Comparison Choices, Choices, Too Many Choices

[LD48750]

The insurance payment on a tractor is minimal and they last as long as there is a lien on the tractor. What is your point?

The main point is if I say I will pay you back for the money you loan me, I WILL do it.
I don't understand people that think just because something broke or was stolen they don't have to pay for it.
If you borrow money to buy food, (charge it on a credit card) do you not pay the credit card bill because you already ate it & no longer have it?

Insurance is a racket.
Do you have insurance on the insurance company? What if they go bankrupt paying someone elses claim and can't pay yours?

When the World Trade Center was hit, the government stepped in to pay because the insurance companies said they couldn't.
You do notice that the same insurance companies are still in business collecting YOUR money don't you?

Bottom line, I am betting bad things won't happen to me just like an insurance company would.
If my house burns down, I will just borrow the money to rebuild just like I did to buy it.
If my tractor gets stolen, I will still pay it off if I owe anything on it, I can't conceive not paying for something I borrowed money to buy.
I guess I was raised wrong.

 

[paulfun9]

I知 well aware how terrible most people are about managing money. I only buy things I can afford but it that doesn稚 mean I can afford to buy them twice. And I personally don稚 think thereç—´ anything wrong with borrowing money as long as youæ±*e smart about it. On the very unlikely chance you self insure and faithfully make the payments into that account and never draw a cent for other purposes it still doesn稚 account for a failure sooner rather than later. If you can afford to rebuild a house, replace all your stuff, and pay rent while thatç—´ happening then insurance isn稚 much money for you. I don稚 think you値l find any rich person without insurance.

What makes you think I would need to pay rent while my current home gets rebuilt?
Seems to me your missing a few things and making assumptions about what my needs would be if a total loss was to occur.

 

[4570Man]

What makes you think I would need to pay rent while my current home gets rebuilt?
Seems to me your missing a few things and making assumptions about what my needs would be if a total loss was to occur.

Ok I made a few assumptions. What is most people’s other option?

 

[Fuddy1952]

The main point is if I say I will pay you back for the money you loan me, I WILL do it.
I don't understand people that think just because something broke or was stolen they don't have to pay for it.
If you borrow money to buy food, (charge it on a credit card) do you not pay the credit card bill because you already ate it & no longer have it?

Insurance is a racket.
Do you have insurance on the insurance company? What if they go bankrupt paying someone elses claim and can't pay yours?

When the World Trade Center was hit, the government stepped in to pay because the insurance companies said they couldn't.
You do notice that the same insurance companies are still in business collecting YOUR money don't you?

Bottom line, I am betting bad things won't happen to me just like an insurance company would.
If my house burns down, I will just borrow the money to rebuild just like I did to buy it.
If my tractor gets stolen, I will still pay it off if I owe anything on it, I can't conceive not paying for something I borrowed money to buy.
I guess I was raised wrong.

If I were a multi-billionaire, drove a $20K car and lived in a $200K home I would still have insurance. Logically you would say that's insane since I could replace both with my pocket change...however, I have deep pockets.
Insurance goes beyond simple material things by covering liability.
Years ago out of exasperation of an unpaid insurance claim I phoned the CEO. I said "You never know how good an insurance company is until you need them and then it's too late". They paid the claim.
For the average person $100 loss is not catastrophic, but $100K loss is. So have a policy with as high a deductible as you have saved aside to cover it. Then get an umbrella which is not that much extra that covers liability claim (regardless of fault).

 

[newbury]

Just got the call. Approved for the full amount, no down payment. Once I sign the papers in the next few days, I should take delivery early next week.


But I won't believe it until it's in my driveway.

When this week?

Met with the dealer today and went over the paperwork before signing. There IS mention of insurance in the terms, but they don't ask for proof. If they make an issue of it later, I can get Homeowners with just a phone call from the agent I get my car insurance through, so it's really not a big deal. I just didn't want to pay extra on the loan if I didn't have to.



Oh, and the payment turned out to be about $10-15 LESS per month than we were figuring.

I was interested in this thread and am awaiting pictures of a new tractor.
It must be nice to be able to afford the loss of a new tractor.

All the wealthy people I know carry insurance to the hilt but with high deductibles. They can afford a $2,000 loss on a $50,000 tractor. But don't want to chance a full $50K loss.

I've only had a few small "insurance" claims, but all seemed to have paid off fairly and made up for a few years of the payments.

<snip>
For the average person $100 loss is not catastrophic, but $100K loss is. So have a policy with as high a deductible as you have saved aside to cover it. Then get an umbrella which is not that much extra that covers liability claim (regardless of fault).

And let the insurance companies fight the lawyers.

OP - we want pics.
/edit - of the tractor

 

[coobie]

Maybe we should start a why in the H-LL do we need house/car insurance thread? Hey OP any pics of the new tractor yet ?????????

 

[4570Man]

Agreed..

Well the op already bought a tractor or at least decided on a model so there’s nothing else to discuss in this thread.

 

[airbiscuit]

As a closing chapter, we would like to hear how he likes it once it's delivered and see pictures.

 

[paulfun9]

Foolish?

i earned more money by hot paying it and haven’t experienced a loss, nor has my family in 3 generations that would have been covered by said insurance. You call that foolish and I call it smart especially when you consider that a total loss won’t bust me, put me in a hotel or even put me in a situation where I would need to start paying the insurance.

It’s also rather amusing to me how foolish people are to confuse that because someone clearly said the don’t have homeowners insurance and are covered that the think that person has no insurance for anything.

No matter what your demented little short sighted minds may think the only foolishness here is your own inability to understand that there is a better way even if you don’t want to take that route. So pay someone else to manage that risk for you and I will continue having others pay it for me.

 

[4570Man]

Foolish?

i earned more money by hot paying it and haven’t experienced a loss, nor has my family in 3 generations that would have been covered by said insurance. You call that foolish and I call it smart especially when you consider that a total loss won’t bust me, put me in a hotel or even put me in a situation where I would need to start paying the insurance.

It’s also rather amusing to me how foolish people are to confuse that because someone clearly said the don’t have homeowners insurance and are covered that the think that person has no insurance for anything.

No matter what your demented little short sighted minds may think the only foolishness here is your own inability to understand that there is a better way even if you don’t want to take that route. So pay someone else to manage that risk for you and I will continue having others pay it for me.

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