Monday, August 20, 2007

The Truth About Insurance

No, it won't set you free. Gone are the days of low deductible insurance where everything you screw up is taken care of and your friendly Allstate man is there with his big ass hand to let you down safely. Not to pick on any one company, but the Rock is not such a solid place anymore.

As they tought me in that mysical place known as college, you might not want to report each and every loss that comes you way. Whenever you report a loss, you have to pay a deductible and generally your premium goes up..forever. So, I won't be reporting this loss. As a general rule, I insure against high magnitued, remote risks. The higher the magnitude, the more likely I am to file a claim. This is something I will probably do 5-10 times in my life. With 10 being a reall high number. (and yes, i'm knocking against the desk right now) However, for some low grade criminal crap, I probably will "self-insure" which means I'll eat the loss and keep paying my relatively low insurance premuims.

probably more than anyone wanted to hear on that, but people keep thinking my insurance will pay and that just ain't so.


Ally said...

I've reported several losses that were not my fault, and my premium (thankfully) did not increase. Maybe you need to check out Farm Bureau:)

cdp said...

I do so adore you, and your complete inability to spell.

I'ma not get off on a rant, since we all know what happens when you and I get off on one of our insurance tangents. Between your accounting background and my litigation background, it always seems to end up in me having one of my little tortious moments.

ps I don't want to go back to that place without you guys. you know what place.

smooches to wifey -