Comparison Choices, Choices, Too Many Choices

[MossRoad]

Enough with the name calling.

 

[MossRoad]

Thread pruned. No PMs sent. Please resume the original discussion.

 

[dnw64]

Everything is a risk, having insurance the risk is paying for something you never use. Not having insurance it's having a loss greater than your theoretical savings.

Insurance companies make money by spreading risk among millions of policy holders. They have collected lots of data over the years and know from probabilities and statistics that they will make enough off premiums to cover their losses, including the overhead to administrate them as well as having enough left over to put some in the owner's pockets.

The potential problem you face if you self insure is that you suddenly become a very large fish in a very small puddle - your risk is spread across a sum total of one. There are some people who have successfully done so. There are many more who have not.

 

[airbiscuit]

If it's blackjack or eschewing insurance, don't gamble more than you can afford to lose. Beyond that. I really don't care what you do. Just don't expect me to go to a spaghetti feed to pay for your burned down house or burned up tractor.

The one type of insurance I would recommend to the OP is to mount a fire extinguisher to his shiny new tractor.

Now, just to wait for his pictures.

 

[LD48750]

So your gamble has paid off. You keep ignoring the question about what happens if something bad happened sooner than later.

What if?

What if you get struck by lightning?
What if you get killed in a bank robbery?
What if the plane you are in crashes?

What if covers a LOT of things that aren't going to happen to MOST people.

 

[atsah]

Beating a dead horse here.. Hope the OP gets his tractor soon and posts pictures..

 

[prof fate]

Having had 2 friends whose houses did burn to the ground and another two that had major fires, insurance pays for a whole lot more than the house itself.

Contents. Someplace for you to stay while the house is rebuilt. Removal/tear down of the burnt mess.

One friend got himself and his 90yr old mom out - and stood on the street while it burned to the ground - TO the ground. He had his clothes on...car and harley in the garage, cell phone in the house.

Think you can go to work tomorrow? Nope..can't get there, no car. Takes 3 to 5 hours, a day, to go buy a car. Then a phone. Clothes..ALL your clothes need replaced. Even his wallet was in the house- so no credit/debit card to get to his money to get a hotel or change of clothes.

And even if it's not a total loss, you may have all your possessions ruined by the smoke and water.

It's mroe than overwhelming.

 

[prof fate]

What if?

What if you get struck by lightning?
What if you get killed in a bank robbery?
What if the plane you are in crashes?

What if covers a LOT of things that aren't going to happen to MOST people.

MOST people.
When I sold real estate I had a listing in western PA, homeowner had moved to eastern PA. Cold weather came and a pipe broke in the house here, an empty house, flooded and froze - terrible, but it happens. THe nexzt weekend his new house had a similar issue - frozen pipe burst, thawed and flooded the house.

Neighbor's house was hit by lightning on a clear day...took out several tvs and electrical things, no fire or major damage.

My dog ran to the road, a car stopped fearing the dog would run out. A truck rear-ended the stopped car. THe car driver sued ME...and my homeowners covered all the legal BS and paid $6500 for her to go away (lost wages/medical deductible).

I pay 500-700 a year for the past 20 years (so far) - 14k. I bet I got most of that back, so to speak, with that one issue.

 

[Fuddy1952]

Very true.
Some people get lucky, beat the odds.
I guarantee everyone without exception who's luck ran out after the fact would have made a different choice. It's foolhardy to ignore something preventable.
Up until a few months ago I let people ride their ATVs on my place, after all, they weren't harming anything. Then my insurance agent told me two horror stories. One a boy on an ATV ran through a barbed wire fence. Homeowner's policy paid the hefty hospital bill. The other is still in litigation. A fellow allowed his friend to ride around on his place who then flipped it into his creek where he drowned. Luckily that fellow had homeowners so he was covered...but not quite. That fellow may lose his home!
Bottom line, as the insurance agent said, $1M isn't that much in today's litigious society.

Having had 2 friends whose houses did burn to the ground and another two that had major fires, insurance pays for a whole lot more than the house itself.

Contents. Someplace for you to stay while the house is rebuilt. Removal/tear down of the burnt mess.

One friend got himself and his 90yr old mom out - and stood on the street while it burned to the ground - TO the ground. He had his clothes on...car and harley in the garage, cell phone in the house.

Think you can go to work tomorrow? Nope..can't get there, no car. Takes 3 to 5 hours, a day, to go buy a car. Then a phone. Clothes..ALL your clothes need replaced. Even his wallet was in the house- so no credit/debit card to get to his money to get a hotel or change of clothes.

And even if it's not a total loss, you may have all your possessions ruined by the smoke and water.

It's mroe than overwhelming.

 

[Diggin It]

Did the OP get his tractor yet?

Ayup.