WinterDeere
Super Member
- Joined
- Sep 6, 2011
- Messages
- 5,968
- Location
- Philadelphia
- Tractor
- John Deere 3033R, 855 MFWD, 757 ZTrak; IH Cub Cadet 123
I've explored raising our deductables each time we've switched insurance companies, and to my surprise, I've always found the savings to be so minimal that it really wasn't even worth consideration. I think the savings to raise our homeowner's deductable from $5k way up to $50k was only $70 per year, or something like that.So far I have maxed deductibles to help… some are now 10k.
I normally don't bother to insure anything I can afford to replace, or anything I don't need to replace. There's little point in insuring my tractor, when the chance of loss is so small, and I can easily afford to go buy a new one, if by some miracle something does happen to the thing. Likewise with collections of anything, such as firearms... I really don't need to replace an antique civil war repeater, if lost.
The size and success of the insurance industry is a great example of a lot of people throwing away money insuring things that really don't need to be insured. Speaking of which, anyone been to Allstate Arena or State Farm Park?
... and when I say, "I can easily buy a new one," I'm not pretending to be Elon Musk-rich, or that it won't ruin my year. But it's not going to make me homeless or take food off our table, either.