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Danilo_G
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Discussion » Questions » Finance » Is there an insurance policy or are there insurance policies that you've had for many, many years that in retrospect were a waste of money?

Is there an insurance policy or are there insurance policies that you've had for many, many years that in retrospect were a waste of money?

For instance, you paid premiums for five, ten, twenty years or more, never filed a claim and never received much in return?



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Posted - October 12, 2016

Responses


  • 7919
    I haven't filed a homeowner's claim in more than 10 years, nor an auto claim in 15 or so. I wouldn't call them a waste of money, though, because I know darn well if I would have dropped coverage, I would have needed the policy. 
      October 12, 2016 1:08 PM MDT
    1

  • I have never regretted having auto, home and medical insurance policies.  It has seemed in the past that some dental insurance is more trouble and expense than benefit.  We've had to "fight" to get reimbursement many times for very little return.  I also wonder about travel insurance... which usually has so many exclusions .. it's barely worth buying.
      October 12, 2016 2:08 PM MDT
    1

  • 3523
    In my lifetime, just quickly in my head I estimate that I've paid more than $100,000 for car insurance.  I totaled one car and was reimbursed $12,000 for it.  I dropped my homeowner's insurance because they raised the rates and I only had one  $3,000 claim after the 2004 hurricane season.  My health insurance has come in very handy especially since you get gouged by doctors and hospitals if you don't have an insurance company looking our for their own best interest.  
      October 12, 2016 7:06 PM MDT
    1

  • 9778
    All insurance is a gamble. The only insurance that I consider a waste of money is extended warranties.
      October 13, 2016 1:32 AM MDT
    3

  • I have to agree about extended warranties.
      October 13, 2016 8:46 AM MDT
    1

  • 52903
    Industry insiders (regardless of which industry it is) have admitted off the record that warranties are nothing more than money-making platforms for lining the coffers. 

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      October 15, 2016 3:52 PM MDT
    0

  • 2217
    Health insurance; the price just went up and up until it was obviously soon to be unaffordable. I could have saved the cost of most treatment in the time.
      October 13, 2016 1:53 AM MDT
    1