Am I a Chump??

Would you rather piss away all that money in premiums, or have to replace a burned down house out of your wallet, or trying to find a way of pinching out gold bricks to pay for a malpractice suit...or perhaps to be injured in such a manner that you would actually need to cash in on some of that stuff?

Better to be a healthy man sitting on a stack of premiums than a poor disabled man with a lesbian wife looking at a stack of bills you can't pay!

 

No mate you are not a chump, it is nice to know that if anything should happen you are covered for it.

 

You can always lop off your leg to stick it to the man!

 

Well if you are - I am as well.

Never made a car insurance claim, nor hospital (outside the kids normal visit copay stuff), nor house claim or personal property...

I decided a few years back to raise my deductibles as high tolerable on my Car, home. and personal propert to lower the premiums.

My thought is unless it is more than 4 or 5K - I won't claim it anyway. So I raised the deductibles accordingly. Which lowered my insurance costs considerably.

I also know of many people that self insure - not including personal liability (umbrella) - not sure of all that is involved in self insuring...

Rich

 

It was on Craigslist.

 

Nope. I was trying to impersonate Arlie.

 

Yes.

Oh wait, I just read the rest of your post. Insurance is a gamble. They are betting the odds are you won't make a claim. They'll happily take your money and invest it to make themselves millions. You can self-insure and invest that money yourself if you can absorb the cost of a loss or liability suit.

You said you've paid 100s of thousands in premiums and never had a claim. The insurance companies won with you. You proved to be a good risk. Suppose during that time however you turned a blind corner and hit a young mom pushing a baby stroller or the UPS guy busted his ass on your front porch and broke his back or your house burned down? The premiums are looking pretty cheap now.

As far as life insurance, that my friend you are paying for and will never personally see any benefit out of.

 

The ONE time I did not take the extra insurance out on a rental car, I got in a wreck (Took the door off in my paraents driveway on a Juniper bush!). It's all about Murphy's Law! You are no chump, you are a responsible individual.

 

Are you really feeling bad that you've never had enough misfortune to exercise your insurance policy?

Look at the other half of the glass. And buy a damn Ferrari.

 

You're not a chump at all probabilistically. You'd be a true maroon if you were mouth-breathing enough so that you didn't even think of stuff like this on occasion. Ignorance is not bliss.

That said, now that you've thought about it, go do something to distract yourself, like work on the house or rebuild a carb.

 

So you're honest. My wife and I were just talking about this yesterday. Someone broke into our garage and stole about $1000 worth of stuff. Well, guess what our deductible is? I know people who have abused situations like this in the past, and would do it again in a heartbeat. It sucks having to pay out, year after year, just to hedge against "the big one", whether it's medical, home or auto. But the surest way to guarantee a calamity is to stop your coverage.