Insurance necessary evil?

We can all agree that no one wants to get sick, break down, or lose their home and possessions. That said, insurance is a necessary evil. 

We spend a lot of time each year paying for insurance – whether it’s auto, homeowners, renters, or life insurance. But do you really need to insure yourself or your possessions? Does it matter? Maybe not, but let’s find out what you should know about why insurance exists and if it’s actually necessary evil.

Insurance is a necessity but an unpleasant one. The key to selling insurance is in providing value to your customers and being able to stand by your policies and claims process. Your company should be open and transparent about your products and services. It needs to provide its customers with good, clear explanations and easy-to-understand information. It should strive to be the industry leader in what it does and in what it offers.

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Is insurance necessary evil? The 5 most common insurance myths exposed

I hate insurance and its high cost. I do not like getting bills in the mail every month. You never really know how much you are going to pay until you are in an accident. I hate how insurance just makes people drive too fast. But if you have a car, you should probably have some sort of insurance.

Insurance necessary evil?
Is insurance necessary evil? The 5 most common insurance myths exposed
  1. You Have to Buy Insurance

You know it’s insurance because you have to buy it. You pay a premium every month and if you need to file a claim, you need to send in all sorts of stuff to the company to prove you’re covered. To sell insurance, insurance companies have to persuade consumers to purchase it, and that means having a compelling story.

  1. A Deductible is Just a Waste of Money

Insurance has never been a friend to consumers. The average consumer doesn’t really understand what insurance is, how it’s priced, what coverage it covers, what a policy means, and when they need to pay for it. And that makes it easy for insurers to sell us stuff that we don’t really need and charge us for it. As a result, the average consumer buys far more insurance than they need. It’s expensive, and it’s also a complete waste of money.

  1. Homeowner’s Insurance Costs Too Much

If you’re a homeowner and you think home insurance costs too much, you’re not alone. While homeowners insurance is a relatively inexpensive form of insurance for homeowners, it is expensive, and there are some strategies you can employ to get affordable insurance coverage without sacrificing coverage.

  1. Health Insurance is Unaffordable

What’s the most expensive thing in your life? I bet it’s health insurance. So it shouldn’t come as a shock that people are willing to do anything they have to in order to get health insurance. Unfortunately, the healthcare industry has been working overtime to make sure that everyone in America has health insurance. One way that they’ve done this is by keeping premiums low through increased regulation. However, because it’s such an essential part of our everyday lives, it’s hard to imagine a time when it isn’t affordable.

  1. “Uninsured” Means “Insured”

Insurance companies and providers of car insurance in particular have long been a war with the uninsured. The idea is that when a company makes an effort to educate the public about the importance of auto insurance, then the uninsured, who are also in the dark, will take heed and purchase the necessary coverage. Unfortunately, the opposite tends to happen.

Why is Insurance necessary evil?

Insurance necessary evil is a serious problem. However, it’s one that is difficult to detect and track. There are many reasons why people commit insurance is evil. Some may want to make up for a previous mistake. Others might do it because it’s the easy way out, or they don’t want to pay money to repair a vehicle. In some cases, fraudsters might even commit multiple insurance frauds in the hopes of being caught, according to a report by the National Association of Insurance Commissioners.

The problem with the insurance industry is that they don’t really care if you’re honest or not. It doesn’t matter how much they make off you; all that matters is how much money they collect. In a nutshell, insurance companies are basically stealing from you. There is no reason why you should have to pay extra to insure yourself, but that is what they charge. Instead of working to make sure that you get the best deal, the best way to protect yourself is to shop around. Shop around until you find the company that offers the best deal, and you won’t need to worry about being ripped off.

5 Ways to Avoid Insurance evil fraud

There’s one area of business where it’s especially easy to commit insurance fraud. Here are some tips to prevent yourself from this necessary evil.

  1. Make sure you can trust your insurance company’s claims department before you file a claim.
  2. Look at the medical bills before paying the insurance company.
  3. Never assume the insurance company has your best interests at heart.
  4. Call your insurance company when you receive a bill for services that weren’t performed.
  5. If your doctor wants to bill you out of the network, don’t pay.

Is insurance really necessary? Final Words

How to Determine if Insurance is Good or Bad? The question is, “Is insurance a necessary evil, or is it something you need and even want?” The answer depends on how much risk you’re willing to take. Think about the following scenarios: Do you want to pay more than 10 percent of your income each year to an insurance company? Do you want to have to pay for all your medical expenses? Do you want to rely on the mercy of strangers when something happens to you or your property?

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