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Insurance

Kim needs insurance! But here are 4 types you don't...

July 6th, 2014 by

Even Miss Kardashian could perhaps go without these...

 
 
 

Did you hear, did you hear? Kim Kardashian’s assistant crashed her $300,000 Rolls Royce reversing it into a mailbox. The repair bill could come out to upwards of $20,000. 

Kim, the generous soul she is, has decided to forego claiming damages from her assistant (best boss ever!), but then she likely has the insurance to cover it. 

Wouldn’t you? Quite likely - especially if you pulled in $10 million as Miss Kardashian did last year. However, on perhaps a slightly more limited budget, you may want to be more careful when it comes to which insurance policies you choose and which you refuse (okay - a $300,000 Rolls Royce will probably always get a ‘choose’).

4 types of insurances you can forget about (or at least carefully consider first)

  1. Identify theft insurance

In 2009, the Canadian Anti-Fraud Centre filed identify fraud reports from 11,095 Canadian victims, representing $10 million in lost funds (that’s nothing - America saw 11.1 million victims totaling $54 billion in lost funds the same year). Identify theft insurance won’t necessarily cover the funds you lose through the theft - only the expenses you accrue dealing with the fraud, according to MSN News. Where insurance companies may charge between $20 and $100 a year, plus an additional $100 to $1000 deductible per claim, some credit card companies and credit agencies offer the service free of charge (or for significantly less). Check around before signing up.

  1. Extended warranties

You may be tempted to buy into the extended warranty on that big household purchase, but hold up - those warranties can cost between 15 and 25 percent of the purchase price, according to CBS News. For something you may not end up using, it might not be worth it. Consider this: According to Investopedia, profit margins on extended warranties are 70 percent, compared with just 10 percent on the products they cover. One 2004 Consumer Reports study suggests that, of some of the most common buys, repair rates vary from just 5 percent to 37 percent. Desktop PCs have a 37 percent chance of needing repair while 25-27 inch TVs have just a 5 percent chance of needing repair. Consider your options, find out how much a common repair would cost compared with how much the warranty costs, and weigh out the alternatives.

  1. Pet insurance

Pets are a part of our families - but insurance policies don’t always reflect that. Some plans offer “emergency only” while others offer “full coverage” that might include some medications and regular check-ups. However, you’ll likely still have to pay for dental, grooming, and certain conditions and illnesses on your own. According to The Business of Urban Animals Survey published in The Canadian Veterinary Journal, only 2 percent of cat owners and 4 percent of dog owners had pet insurance - and only 40 percent felt it provided peace of mind. Just 46 percent felt it provided financial protection and only 51 percent said it protected against the risk of expensive pet medical bills. And should you choose to forego pet insurance altogether, consider this: 80 percent of all pet owners felt they could cover the costs without insurance.

  1. Wedding insurance

Getting hitched? That’s great - just don’t get hitched to unnecessary costs. You might feel some security knowing if anything goes wrong come the big day, wedding insurance can cover the costs - but if you charge some of those wedding day expenses to your credit card, you can often still recoup any lost costs. Book through reputable companies to minimize risk and insure wedding rings and gifts under your existing homeowner’s insurance wherever possible.

Insure your finances

Surely insurance is critical in many instances (right, Kim?) but before you sign on the dotted line, consider other options and do your research. Insurance is a business first and foremost, but if it doesn’t actually insure you against your greatest fears, it might not be worth it. Always make sure to read the fine print… that’s always your best protection.

 

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