Insurance - do I really need it?

Sep 19, 2012

Insurance - is it necessary? a true story....

I often hear people complaining about insurance companies. The gist of the whinge is they are quick to get you to pay but very slow to pay up. And there may be some truth in this. My recent experiences though are otherwise.

We had an unfortunate end to 2011. Hailstones the size of cricket balls caused damage to some 5000 homes in Melbourne. We were one of the luckier ones with just 3 broken windows and 3 dozen broken roof tiles.Getting through to the insurance company was tough due to the Christmas Holidays and the sheer volume of claims. But in the end it was fixed to our satisfaction with 2 months.

I had until recently not had a travel insurance claim though I have been taking out insurance for about 10 years. This July on a tour in Sri Lanka we were hit by a freak wave and besides getting totally drenched my one month old DSLR camera, which was hanging round my neck, went to camera heaven where all good cameras go. On my return to Australia I filled in the claim and within 3 weeks I had the full amount refunded to me. This was enough for me to upgrade to the latest model.
Caution: insurance normally pays a depreciated value however this was waived as my camera was just a month old. I did have to pay to get the camera assessed ($50). Limits do apply on items.

I too have often wondered if the significant sums of money we pay out each year for insurance - home, contents, car, travel, life, income, medical - is really worth it? In the last 6 months my doubts have been negated by personal experience.

Andre Rasquinha

is a a happy chappie with his new DSLR. He even smiles when he hears the name of his Inurance company.

Travelling overseas and need a special deal on travel insurance.


By Andre Rasquinha

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