Alicia Nelson-Bell, Former Finance Intern
Why pay for something you may not use? It’s a pretty good question to ask yourself in most instances when it comes to money management. This is also a question that many people ask about insurance at some point in their life. In 2020 there were over 50,000 auto accidents reported to the Utah Department of Public Safety. For those who either feel they can’t afford auto insurance or those who choose not to have insurance so that they can save a little money on a monthly basis, they end up paying out pretty big when accidents happen or even when they get pulled over. So, is the small monthly savings worth the big bills that come when an accident happens? We’re going to go over some of the costs associated with not having auto insurance in Utah.
Vincenza Vicari-Bentley, AFC, Empowering Financial Wellness Program Coordinator
Basic insurance is crucial to protecting what you have. I know that reading about insurance is not exciting or fun, but a mistake with insurance could be financially devastating. What we need to remember is that insurance is not an investment, it’s something we pay for to protect ourselves and our assets. Here are some common mistakes you can avoid by being informed.
KristiLyn Wilkinson, AFC, Empowering Financial Wellness Program Manager
Let’s talk about insurance. It’s important. The problem is that there are A LOT of different types of insurance out there. Some of them you really need, and most likely don’t have or at least don’t have enough coverage, and some insurances you might have, but likely don’t even need. We often jump to retirement and investment planning before we make sure that we have adequate coverage. This is an unfortunate thing because all it takes is one accident or set-back to completely derail your financial life if you aren’t adequately insured. So, let’s talk about the 5 insurances that most everyone needs. I say most because maybe you don’t own a car so therefore, you don’t need car insurance, but most people own a car, so go with me on this.
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