On 24/04/2014 2:15 PM, Carl Turney wrote:
Regarding "not paying for insurance is just a stupid financial decision".
Only 60% of the annual income of the average insurance company goes back to the punters as honoured claims.
The other 40% covers their advertising, wages, utilities, consumables, depreciables, shareholder's dividends, lawyers arguing why claims should be rejected, etc.
That's why "self insurance" is so appealing to organisations large enough to bear/cushion the risk.
If I'd bought full-coverage car insurance all my life, I'd have spent enough to buy a few new cars outright.
Of course, I protect myself against getting sued a million bucks for giving someone whiplash, but I never buy insurance for anything that I own.
The money's =much= better spent on having impartial experts come in and conduct fire audits, security audits, and safety audits. Money can't bring Nana or the old family photos back.
Totally agree Carl, insurance can be very costly indeed and if you can afford self insurance, so much better for you. Cheers A.