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Insurance Account

February 13th, 2008 at 01:46 pm

I been doing some research into store insurance on merchandise and on the back of my head, this idea has been bothering me. I'm thinking of setting up my own Mini Insurance Company. Take the money that the store charges for insurance. ie. New Laptop ($149.99), take that money deposit into this insurance account(ing/emigrant works great), then another product and etc... I have been attacked at all these stores trying to offer you extended coverage (very profitable) and I am about to chip away at their profit since I buy alot of electronics in general. I remember paying $300 to insurance my Plasma TV for 3 years a few years back. The TV is still Humming and there is no holding back. I could have taken that money in put at these online savings acct and have around 330-340 with the interest compound... The product breaks down, i have a insurance..

3 Responses to “Insurance Account”

  1. creditcardfree Says:

    Excellent idea! Because we have an EF we never pay for insurance on something we could easily replace such as electronics. The only exception was our laptop that my husband took to Iraq. The laptop survived Iraq but not my DH tripping up the stairs with it...new laptop free because of the insurance!

  2. scfr Says:

    Excellent plan to "self-insure" when it comes to extended warranties! My high school Statistics teacher taught his students that the manufacturers and stores have professional statisticians who calculate those plans to ensure they will be money-makers for them ... and money losers for us, the consumers. Thanks to his teaching, I have never purchased an extended warranty.

  3. Ima saver Says:

    I don't buy them either.

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