When not to go naked on insurance
You're young, healthy, unfettered and you drive a beater. Everyone keeps harping on how you need all this insurance, but all you can see is money circling the drain.
What you want to know is: What's the bare minimum insurance I can get by with, and what's the downside if that's all I buy -- or even decide to "go bare" and not purchase auto, health, home or renters insurance altogether?
There are a few policy tweaks you can make and cost-saving discounts to be reaped. But try to get by without any insurance, and chances are slim that you'll be happy in your freewheeling lifestyle for very long.
"The problem is, if you don't have coverage, basically you're taking a risk. You're betting that you're not going to face a disaster," says Loretta Worters, a vice president with the Insurance Information Institute, a trade group based in New York. "If you want to be a betting man, that's fine, but I wouldn't want to bet my house on it."
Not to mention your car, your health or all your worldly possessions.
What's a free spirit to do in this shackle-and-chain world? Let's break it down by insurance policy type.
Compare insurance rates to get the best deal.