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Why doesn't insurance exist for everything?
I know insurance is the transfer of risk. Why don't we use insurance for all types of risks?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“That’s quite an interesting question, so hopefully, this answer will quench your curiosity!
Insurance actually exists for a wide variety of goods and services. Various types of insurance may include:
While risks like gambling aren’t covered, an insurance company will provide coverage, but only if the juice is worth the squeeze so to speak.
For example, some car insurance companies specialize in high-risk insurance. This means they’re willing to insure drivers that other companies deem too high of a risk. This could be due to a
DUI
, suspended license, or excessive amount of tickets, violations, or accidents.Similarly, some home insurance companies may write policies with hurricane coverage even if a customer lives in an area where hurricanes are common. However, it all depends on the insurance company, and uninsurable risks are often more difficult to find coverage for. This is because they cost insurance companies a significant amount of money. This would also make an insured’s premiums extremely high as well.
If you’re searching for car insurance, check out the
Jerry
app. You can sign up in minutes and find the best rates for the transfer of risk to your car.”View full answer
- Gregory R.
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