What Insurance is a Waste of Money?

Which Insurance Policies are a Waste of Money?

What Insurance is a Waste of Money?

Determine if you should be cutting back on your plethora of policies.

Some types of insurance and financial protection are not only smart but legally required. Illinois requires some sort of vehicle insurance. And, recently, health insurance has made the list as well thanks to the Affordable Care Act. Other coverages just make sense, such as renters, home, and flood insurance.

However, there are some forms of protection that may not make financial sense to you. Read on for more coverages that you should think twice about.

  • Collision coverage if you have an older car with monetary value.
    If you have a $1,500 collision deductible on a vehicle that’s worth $1,000, you’re basically paying for insurance that’s not going to pay you when you need it. You may opt for a lower deductible, but that will raise your monthly premiums. For older cars, collision coverage may not be worth purchasing.
  • Extended warranties
    Whether you’re buying a TV, computer, or hedge trimmer, a salesman will often offer an extended warranty to add onto your bill. In most cases, you don’t need it. Products rarely break during the two-to-three-year period after the manufacturer’s warranty and service plan expires. The repairs can cost less than the large amounts you are paying for the warranties.
  • Pet insurance
    This is a tough one because most people consider pets part of the family, veterinary bills can be high and insurance can be a good call in certain circumstances. Talk to your veterinarian and insurance agent to view your possible policies.

Before you cancel your policies, contact the insurance professionals at Abbate Insurance. As experts in the industry, we can streamline your coverages to suit your needs and budget, all within the New Haven area of Connecticut. Contact us today to get started.