What Is Self-Insure?
Self-insure is a risk management method that people set aside some money to be used to remedy an unexpected loss other than purchasing insurance for protection. Generally, you are self-insured when you do not have an insurance policy covering risks.
Should You Self-Insure?
Self-insure against certain losses may be more economical than purchasing insurance from third party insurance companies. Before you self insure yourself, you should understand what financial impact it will create on you. Can you afford to pay the costs by your own?
How to Self-Insure?
- Drop collision coverage when you buy car insurance.
- Increase deductibles because the higher the deductible, the lower the cost of the insurance.
- Increase waiting periods.
- Forego warranties.
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