Progressive Home Insurance Quotes

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Kim was twenty-three, single, on her own, and at a job making $27,000 per year. She had recently started her Total Money Makeover. She was behind on credit cards, not on a budget, and barely making her rent because her spending was out of control. She let her car insurance drop because she “couldn’t afford it.” She did her first budget and two days later was in a car wreck. Since it wasn’t bad, the damage to the other guy’s car was only about $550. As Kim looked at me through panicked tears, that $550 might as well have been $55,000. She hadn’t even started Baby Step One. She was trying to get current, and now she had one more hurdle to clear before she even started. This was a huge emergency. Seven years ago George and Sally were in the same place. They were broke with new babies, and George’s career was sputtering. George and Sally fought and scraped through a Total Money Makeover. Today they are debt-free, even their $85,000 home. They have a $12,000 emergency fund, retirement in Roth IRAs, and even the kids’ college is funded. George has grown personally, his career has blossomed, and he now makes $75,000 per year while Sally stays home with the kids. One day a piece of trash flew out of the back of George’s pickup and hit a car behind him on the interstate. The damage was about $550. I think you can see that George and Sally probably adjusted one month’s budget and paid the repairs, while Kim dealt with her wreck for months. The point is that as you get in better shape, it takes a lot more to rock your world. When the accidents occurred, George’s heart rate didn’t even change, but Kim needed a Valium sandwich to calm down. Those true stories illustrate the fact that as you progress through your Total Money Makeover, the definition of an emergency that is worthy to be covered by the emergency fund changes. As you have better health insurance, disability insurance, more room in your budget, and better cars, you will have fewer things that qualify as emergency-fund emergencies. What used to be a huge, life-altering event will become a mere inconvenience.
Dave Ramsey (The Total Money Makeover: A Proven Plan for Financial Fitness)
In an essay on risk, Arrow asks why most of us gamble now and then and why we regularly pay premiums to an insurance company. The mathematical probabilities indicate that we will lose money in both instances. In the case of gambling, it is statistically impossible to expect—though possible to achieve—more than a break-even, because the house edge tilts the odds against us. In the case of insurance, the premiums we pay exceed the statistical odds that our house will burn down or that our jewelry will be stolen. Why do we enter into these losing propositions? We gamble because we are willing to accept the large probability of a small loss in the hope that the small probability of scoring a large gain will work in our favor; for most people, in any case, gambling is more entertainment than risk. We buy insurance because we cannot afford to take the risk of losing our home to fire—or our life before our time. That is, we prefer a gamble that has 100% odds on a small loss (the premium we must pay) but a small chance of a large gain (if catastrophe strikes) to a gamble with a certain small gain (saving the cost of the insurance premium) but with uncertain but potentially ruinous consequences for us or our family. Arrow won his Nobel Prize in part as a result of his speculations about an imaginary insurance company or other risk-sharing institution that would insure against any loss of any kind and of any magnitude, in what he describes as a “complete market.” The world, he concluded, would be a better place if we could insure against every future possibility. Then people would be more willing to engage in risk-taking, without which economic progress is impossible.
Peter L. Bernstein (Against the Gods: The Remarkable Story of Risk)