These days nearly everything has “insurance”, which is a great thing because it protects against situations that could cause financial burden. Car insurance, home insurance and life insurance are great to have, but here are other insurances that may be a waste of money:
- Identity theft insurance — If you monitor your bank accounts, credit card statements and credit report wisely, you won’t need this extra insurance.
- Rental car damage insurance — If your car has full coverage insurance, you probably don’t need rental insurance.
- Collision Coverage on an old car — The most you need is liability insurance.
- Flight accident insurance — This is insurance that is offered in case you die in a plane crash. Life insurance will be just as effective.