The media scares us about somebody stealing our belongings, crashing our cars… I say to you, what is wrong with not having those belongings? What is wrong with cycling, walking, taking the bus, or at least not driving the fancy car and instead driving an older car if your newer one is lost? Is it really that scary? Maybe it is… I met somebody the other day who got a car repossessed only to go finance another vehicle the next day… why would the new bank underwrite that loan!?
Working in the insurance industry for almost 10 year, I learned it is the culture to get everything by means of financing (instead or truly earning it) and take no responsibility for yourself that makes us give so much money to the insurance industry. This has started a frenzy of insuring everything. We must just have it all, and everything has become indispensable and we give our material belonging so much importance that we go as far as insuring it (isn’t that crazy?)
Isn’t it crazy the State of Texas makes us buy auto insurance (its worse in other states)? Why can’t we simply be responsible for somebody if we cause them injury? I know.. it’s difficult to process when your next door neighbor can’t think beyond next month’s bills (half of that is insurance bills!)!… This is why the State makes have insurance.
The reality is that you will never beat the insurance companies. Insurance companies are in the business of making money from selling insurance. The only way to come out ahead is by not having a desire to buy insurance. At the very least, minimize the need to purchase insurance for the true life changing situations like a fire that totals your house, health insurance with extremely high deductibles, and a term life insurance policy when you need it. This is my personal opinion. Not many agents dare to say this.