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7 Ways You’re Getting Ripped Off By Insurance Companies

7 Ways You’re Getting Ripped Off By Insurance Companies

When taking out insurance, the belief is that, as you are paying your monthly premium, you will not need to worry about any of the unforeseen circumstances in which you will need to use your insurance. This is what insurance has been designed to do after all. The truth is that insurance companies will do whatever they can manage to remove themselves from being responsible while ripping off their customers with high rates and any other tactic to take money without giving up anything in return.

Here are a few tactics to be aware of when dealing with your insurance company:

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1. Unnecessary Travel Insurance

Each year, Americans spend just over $1 billion on travel insurance and sometimes, it is even tucked into the final bill for their holiday away. Travel agents push to sell the travel insurance with stories of lost luggage, canceled flights, but what they won’t let you in on is that you might be covered by your homeowner’s insurance on credit cards, or the airline may be responsible as part of their legal obligations. The agent may also tell you about the great promotion happening while having very little real care about the way that your vacation will turn out.

2. Home Insurance: Flood, and Wind

After huge weather catastrophes like hurricanes, homeowners with policies attempted to collect on the damage that was caused by the winds, but the insurance companies worked very hard to pin the damage on the flooding—and flooding isn’t covered by homeowner’s insurance. It has also been said that the employees of the companies are encouraged to underestimate the costs of repair so that the company won’t have to pay what they should be liable for.

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3. Life Insurance Settlements

Life insurance brokers have no incentive to get you the best deal when you decide to sell off your life insurance policy to get some cash in your pockets and may be working to keep the buyer of the policy happy. Even though the broker will have their commission at stake, they are not looking out for you in the end.

4. Car Insurance and Lowball Offers

If your vehicle is considered a total loss, your insurance policy might cover the cash value or even a replacement. The insurance company could try to offer a drastically low amount while understating the car’s actual condition. Additionally, they may try to place the value of the vehicle by using one that is considered comparable, but having a significantly higher amount of miles. Insurance companies would seem to ignore your lower mileage to underestimate the actual value of the vehicle.

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5. Title Insurance Kickbacks

Homeowners are obligated to have title insurance, but when arranging it, it is not advised to listen to the advice that your broker gives you. The broker will often push a deal that will line their own pockets. Don’t feel weird about shopping around for your title insurance, and certainly don’t hesitate to inquire about the previous homeowner’s title insurance company.

6. Health Insurance Billing

One of the leading causes of bankruptcy in the United States is medical bills. Lots of people feel that they have sufficient health insurance, but many times the health service provider and the insurance company will disagree that the claims are valid. The customer gets stuck between it and will end up paying a bill that is much larger than originally thought.

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7. Whole Life Insurance as an “Investment”

Many brokers will push for whole life insurance as it can be seen as an investment. The alternative to this is having term life insurance and putting away your extra cash as an investment. The brokers gain commission for selling these expensive whole life insurance policies. Of course, the more the customer is paying, the more the insurance broker will end up putting into their own pocket at the end of the day. This is their incentive to push for whole life insurance and sell it as a picture of an investment.

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Last Updated on August 15, 2018

30 Fun Things You Can Do This Summer Without Spending Much

30 Fun Things You Can Do This Summer Without Spending Much

Summertime can be a real strain on your wallet. The sun is out, there are people to see, places to be; it’s no wonder you might be short of funds during these sunny months. Not everything has to cost you an arm and a leg.

Take some time to go through this list of 20 cheap summer activities and make some realistic goals to complete as many as you can.

Video Summary

1. Visit a strawberry festival

Summer is prime time for tasting strawberries. More often than not, an area that grows strawberries will have a strawberry festival. Indulge yourself in strawberry pies, jams, cakes and more!

2. Have a picnic

Take your partner or your family to the local park and enjoy a relaxing picnic. Designate each person to bring one food item of their choice to add to the fun.

3. Camp in your back yard

    The summer heat can sometimes make it hard to sleep. Why not enjoy the heat outside in the yard? Pitch a tent or gaze into the night sky.

    4. Take long walks

    Discover something new where you live. Take the afternoon off from your chores and go for a long walk. You may be surprised by what you discover.

    5. Break a world record

    Breaking a world record doesn’t have to be time-consuming. You could even break one on your lunch hour. Give it a go!

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    6. Go on a bike ride

    The number of bike paths on roads in big cities has increased dramatically over the years. Take advantage, and enjoy the summer breeze.

    7. Join a gym class

      The gym is not everyone’s idea of a good time, but why not go with a friend a join a class? Spinning, yoga and step classes are always more fun with friends, and a lot of gyms allow you to pay-as-you-go.

      8. Find a new hobby

      The summer is the perfect time to find a new hobby. Serotonin (our body’s natural “happy” hormone) is produced by the sunshine and will be at a yearly high, which is great for when we want to tackle something new.

      9. Join a sports team

      Not all sports teams are competitive and require huge amounts of your time. Join in the fun with like-minded people, get fit, stay healthy and make some friends along the way.

      10. Make a slip ‘n slide

        Gather your friends, some plastic sheeting, a hose, washing up liquid if desired, and make a huge slip ‘n slide just like these guys. Granted, yours won’t be as big, but you get the idea… it’s fun!

        11. Make a treasure hunt for your kids

        Today’s digital world sees our children more often than not playing inside than outside. Why not create a sense of adventure by making a treasure hunt? Only rule? It has to be outside.

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        12. Visit a free festival

        Towns and cities are awash with free festivals, with themes from film to science. Scout your local area and discover something new.

        13. Visit the zoo

          Let’s face it: we love animals. While browsing news websites and social media networks you’re bound to come across a few pictures of cats. Take a trip to your local zoo for a better experience.

          14. Take a road trip

          Enjoy the open road with a few friends and take a road trip somewhere–anywhere. Just go out and enjoy the sunshine!

          15. Play ultimate frisbee in the park

            Frisbee is always great fun down the park, but why not turn it into more of a competitive sport by playing ultimate frisbee?

            16. Make your own ice cream

            Ice cream is a very versatile dessert. Make a sandwich, enjoy a cone, or simply just enjoy a bowl full. Better yet, making your own ice cream allows you to create any flavor you want.

            17. Invite your neighbors over for a BBQ

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              When was the last time you invited your neighbors over? Do you even know them? Now’s your chance. Just ask each person to bring a food item so costs don’t mount up for you.

              18. Get a summer job

              For many students, summer is the time for relaxation and fun. But who said earning money and being productive isn’t fun? You only get out what you put into a situation.

              19. Attend a charity event

              Attending a charity event is a great way to raise funds and awareness for a cause, meet new people, and generally have a good time. Search for your local charity event today.

              20. Visit a national park

              National parks are a great way to explore nature and learn something new. You could even volunteer and make a difference in helping restore natural habitats.

              21. Visit your local comedy club

                Local comedy clubs are extremely underrated. They are cheap to attend and no doubt you’ll have a barrel of laughs.

                22. Make your own hammock

                  Hammocks are very relaxing, are perfect for summer afternoons and are surprisingly easy to make.

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                  23. Read in your new hammock

                  Now you have your very own hammock, the only thing left to do is enjoy it. Grab your favorite book and read to your heart’s content.

                  24. Watch a movie outside

                  Movies are great. Relaxing outside in the evening is great. Put them together and you’ve got a perfect combination. In D.C, Maryland and Virginia this summer, for example, you can enjoy a huge number of movies outside.

                  25. Take a hike

                    Hikes are a great way to keep fit and see more of Mother Nature. There are countless trails available for you to explore. Why not try some this summer?

                    26. Learn how to fly a kite

                    As a child, you probably had a kite and haven’t touched it since. Why not dust it off and attempt to fly it? It’s tricky, but well worth the challenge.

                    27. Work out at the park

                    American cities are full of parks with ample space for a work out session. No doubt you’ll be happier to work out in the sun rather than a crowded gym.

                    28. Take your dog to the beach

                      One of the many joys of owning a dog is taking him or her for long walks during the summertime. This joy is enhanced when visiting the beach, for both you and your dog.

                      29. Make a summer smoothie

                      Healthy, delicious and perfect for the summer. Not only that, there are countless recipes ready for you to try.

                      30. Attend a free yoga session at the beach

                      No experience needed and all skill levels are welcome. Take yourself and a buddy down to the beach and try some yoga. You’ve got nothing to lose!

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