the "what if" factor
And now for something we all deal with: Car insurance. Used to be having motor vehicle insurance was optional, but for a long time now it's required in order to drive legally. I don't believe there are any states left where the option exists. You have to have it to be legal.
Back when I was a two-car owner, the way I would conduct my insurance was that the "good" vehicle got the better coverage, the other got the state minimum requirements (i.e. cheapest possible coverage).
The entire reason I put above-par coverage on the "good" vehicle is directly due to the "what if" factor, such as:
..someone bashes into me?
..I bash into someone?
..my car gets stolen?
..my car gets damaged?
Blah blah blah, you get the idea.
These days I drive a single vehicle. For those who aren't aware, Florida car insurance is high. This is one of the very few things that is actually more expensive than Connecticut. And yeah, it's noticeable. Everything else is cheaper except that.
Aside from the "what if" factor, the other side of car insurance is karma. I think most people insure their vehicle(s) with better coverage to protect themselves from other people, not just themselves. You pay for a better policy in preparation for an unfortunate event should karma not be in your favor at any given moment while driving.
So the big question is: Do you have enough faith that karma will deal you a fair hand?
My answer is yes. I decided to go with the absolute bare minimum coverage on my truck today. I have enough faith in my driving ability and karma, and made the decision to aim low. It's a risk. It could be that I enjoy the savings and life goes on wonderfully. Or it could be that I wreck and pay the price.
However, also bear in mind that you never get back what you pay for in insurance. Chances are if you're my age (31) or close to it, you've spent many thousands of dollars on auto insurance. And like I said, you'll never see a dime of it.
Then again, you could take the bus, not own a car and not worry about any of this. 🙂 But I like driving too much to do that.
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