CHRIS & COTY'S MONEY TIPS

HOW MUCH INSURANCE DO YOU NEED?

A lot of very savvy insurance salesment and advertising people will tell you how scary the world is today and how high your risk is just to live in it. But do you really need insurance for everything?

Everyone's situation is different but for most average people with normal risk, you do not need every insurance instrument invented.

Here are a few you can probably do without...

Follow up:

1. If your vehicle is NOT financed, Comprehensive and Collision coverage is not necessary. If your car is very old and/or beat up, you definitely don't need this coverage.

2. Adding maximum personal injury coverage to your car insurance is probably not necessary if you have good health insurance. Your injuries should be covered. If you prefer some protection, go with the minimum.

3. Roadside Assistance. If you are a member of AAA or some other auto club, this expense is not needed. And groups like AAA offer many other benefits for the money.

4. Mechanical breakdown insurance. If you own a new car or have a leased vehicle still under warranty, you don't need this coverage either.

5. Rental car insurance. If you already have a full coverage policy, check with your insurance agent to make sure you are covered driving a rental car. You probably won't need to purchase extra coverage when you rent a car.

6. Life insurance If you're young, single, with no dependents, you might not need life insurance. You probably have some through your employer.

7. Travel insurance Unless you frequently become unexpectedly ill, you may want to skip this expense. If you are planning a very expensive vacation, way in the future, you might want to look into travel insurance. Also check to see if your current healthcare policy covers you abroad.

8. Extended warranties on appliances, electronics, etc.
In the end, these can cost more than just buying a replacement !! There is usually a manufacturer's waranty for a year. By that time the item may even be obsolete.

9. Insurance on credit card balances. Even if it seems cheap every month, like $6 or $8 a month, it really adds up. And there are so many restrictions and loopholes to get through you will probably never be able to collect on it.

10. Credit Life insurance. This is voluntary insurance for your mortgage. It is probably better to have a good life insurance policy.

The risk you take by not having the above policies is so small that they are just not worth the cost.

Coty Fowler