Source: 7 Insurance Policies You Can Live Without
It's always better to be safe than sorry, and insurance policies can sure make you feel well protected. However, buying your peace of mind can be quite expensive, so you want to make sure that you're spending money on the right insurance policies. Here are insurance policies you should consider forgoing:
- Pet insurance: If you total the medical costs incurred in a pet's lifetime versus the cost of pet insurance coverage, the policies are often found to be unnecessary, Bob Hunter, the director of insurance at Consumer Federation of America tells SmartMoney. Unlike human insurance, you also have to pay all the costs up front and wait for the providers to reimburse you because there isn't a co-pay system.
- Trip cancellation: If you can't make it to a flight because something came up at work or a pre-existing medical condition, you won't get your money back if you bought a trip cancellation policy. On most of the trip