So you think insurance is wasted money, think again!

Pagani ZondaWhile insurance may seem to be a burden to most people, it does have moments of significance that is usually only noticed when certain situations arise. Five important insurance claims are explored, including car problems, fine arts, pet insurance, natural disasters and the 9/11 financial burden.

Auto insurance holds a huge significance that should not be taken for granted. Back in 2007 in the UK, a car shopper took out a Pagani Zonda for a test drive which is worth £500,000, with only ten of the cars produced in a year. During the test drive, he was involved in a crash. He filed for an insurance claim worth £300,000, enabling him to pay for the repair of the car which was especially sent back to Italy.

If you have an artwork worth thousands or millions, having insurance would be of importance for you. Take for example the paintings of Joseph Mallord William Turner which were stolen in 1994 in Frankfurt, Germany. These were on a loan from the Tate Gallery in London. Because these paintings were insured at Hiscox, a British insurance company, a claim of £24 million was made.

Most pet owners do not see the significance of having pet insurance though it is necessary especially with the attachment that they have with their pets. Trupanion, a medical insurance company says that pet insurance can save you money. In 2010, a claim was made which amounted to $22,000 for the renal failure operation of a mixed breed cat. The owner was very grateful for having the much needed coverage.

Natural disaster claims have been skyrocketing which was proven by the disasters that recently happened to Australia. During the flood in Queensland, around AUD$2 billion claims were made, where 43,755 claims were filed according to Australian news. Most of the claims were for residential properties, where an average of $45,000 was seen per claim.

During the September 11 attack on the World Trade Center in New York, around 40 to 80 billion dollars were claimed not just for U.S. residents but also for worldwide claims, according to The Guardian U.K.

These situations point the importance of being insured, especially during unexpected situations, it’s good to be prepared!

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