We all know we need insurance and probably have all the standard ones in place – homeowners / renters, auto, and umbrella. But it’s those special ones that are in question for us. I am referring to travel, car rental, pet, extended warranties, home warranties and more. We think we don’t need them, but do we?
We just booked a vacation and we have the option to add travel insurance for a reasonable fee. Do we do it? Is it a waste of money? Fortunately, we don’t have to make this choice for a few months. In the meantime, I wanted to share with you my initial research.
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Reasons you might need the coverage
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Reasons you might NOT need the coverage
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Travel / Trip Insurance
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Non-refundable vacations
You are taking an expensive vacation with lots of opportunities for losses
Your health insurance will not cover you where you are going (anything from a doctor’s visit to medical airlift)
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Your credit card that you booked your vacation with gives you the insurance coverage you need
If your travel plans are refundable / changeable without or a minimal penalty
You can financially afford the cost / loss
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Car Rental
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If you don’t own a car and therefore don’t have auto insurance
If you are going to a location that your car insurance will not provide you the coverage
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If you have this coverage on your current auto policy and it extends to your rental car
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Pet
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If you are the type of person that would do anything for your pet, regardless of the cost
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If you can afford to pay for the services
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Extended Warranties
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If you want peace of mind knowing that your electronic device is covered
If you are a person that tends to lose, break or damage things
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If your budget can handle the cost of replacement on short notice
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Home / Car / Appliance Warranties
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If you want peace of mind knowing that you are covered
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If the cost of the insurance is more than the cost to replace / repair
If your budget can handle the cost of replacement with short notice
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As you can see, I have suggested many things for us and you to think about before you make your own choices. Let me know any thoughts I have omitted and what helped you decide.
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