Jessica L

Do you drive a car or occupy some form of a household?  Chances are, the answer is yes.  These are just a couple of prime reasons to consider insuring your personal belongings and property.  Not all forms of insurance are mandatory; however, they are definitely worth the investment.  As a low-income student, I cringe at the thought of any of the bills I have to pay.  Though, if I did not have insurance, I would be paying substantially more for the day-to-day circumstances I have encountered through this hectic journey called life.  Having insurance is important to me because it assumes the financial liability if I cause an accident, protects personal assets, and reduces my out-of-pocket expenses when I visit the doctor.

If you cause an automobile accident, your automobile insurance will handle the claim and take care of the damage caused as a result of the accident, even if you are at fault.  I can attest to this, as my car slid into another car on an icy road.  I was only 17, and had been driving for less than a year.  This was my first automobile accident and it was very overwhelming to me.   My car insurance claim representative assisted me through the ordeal, which eased the stress of the situation.  I was so grateful to be insured, because as a young high school student, there was no other way I could afford to fix the damage I caused.  Fortunately, the driver of the other car was not injured and none of his personal belongings were damaged.

Having renter’s or homeowner’s insurance not only protects your personal belongings and assets if your home falls victim to a natural disaster, but also protects your belongings when you are outside of your home.  For instance, when my vehicle was broken into at a cafe, my backpack, containing all of my college study materials, was stolen.  My renter’s insurance quickly replaced the cost of my laptop and school books.  Everything has handled so efficiently, and I didn’t even skip a beat at school.  This was another situation in which I would not have been able to financially handle the burden of the situation, without being insured.  Dealing with vehicles and personal items are examples of insuring tangible items; however, there are other forms of insurance that protect intangible assets.  In fact, some insurance policies themselves are considered intangible.

Medical insurance is considered an intangible asset because it is something that cannot physically be touched.  Even though medical insurance is intangible, nothing feels better than holding my insurance card in my hand when I checkout at the doctor and dentist.  While I am a generally healthy person, I never pay more than 20 dollars for my typical check-ups, but I rest assured knowing that in the case of being diagnosed with a chronic illness, my medical insurance would take effect to absorb the majority of the expenses for treatment.  When I see the dentist, my cleaning, x-rays, and exam are completely paid for by my insurance, which is generally 500 dollars or more, twice a year.  I had to get a cavity filled, and because of insurance, I only paid 66 dollars for a filling that was originally quoted at 330 dollars.  As a low-income student, I cannot stress enough that there is absolutely no way I could have paid for my dental treatment without insurance.  I simply could not imagine going through life without insurance.

Through my personal experiences, I have calculated that I would be wasting money if I was not insured.  To the contrary, a number of people have told me that insurance is a waste of money.  I beg to differ.  Without insurance, my out-of-pocket expenses would greatly surpass the combined cost of insurance premiums and the reduced rates of services that being insured provides.  In my experience alone, insurance has assumed the liability in auto accidents, provided compensation for lost assets, and continues to save me thousands on medical treatment.  Low-income citizens have said that they cannot afford insurance, but as a fellow low-income citizen, I cannot afford my life without it, and that is why insurance will always remain significant to me.  As I grow older and mature, I am becoming more aware of other insurances that are available to me.  For instance, as I consider the idea of starting my own family, I want to open a life-insurance policy in the event that I become injured or pass away.  I want to ensure that the future of my children will be taken care of, even if I am not around.  After all, the entire premise of insurance is to provide protection against the odds of the unseen future!

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