Risking a Lot for a Little

SUV on Mountain Pass

Close your eyes and imagine this: You are in Switzerland driving your new Audi R8 along a winding mountain road. It is a beautiful day, you have the windows down, and you’re enjoying the drive, the scenery, and the wind in your face. You have some of your favorite music going. You are on your way to a nice dinner party with all your best friends.  

But soon you turn a corner and see a farmer helping his herd of sheep cross the road. “Well, there go my plans for being on time for the party,” you think to yourself. You’re going to have to wait for all these sheep to get across the road! You look to your left and notice a path that looks like a shortcut past the sheep. However, the trail looks more fit for a Jeep Wrangler than your low riding Audi R8: rocky, rough, and not very sports car friendly. What do you do? Take the shortcut or wait for the sheep to cross? In this situation, you can take the shortcut to save five minutes. But, if you end up taking the shortcut, you risk the rocky road putting your car in the shop for a few weeks. Are you willing to risk a lot just to save a little bit of time? 

Insurance is the same way. Sometimes we may decide to go without certain types of coverage just so we can save a little bit of money. Sure, you might have some extra cash in your wallet today, but what happens if tomorrow you have an accident that could have been covered had you paid that extra money? You are not covered, and you are going to pay a lot more than you saved by not having insurance. 

When a lot of us think of insurance, we usually think, “I just want to find the cheapest insurance I can!” While I applaud your sense of frugality, have you ever wondered if you were increasing your risk by getting the “cheapest” price? What kind of coverage are you paying for when you save money on your premium? How much money do you really save on the “amazing” deal? Sometimes when you go after the cheapest price, you end up with coverage that is, well…cheap.  

But what if you pay a little more in premium each month? What happens to your degree of risk? In some cases, you can end up reducing your risk by a lot, and you end up getting a lot more protection! That sounds more appealing, doesn’t it? 

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