A good April Fool’s prank is good for laughs and maybe “likes” on social media, but being foolish with your insurance can be costly. Skimping on coverage can lead to financial ruin, or at least a hefty bill that will part a fool (you) and his (your) money.
Penny-pinching might be smart in some circumstances, but trying to save by reducing your insurance protection can be foolhardy, says Tom Bigoski, owner of The Bigoski Insurance Agency in Gainesville, Virginia.
“A foolish person will take low liability coverage and low deductibles,” he says. “A smart person will get high liability coverage with a high deductible.”
Whether you are purchasing car insurance, home insurance, life insurance or disability insurance, leave off the dunce cap, and think before you make an expensive mistake.