3 Types of Insurance You Need

by Kristina on July 9, 2015 · 2 comments

types of insurance, insurance policy, choosing the right insurance

Good morning Dinks.  Let me ask you a question, how much do you pay for insurance each month?  If you’re like most of us you probably pay the basic home and auto insurance which of course are both very important to have, but that’s a very general statement.  The question we really need to ask ourselves is which type of insurance do I need?

Collision and Theft Damage Car Insurance

I am a huge fan of The People’s Court, I could watch Judge Marilyn Milian all day long.  There are basically three types of cases that come across the judge’s desk: Tenants vs. Landlords, Dog Owners and Car cases.  Sometimes the car cases are regarding the purchase and sale of a car, but very often they are about damages when someone hits another person’s car.

As I understand it drivers are only required to have liability insurance which covers the cost in case they physically injure someone.  However that doesn’t cover any theft or damage if the car is in a collision or stolen.  I know it costs a bit more to have full coverage on your car but trust me the premiums are probably a lot cheaper than a law suit.

Pet Insurance

Oh yes this is a thing, people insure their pets just like they insure their kids.  If you’re a pet owner you may want to look into this if you don’t already have it.  Just out of curiosity does anyone have pet insurance?  I am not sure if pet insurance covers the loss of life on your furry friend, but it definitely covers medical expenses.

One of my friends has the worst luck when it comes to pets.  Actually I should say that his dog has the worst luck.  In his short 8 years of living he’s broken his back twice and his leg three times.  All together my friend has racked up over $20k in medical bills on his beloved dog.  Thank goodness for pet insurance.

Travel Insurance

I know this may seem like an added cost to an already high expense, but trust me travel insurance is worth it.  The variety of coverage can range from replacing the items in your bags if the airline looses your luggage to covering the costs of a hotel in case your flight is delayed or cancelled.  It may seem silly but the first time you arrive at your travel destination without your bags you’ll be thankful you have to buy it – even if it’s just to cover the costs of a toothbrush and underwear.

I’ve lost my luggage twice and had my bags delayed once in the last two years.  Now I keep a pair of underwear in my carryon at all times.  Surprisingly no one from security has ever called me on it.


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{ 2 comments… read them below or add one }

1 Clarisse @ Make Money Your Way July 9, 2015 at 9:56 pm

The big mistake that I had made is when I didn’t get a motor insurance. One night, my motorcycle was gone and we couldn’t find it anymore. The worst thing was that I need to pay the remaining amount of my motor debt.

2 Cassie @ Greener Money July 12, 2015 at 10:40 pm

I completely agree on the travel insurance! We booked a two week cruise for September, only to find out a few months after we booked it that I was pregnant! You can’t cruise past 24 weeks, and I would have been about 32 weeks at the time of the cruise, so we had to cancel it. Fortunately, the cruise line had a generous cancellation policy (at least 75 days out you got a full refund), and we got all of our money back. But I can’t help but think, what if we weren’t able to get our money back? We would have been out $3,000+ because we were trying to save a couple hundred on travel insurance.

We just booked a short trip for September to go on instead, and definitely got travel insurance this time. The peace of mind is worth the cost of the insurance!

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