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Is Insurance Becoming Virtually Pointless..


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I think if most people looked in detail what they pay per annum in insurance it will be way to high, a friend of mine saved himself £400 recently by shopping around and correctly inputting info.

 

Most insurers these days charge high renewal premiums and have that many get out clauses on things they are likely to have to pay out on, they are vitually worthless.

 

A friend of mine cannot get travel insurance because he has a serious illness, the sole reason is there is a good chance he will actually make a claim...........so whats the point.

 

Are you over insured or do you agree with these parasites???

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I think if most people looked in detail what they pay per annum in insurance it will be way to high, a friend of mine saved himself £400 recently by shopping around and correctly inputting info.

 

Most insurers these days charge high renewal premiums and have that many get out clauses on things they are likely to have to pay out on, they are vitually worthless.

 

A friend of mine cannot get travel insurance because he has a serious illness, the sole reason is there is a good chance he will actually make a claim...........so whats the point.

 

Are you over insured or do you agree with these parasites???

 

You have to take out some types of insurance, by law, eg 3rd party motor insurance.

 

You sometimes have to take out insurance as a condition of a contract, eg buildings insurance as a condition of a mortgage, or holiday sickness insurance as a condition of a package holiday, or professional indemnity insurance associated with your business.

 

The rest is up to you. You can weigh up the likelihood of something happening and how serious and costly it might be against the cost of the necessary insurance. My view is that if I can afford to put my hand in my pocket and pay to replace/repair/resolve the problem, then I will not bother with insurance. However, if the potential cost of recovery from such a problem might be prohibitively costly, then I'd insure against it. I'd be paying for peace of mind, and in some cases insuring against risk of bancrupcy.

 

The insurance companies have to make a profit, so there will be a cost. I'd still shop around, though.

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Has there ever really been a point to Insurance (other than making a loss)

 

By taking insurance, you are basically gambling on the fact you will break, lose / have something stolen

 

Insurance companies run a business (and a very profitable business), they aim at taking more money in than giving it out (this is a good business model for any company)

 

Rather like placing your bets on all the numbers (apart from a few), insuring your self is affectively the same model

* There's a fairly good chance that I will break / damage / get this stolen

* but for every year that I don't, I have lost lots of money (when you lose gambling this way, you lose it all)

 

- Insurers are effectively acting like the "house" when gambling

 

I've never particularly liked insurance companies (regardless that my partner worked for one ... grrr). But in some cases, you have to air on the side of caution

* what happens if I hit a car that I cant afford to pay for => That nice porsche 911 that keeps parking over my drive way for instance :)

- In these cases , it become obligatory by law :( (and the house wins no matter what you do)

 

Where I can, I avoid any sort of insurance and save the money that I didn't spend on insurance to insure my self (paying for the item again in the future if I need to)

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I think if most people looked in detail what they pay per annum in insurance it will be way to high, a friend of mine saved himself £400 recently by shopping around and correctly inputting info.

Everyone should shop around to find the best deal

 

Most insurers these days charge high renewal premiums and have that many get out clauses on things they are likely to have to pay out on, they are vitually worthless.

You should always read through any policy before taking it out. This will ensure you do not fall breach of any exclusions.

 

A friend of mine cannot get travel insurance because he has a serious illness, the sole reason is there is a good chance he will actually make a claim...........so whats the point...

Can you blame them? Your friend is high risk and likely to cost them thousands in costs.

 

If you don't want insurance then don't get it. If this means you can't drive a car or buy a house then tough. Simple.

 

jb

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