There are a lot of insurance policies on the market, and it can be challenging to determine which ones you need. Many people purchase policies that they don’t need, which can cost them a lot of money in the long run.
In this blog post, Family First Life – Strong Tower & Hammer Lane Consultants will discuss some of the most common insurance policies that people purchase but don’t need.
Insurance for Rental Cars
If you’ve ever rented a car, you’ve most likely been subjected to a sales pitch on the advantages of rental car insurance. These plans, which generally cost roughly $20 per day, are intended to cover you in an accident or disappearance of your rental car.
It may appear to be a small sum to pay for peace of mind, but the chances are that your current auto insurance policy already protects you from any rental car damage.
It’s generally a waste of money to pay more for rental car insurance unless you don’t have any other coverage.
You are aware that you require health insurance to cover primary medical treatment and any serious health concerns that may arise, but do you need the same coverage for the family cat? Some pet insurance policies only cover emergencies, but others include routine check-ups and prescriptions.
This insurance can cost between $10 and $100 per month without including your deductible or co-pays. Paying for routine treatment out of pocket is the less expensive alternative if your pet is pretty healthy.
Plans for Extended Warranty:
Extended warranty plans are available for almost every purchase, from high-end televisions and gadgets to smaller products like children’s toys. These plans cover the cost of fixing or replacing the item after the expiration of the manufacturer’s warranty.
Depending on what you buy, coverage might range from a few dollars to several hundred dollars. It all comes down to what you’re buying and whether or not you need an extended warranty. If the insurance cost is more than the repair cost, you should save your money.
Credit Card Protection:
If you have at least one credit card, you have most likely received a letter urging you to register for credit card insurance. This insurance will settle your debt if you cannot make your payment due to an injury or loss of employment. Some plans even guarantee that the company will pay the entire sum if you die or become permanently handicapped.
Credit card insurance appears to be a good deal because it typically costs approximately $1 for every $100 of your balance. Still, if you’ve accumulated a lot of debt, you might be wasting money that would be better spent paying down your balance.
Insurance for Cell Phones:
You spend $300 on the most up-to-date smartphone, only dropping it and breaking the screen two days later. You’re glad you pay a few more dollars each month for cell phone insurance, right? No, not always. These plans only protect your phone if it is lost, stolen, or broken, but it may not be worth it if you do not use it.
If you want to invest your money in some essential insurance policies, we are here for you. Family First Life – Strong Tower & Hammer Lane Consultants in Chico, Texas, offer dependable insurance, retirement programs, and secure money investments. Our products ensure that your family is always safe and never goes through a financial catastrophe.