Accidents & Insurance & Deductibles, Oh My! #659

Who remembers fire and tornado drills back when they were in school?! Even though in the moment they seemed like a complete waste of time, looking back as adults it’s easy to see how important it is to run a drill of what you would do in the event of a fire. And if you were in the scary scenario where you DID have a fire at your school, you were probably glad to have gone through the motions and rehearsed exactly what you should do. Insurance is kind of like a fire drill- most of the time it feels completely unnecessary, but in the rare instances where you actually need to put it to use, you’re more than happy to know you have that policy in place. And while virtually everyone is required to have car insurance, fewer folks have had the misfortune of being in an accident. So one of the problems we’re addressing today is what you should do after you’ve been involved in a car accident- it’s a surreal experience that can catch you off guard. We discuss things like diminished value and notifying your insurance company, but we also discuss how you can be financially prepared for accidents and the steps you can take to reduce the cost of insurance.

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During this episode we enjoyed an A OK Marzen by Gruner Brothers- thanks for donating this one to the show Katie! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!

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