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?
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.
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.
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.
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.
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.
Jane S 