this post was submitted on 10 Aug 2023
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Asklemmy
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Ponzi schemes, especially the insurance companies. They really are a Ponzi scheme.
Think about it, they promise you things asking for money, then when you need their services they decide where you go, how much they will pay (leaving the rest for you to pay as a deductible), then they turn around and increase your costs for their services, that they fight tooth and nail not to pay anything.
I work in the insurance industry and I 100% agree with this.
The only time it's wise to take out an insurance policy is when
A) It's legally required (though this is sometimes due to lobbying by the insurance companies themselves)
B) When you absolutely will not be able to actually pay for a potential, but necessary expense by yourself (cancer treatments and stuff like that)
So Health Insurance, Auto Insurance (even if your car is cheap and self-insurable, the car you hit may not be), Home-owners insurance and stuff like that are necessary and generally a good financial bet, even if they are crooked af.
Any "micro-insurances" though? All total scams. Travel insurance, phone insurance (or "Extended Warranties"), Apple Care, all that kind of shit is 100% going to cost you more money to have than it'll save you - unless you get really really lucky (or unlucky, depending on how you look at it). You'd be better off spending what you'd pay on those insurance premiums on a hand of blackjack, I'll bet the odds would be slightly more in your favor that way
Travel insurance is very much required travelling to many countries. Basically the same category as health insurance.
Insuring travel itself is a scam.