For Maggie K only
California
topic__week_6_dq.pdf
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This is a graded discussion: 100 points possible due Nov 27
Week 6 DQ 3 8
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Is homeowners or auto insurance a waste if you never have a loss? Why or why not?
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(https://alamo.instructure.com/courses/1032609/users/1499588)Kazdan Batey
(https://alamo.instructure.com/courses/1032609/users/1499588)
Nov 18, 2016
Homeowners and auto insurance in my opinion would not be a waste if you never have a loss. I guess, literally, financially yes it would be a loss, but first of all it's illegal to not have insurance (at least auto for sure). Second, if there was a loss, the amount of damage that would do to you could be far more substantial than the amount of money you would lose in a lifetime of having paid for insurance. To me, that risk alone would not be worth taking, therefor, would not be a loss in my eyes.
(https://alamo.instructure.com/courses/1032609/users/2276081)Judy Lucio
(https://alamo.instructure.com/courses/1032609/users/2276081)
Thursday
Hello Kazdan.
Just read your response. I agree on what you have said. You're right about risking alone would not be worth taking. I would think having would help me alleviate the stress of my worries of obtaining my house and vehicle. If you limit the expenses that is needed to be paid then you will be head above the water.
Judy
(https://alamo.instructure.com/courses/1032609/users/1290831)Nicole Buck
(https://alamo.instructure.com/courses/1032609/users/1290831)
Yesterday
Kazdan,
You make a very valid point. The amount you would have to pay in the event of a loss would far exceed what you would pay in the insurance cost.
(https://alamo.instructure.com/courses/1032609/users/2276081)Judy Lucio
(https://alamo.instructure.com/courses/1032609/users/2276081)
Thursday
In my honest opinion, I do not think it is not a waste to have home or auto insurance in order to keep what is valuable to you. The reason is it not a waste paying to protect what is yours in the property in your house and vehicle. Depending what type of insurance that you are planning to use. Auto has two parts: liability and full conference. Liability covers you in the event that you cause an accident that results in injury or property damage to another person/vehicle. Full coverage is comprehensive and collision insurance. Comprehensive insurance covers damages caused to your car by natural accidents. Homeowner's insurance have the same type of insurances as auto but more thorough process. First there is liability insurance. Just like you have liability insurance on your car you should have liability insurance on your home. This coverage will protect you in the event that someone gets hurt on your property. The second part of your home owner’s insurance is to cover the cost of your home and the contents if damage
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Edited by Judy Lucio (https://alamo.instructure.com/courses/1032609/users/2276081) on Nov 25 at 11:52pm
was to occur or you had stolen property. My thought is either picking liability or full depending on your budget flow in your expenses. I would think it is not a waste using homeowner's or auto insurance valuing an important investment through depreciation.
(https://alamo.instructure.com/courses/1032609/users/1290831)Nicole Buck
(https://alamo.instructure.com/courses/1032609/users/1290831)
Yesterday
I do not believe that homeowners or auto insurance is a waste if you never have a loss. Essentially, you are buying peace of mind that in the event of an accident, you will be covered. However depending on your needs and the type of coverage you get, it can be a waste. There is a Farmers Insurance commercial that shows different scenario's where "you're paying for this coverage, when you really only need this coverage" or "you think you are paying for this, when you are really only getting this coverage." Conducting the necessary research beforehand is an important part of selecting insurance to avoid it being a waste.
(https://alamo.instructure.com/courses/1032609/users/2276081)Judy Lucio
(https://alamo.instructure.com/courses/1032609/users/2276081)
Yesterday
Hello Nicole.
Great post! I agree with your response regarding buying homeowner's and auto insurance peace of mind in the event of an accident. I can relate and understand on this reply. Looking at the scenarios and finding the type of auto or homeowner's insurance should give anyone get the peace of mind that is needed.
Judy
(https://alamo.instructure.com/courses/1032609/users/3287958)Aaron Gurrola
(https://alamo.instructure.com/courses/1032609/users/3287958)
Yesterday
Hi Nicole.
I agree with you about your post regarding peace of mind because thats what insurance does it transfers the problem to the insurance. I rarther have someone who is used to these situations and knows how to proceed with claims rather than i.
(https://alamo.instructure.com/courses/1032609/users/3287958)Aaron Gurrola
(https://alamo.instructure.com/courses/1032609/users/3287958)
Yesterday
I believe that homeowners insurance and auto insurance is not a waste of money even if there is no loss for three reasons. First there is a probability that in the future there might be damage to ones property so we have to be prudent and protect ourselves from potential losses. Second reason is that having insurance is required by law so a ticket for not having insurance is 275. Plus it goes on a driving recod and personally i like to keep my record clean. Third is that it brings peace of mind knowing that if we go to work and our house is burnt or a tree falls on one's car we can have our property replaced
