Insurance is something that everyone needs to protect themselves. It includes policies for their home, car, life, health, boat and other types of recreational vehicles. However, consumers are continually inundated with insurance options and extended warranties on everything from tires to TVs. The following are just a few of the types of insurance that can be a waste of money.
Rental companies typically have minimal coverage on their vehicles. In most instances, a driver’s own insurance policy will cover rental cars. If not, rental insurance may be a good idea, but costly.
Accidents and injuries do occur and veterinarian bills can be expensive. Pet insurance requires individuals to pay the entire bill up front and only then will the insurance reimburse a portion of the cost. These policies carry a long list of exclusions.
The amounts are generally not large for extra protection, but collecting on the warranty can be a nightmare. The product typically must be returned to the manufacturer or insurer, not the store where it was purchased – and there can be a significant co-pay involved.
Identity theft is a problem, but federal law limits liability from credit card fraud to $50 if the loss or theft is reported promptly. Report a missing debit card within 2 days and the liability is $50 – wait any longer and individuals may face unlimited liability for fraudulent charges.
Children’s Life Insurance
Unless parents are trying to lock in a rate for when the child is older, children get along fine without the coverage. Parents can take what they’d spend in monthly premiums and start an education fund or use that money for death expenses if the unthinkable happens.
Credit Life Insurance
This is something that’s often included in loans for a car or mortgage. It pays the remaining balance if the loan holder dies. That money goes to the lender, not the family of the person that received the loan. It’s a purely optional purchase. It may automatically be written into the loan paperwork, but it’s illegal for lenders to do so.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
We can be found on Social Media at the following links.
The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487