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Croc cover - waste of money or essential?

Croc cover - waste of money or essential?

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Date Published : Monday, February 04, 2008

Life insurance policies can be a minefield. There are decisions to be made over what eventualities may occur, even if you dare not think about them.

However, many Australians are taking out weird and wonderful life insurance policies which are often wasting their money.

Earlier this year, a new motor insurance policy was launched to cover drivers who are caught speeding. The loss-of-licence assistance offered by Ezy Insure covers drivers for up to $1000 a month for three months when their licence is suspended for multiple minor speeding offences.

Acting Police Minister Robert Schwarten told the Courier Mail: "The best insurance is for people not to lose their licence in the first place.

"The fact is that if you do the wrong thing on the roads you can lose a lot more than your licence."

Novelty insurance policies are nothing new. Each year, more than 400,000 people in the US insure themselves against alien abduction. Closer to home, nearly 25,000 Australians take out life insurance policies against crocodile attacks.

Consumer group Choice stated in 2005 that such policies were "a waste of money" to all but the tiniest majority. However, to those working with crocodiles on a daily basis, such insurance could be essential.

The report by Choice also looked unfavourably on mortgage insurance. Contrary to what many people believe, this does not cover your mortgage repayments if you get into trouble. Instead, it covers your lender if they cannot recoup what you owe them from the forced sale of your house.

While most insurance policies are essential for piece of mind, there are some which without, could save you a lot of money.

Compare insurance providers and apply for deals online.
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