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Practical Money Matters Radio Series

December 23, 2013
4 Types of Insurance You May Be Able to Do Without

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What are the types of insurances that you can probably forgo?


If money is tight, there are a few types of insurances you can probably forgo. Some items may already be covered by your current plans, like extended warranties, flight accident insurance and specific disease insurance.

Other types of insurance may not be worth the premiums.

  • Smartphone insurance usually has a hefty deductible and you'll likely receive a refurbished phone.
  • Child life insurance premiums are probably better spent on additional term life coverage for yourself.
  • With pet insurance, weigh the premiums you'd pay out over your pet's lifetime.
  • And before buying rental car insurance, ask your insurance company and credit card issuer if you are already covered.

Bottom line: It pays to know which insurance is essential - and which you can skip.

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