to find Insurance for Things that haven't ever had it Before?

When someone mentions buying insurance to you, you probably think of insurance for your health, your home or your car. The insurance industry, that's been trying to expand its business, has been busy these days attempting to tap into the fears people have of being surprised with sudden expenses for something or the other that could get damaged, that could fail, or get stolen. Just imagine, they tell you - what if your cell phone falls under a bus, what if your pet gets bitten by another dog? All of that is going to be an unforeseen expense that could completely upset your plans for the month. Don't you want to find insurance for little peace of mind here? Perhaps you do; and perhaps you don't.

It doesn't matter what kind of unforeseen problems you might be dealing with - it could be insurance for the price of a vacation you just bought (they'll make you whole if you find that you can't make it), it could be the $5000 it costs to help your pet with his tumor. They promise to help you. Pet insurance companies are actually doing booming business - there is a 5% rise each year in the number of people who take these policies out. And about one in four smartphone owners has insurance too. It's practically impossible these days to go out and buy anything without being offered insurance for it. Insurance companies have just discovered a wonderful way to milk you for little more money at practically no cost to themselves.

The thing is, to find insurance for your cell phone or any of these other things doesn't really save you money. It's easy to add it up. You pay about $6 a month to insure a smartphone. When you actually lose your cell phone and put in a claim, there is $100 deductible. And they don't even cover damage to your phone that might occur when you drop it or something. They only cover you when you completely lose the phone or drop it in a bucket of water. If you lose your phone one year after you start your insurance policy you'll be out $172 to claim the $200. Why is this worth it?

You know what it feels like to go find insurance for your health and then to have them give you a hundred exclusions for what they won't pay for, don't you? It works out no differently with pet insurance. Most pet owners actually consider their pets to be part of their family. There are reports of families that have actually been bankrupted taking care of their pets. Does that make it a great deal to get insurance for your pet? To begin with, their co-pays, premiums and deductibles can set you back hundreds of dollars every year. And then, they have a very low ceiling for reimbursements. And the regular.visits to the vet your pet needs to stay healthy? They don't cover that.

A far better idea to try to find insurance for these things would be to just safe money yourself. They call it self-insurance. You act as your own insurance company.

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