What Happens When You Don’t Have Insurance?

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What Happens When You Don’t Have Insurance?

In the modern world, most people are always on the lookout for ways to protect themselves. You lock your doors when you leave the house, wear sunscreen, and keep your money in a secure bank account.

So naturally you should be working hard to make sure that all of the little parts of your life are insured, right? Of course, this is where a lot of people drop the ball. Mostly because insurance feels like a total waste of money up until the moment something goes wrong.

So, this post will be exploring the consequences of ignoring insurance, and how to overcome this mental block.

Theft

Theft is a common occurrence in every city and town. Whether you are at home or on the street, it is important that expensive items like your phone, computer, and jewelry are all insured.

Without this sort of protection, you could find yourself losing items without any way to get them back. Or be reimbursed for the loss.

Car Collisions

Car insurance has long been a legal requirement in most places. Without this insurance, it’s not legal for you to drive on the road, and it will be likely that the police will take you off the road.

If you have an accident in this position, you could find yourself having to pay out-of-pocket for both you car and the damage to whatever you hit. Plus you could be facing court and heavy fines for driving without this crucial coverage.

All these amounts are usually for too much for people to afford, highlighting the importance of having insurance for your car.

Health Emergencies

Did you know that an ambulance ride can cost over $2,500 (before you even get to the hospital!)? That’s not a fee you want to have to pay!

Without the help of insurance, people often find themselves having to look for loan consolidation and financial management support to cover the money they have to borrow for medical emergencies. It’s better to pay your manageable monthly premiums for proper insurance coverage than to declare bankruptcy because you can’t pay your medical bills.

Legal Challenges

A risk most of us don’t think about is legal challenges. But they are fairly common.

You could be sued if a neighbor is injured on your property for example. That’s why you need homeowner’s insurance.

Or, if you’re an independent contractor in certain industries, like real estate, you could be sued over an error in your advertising. That’s why there’s errors and omissions insurance for professionals.

Court is expensive, and a lot of people can’t afford to go through it properly without the help of insurance. In the worst cases, this could see you having to rely on a very poor lawyer, making it hard to ensure success for your team.

Hopefully, with all of this in mind, you will be feeling inspired to start getting cover for any of the missing pieces in your life. There are loads of ways to improve something like this, and it shouldn’t take too much work to get yourself on top!