There are two types of insurance: health insurance and car insurance.
There is also a third type of insurance: rich people insurance. Rich people get it to cover a whole ton of other random things, like boats and businesses, but normal people don't have any use for this type.
Where do life insurance, homeowners insurance, and renters insurance fit?
what about boating accident insurance too
Outsourcing your insurance is a shitcoin.
I let my home insurance lapse over a year ago.
I've been 100% self insured with Bitcoin since then.
Self insurance FTW.
In The Netherlands you can insure almost anything and most people are waaaay over insured.
I say you insure what you can't financially afford to pay for when it happens. It's actually very basic math to not insure something you can afford to pay.
It's still amazing though what people will insure here for peace of mind.
It's just too bad that starting an insurance company requires you to buy into the cartel with the establishment. They managed to get themselves "regulated" so well that it's basically impossible to start one. Maybe even worse than getting into the banking cartel. Needless to say often times banks will also sell you insurance.
Worst thing i ever heard is a form of "full car insurance" where the insurance company will not only pay the victim but also pay for your own repairs.
Oh yeah forgot to mention that you will lose parts of the discount that you build up over the course of a couple of years meaning that you are actually paying your own repairs and then some over the course of the following years. Yet people still take it and when they hit a tiny wall pay for the repairs themselves. It makes no sense whatsoever.. 🤡🤡
What about third-party liability insurance? That is very common to have in Germany. I would say car insurance is a subtype of that.
What is another subtype? Car insurance is the only example in that category that I'm aware of
But also, I realized after many responses that I am just very unfamiliar with the complexities of the insurance market
My OP was just a stupid take
Business insurance: workers compensation, general liabilities, auto, and umbrella. Specific products for cargo, for construction (builders risk), property coverage, cyber, and more.
And then.....
Health insurance. Ick.
