Why do People Buy Insurance and Does it Make Sense for Surfboards?
Just about anything and everything can be insured. Today’s most common types of insurance plans are health insurance, home insurance, auto insurance, appliance and electronics insurance, along with business liability insurance and many more. More recently we have been seeing new and creative insurance products enter the market like, pet insurance, bicycle insurance, drone insurance, outdoor equipment insurance and the list goes on. The basis for any insurance plan is to provide you protection. Gaining protection and mitigating your risk is at the core of any insurance plan.
Deciding to purchase an insurance plan, should help to decrease stress and rid you of unnecessary worry. Additionally, many insurance programs can be used as a tax write-off, saving you money year-over-year.
Because accidents happen when we least expect them, being prepared makes a world of difference. As an example, airfare insurance safeguards you of the unnecessary expense when your child breaks their arm a day before your family vacation and you need to cancel. A more common example would be heading off to work and being rear-ended half way to your destination. The insurance coverage will ensure that you aren’t faced with the bulk of the expenses otherwise rendering you with potentially life changing ramifications.
People buy insurance because;
1. Insurance manages risks
Insurance provides for effective risk management. Uncertainty is often the main culprit when it comes to anxiousness. One can plan for the uncertainties in life with insurance. The risk of falling ill, crashing your car, getting into an accident when riding your bike, or even being faced with and unexpected death can be managed with the appropriate insurance policy. In case of term insurance plans, your family will not have to face financial ordeal in the event of your untimely death and you can gain coverage for the given term at an affordable cost. Make use of such insurance plans to alleviate the risk factor in your life. A good way to look at insurance and protection plans is in the long term or big picture. Plans help you manage catastrophic damage that put a big dent in your wallet. So, it’s worth paying some money upfront or a little bit each month to protect against an unknown future.
2. Insurance helps you save
Insurance can help you save in two ways. For products like life insurance, plans build savings by adding funds via a yearly premium. At the end of the term, the holder of the policy get a one time payout. All insurance plans enable savings by reducing costs in the long term. Helping you to avoid out of pocket expenses around accidents.
3. Insurance provides peace of mind
With the recent economic shift around COVID and government stimulus, costs of goods and services are increasing. Holding insurance or protection plans on your more valuable items and intangibles will help provide you with peace of mind. Not having that sinking feeling in your gut when the unexpected happens is worth every penny you spent on a plan.
Does purchasing insurance make sense on my surfboard?
The idea behind any extended warranty, protection or insurance plan is that the item is likely above a certain threshold to repair or replace in the eye of the customer and has a need for maintenance, repair or replacement frequently enough that it makes sense to protect the item with a structured plan. Surfboards, SUPs, foil boards and wakesurf boards all fall under the “makes sense” category. Because, the same materials that make these boards fun and maneuverable to ride also make them fragile and prone to damage while in use.
Why would someone pay extra money for surfboard insurance when they could repair the surfboard themselves?
Technically, Surfcare provides a surfboard protection plan and not insurance. What Surfcare offers is protection against dings and breaks. When you ding your board, Surfcare will have it repaired by a highly rated, professional local ding repair shop for free as many times as damage occurs over the life of the policy. In the unfortunate instance you break your board, Surfcare will replace the board from the retailer you bought the board and order you a replacement surfboard for a 25% of the original retail price when you purchased the board. Breaking or buckling your surfboard isn’t something you can repair successfully, so replacing the board is a must. As alluded to, boards are very fragile and damaging a surfboard is an easy thing to do. Having protection on your surfboard will take away the stress of surfing an overcrowded break or shallow reef. Knowing that, when you damage your board you’ll be taken care of is a huge load off when shelling out $900-$1100 for a surfboard these days.