Insurance Policies and Knowing When Not to Dip Into Them (Yet)

I advocate for taking out insurance so that whatever may happen in the future, you and your loved ones are protected. I have two of my own, and I am almost done paying for the first one I took out. I guess what turns people off are the tendency of some financial advisors to resort to fear mongering just to sell insurance. But for me, an insurance is important and it is one thing you buy that you hope you do not get to use any time soon.

My Narwhal mug wishing you a safe and happy day

Anyway, if you have health insurance, you probably already know that it can be frustrating to have to use it, especially if your insurance doesn't cover the full cost of your treatment. For those times when your personal health insurance is not enough, there are a few exceptions that allow for additional assistance. Consider purchasing additional insurance so that you don't have to rely solely on your expensive personal health insurance.

 

Travel

To ensure that you are covered while traveling, you should purchase additional travel insurance. In the event of an emergency while abroad, many people are forced to remortgage their homes. Travel insurance is relatively inexpensive, even when you're covering yourself for medical reasons as well, so it's always a good idea to spend a little money in order to save a lot of money later on. Medical intervention in foreign countries can be extremely expensive, so don't take any chances and insure yourself.

In some cases, if your injury or illness is only minor, your health insurance may not even be impacted, making it a win-win situation for everyone involved.

Vehicle Collisions

If you are involved in a car accident that was not your fault, it is the responsibility of the driver who caused the accident to compensate you out of their own pocket. It is the same rule even if you are only a passenger in the car; the 'at fault' driver would be liable to pay for your medical expenses if you were injured.

When you're signing up for car insurance, it's a good idea to check to see if your policy covers this. If it's something you're particularly concerned about, make sure the insurance policy you're about to purchase will cover you in the event that something happens. But keep in mind that if you're at fault, you're looking at a hefty fine. Additionally, if you are driving while under the influence of drugs or alcohol (even if the accident is not your fault), your insurance policy may no longer cover you for the accident.

However, if the accident was caused by bad weather or something else that wasn't your fault, but no one else was at fault, you'll likely have to file a claim against your own insurance policy. To avoid being accused of causing an accident, it is best to exchange insurance information and proceed from there, rather than risk being blamed for it by both of the drivers involved. If you are blamed for something you haven’t done you’ll need effective car accident attorneys to help dispute the accusations.

Outside the House

Bad things can happen outside of your home that aren't your fault at times as well. This usually occurs when a pavement is unsafe, or when a dangerous open manhole hasn't been properly marked, and you end up getting hurt.

The first thing you should do is report the injury to your local council and let them know you intend to file a claim. As a result, they'll either guide you through the process of obtaining your claim, or point you in the right direction.

Situations like this frequently result in litigation, so be prepared to represent yourself in court or, if you prefer, hire a friend or family member to represent you. There is, of course, the option of hiring an attorney, but the compensation you receive after other fees and expenses may be insufficient to cover the cost of the attorney.

Also, keep in mind that if you require immediate medical attention, you'll need to notify your health insurance company. This could increase your insurance costs. When pursuing a claim against your local council, keep in mind that they always have a way to avoid paying compensation, so make sure you're absolutely certain that they were in the wrong before pursuing it.

Be Careful

That, of course, is a lot easier said than done. If you're concerned about your insurance premiums rising, it may be a good idea to steer clear of anything that could be dangerous. Having your home's maintenance and repairs done by a professional will ensure that nothing breaks and injures you. It's just as important to have your car repaired by a licensed mechanic to ensure that it's safe to drive.

The best strategy if you don't want to use your medical insurance is to avoid risk as much as possible. Remember that accidents can happen at any time and in any place. Spend a little money to save a lot of money (and possibly your life).