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Old 11-16-2012, 08:27 PM   #53
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Join Date: Feb 2008
Location: Philadelphia
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Originally Posted by Wolrab View Post
Of course. Health insurance costs far more than the claims. However, I'm currently employed, so health coverage is part of my compensation package. My employer (like most) has engaged a health insurance company to do the administration, but the bills get paid directly. There is no insurance. Most companies have this attitude, although when it comes to individuals, I admit I'm in the minority.
In my experience.. no, it does not. My personal health issues aren't *that* bad and I'd be spending well over $200k/year without insurance contribution. Medications alone would be valued at around $50k in my case.

Now on average you won't need to make many health claims when young and may make quite a few when older. But unless you're nostradamus and know exactly what problems you'll have and how much they'll cost, I'd prepare for the worst. I would also much prefer having a policy to cover any kids I may have in the future - especially since those early years can be quite unpredictable.

Originally Posted by Wolrab View Post
I have total peace of mind. If the car gets smashed I'll buy another one. For me it's a probabilities game, and if I happen to lose, I can afford it. If you can't, then you should get insurance.

Remember that insurance companies make money. What they collect in premiums exceeds what they pay out, so over a long enough period you're better off without it. Same goes for extended warranties.
Personally I think being able to cover any damage you cause to others is the bigger issue. Those costs can really spiral.

An umbrella policy is great for such things, but to be eligible for the $5M+ policies, you need to have a decent base coverage (at least in my state). At that point collision coverage isn't that much extra (especially if you're over 25)... so I don't see the point in not having auto insurance.

Last edited by TerraPhantm; 11-16-2012 at 08:33 PM.
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