Insurance can be exceptionally useful for helping to bring you peace of mind and assisting you in case catastrophe occurs. However, just because it can be handy doesn’t mean that you need every form available.
It is important to have a look at the types of coverage you have so that you know that you’re not buying coverage for something you don’t have or need. Some of the main types of coverage that many people don’t need include the following:
• Rental car insurance – though the agents at the rental car company may try to push their insurance on you, you may not necessarily need it if you already have full coverage with your own auto policy. If you have good coverage on your own car, the odds are that it will also extend to a car that you rent. Make sure to look into your policy before you travel so that you will know whether or not you need to buy that extra insurance.
• Fraud insurance for credit cards – some companies are selling insurance against fraudulent charges on credit cards that have been lost stolen, or that have the number used by an unauthorized individual. That said, federal rules require that credit cards automatically come with a significant amount of protection so that credit card holders will not be liable for fraudulent charges to their accounts. Ask your credit card company to make sure before making a decision.
• Insurance for a specific disease like cancer insurance – some illnesses are known to be associated with highly expensive treatments as well as great costs to personal finances such as having to take time off work, and some companies are offering insurance specific to some of those diseases, such as cancer. Though this can help to defray some of the costs of an illness, it is usually considered to be unnecessary for individuals who already have health and life insurance, but if you don’t have disability insurance you may want to reconsider this type of coverage. Since the nature of these types of plans pay the policy holder and not the doctor, this can be a supplement to your income when out on sick leave.