Many Millennials are choosing to skip out on necessary insurance coverage.
Many young adults who are just starting out think that they can skip out on buying insurance to help save some money. However, going without insurance can actually be much costlier than investing in the policies. Even when it comes to policies that are required by law, such as health insurance, surveys have found that Millennials are much less likely than any other age group to have coverage.
Not only are Millennials some of the least likely people to invest in health insurance, but many of them also skip out on auto, renter’s, and life insurance. Even without the proper coverage, more than 50 percent of Millennials report that they are confident in their ability to remain financially stable after an unexpected event, such as becoming disabled or getting into a car accident.
The reasons behind Millennials reluctance to invest in insurance can be attributed to many factors. From their overconfidence to generation specific factors, it is hard to target just one reason young adults are choosing to remain unprotected. It may also have something to do with the high amount of student debt that many young people are starting off with.
Unfortunately, leaving yourself uncovered without any insurance can leave you struggling financially for many years. With the high cost of medical bills if you are injured and the increasing number of liability lawsuits filed each day, trying to pay for any incidents on your own can be much more expensive than you think.
Working with an independent insurance agent can help to make the process of choosing the right insurance policies to fit your lifestyle and budget much easier. For all of your insurance coverage needs as you are just starting out, contact the independent insurance professionals at Bell Black Insurance in Rexburg, Idaho.