One of the last things that I'm doing to prepare for my departure is deciding about insurance. Sure I've been mulling it over for a few months now, but the time to make a decision is upon me. The questions at hand are:
1. Should I sign up for the Peace Corps endorsed life insurance policy?
2. Should I get personal-property insurance for my laptop and camera?
If I had a lot of money, I'm sure it would be an easy decision to pay for both lines of insurance. But I'm a recent college grad and I don't have a lot of money to mess around with. So, at this point, I'm leaning towards declining both:
1. I don't plan on dying- but who does? Why not keep the $60 that it would cost to buy the policy?
2. My laptop is getting old now and I'm probably going to need to get a new one in a couple years any way. I'm also backing up all my data before I go, as well as bringing a few memory sticks with me. Point being that I won't be devastated if my laptop gets stolen or broken. I have a pretty cheap digital camera and I wouldn't be too heartbroken if something happens to it too. I'm not planning on taking anything else of any real worth.
Personal property insurance isn't necessarily cheap, especially compared to what the PC pays us. The insurance company that the PC recommends (Clements International) charges a premium of $50 for $1000 of coverage. At this point, I'm not sure how much I'd need to get covered, but it would probably be more than $1000.
It seems that not every PCV in Honduras gets their laptop and camera stolen. Will insurance give me true "peace of mind" or will I feel ripped off if I've paid $50+ month after month for coverage that I didn't end up needing? To be honest, I think that if I pay for the insurance, I'd almost hope that my laptop gets stolen just to have made it worthwhile.
**Correction: I was mistaken; the Clements policy charges its premium annually, not monthly, so that makes a huge difference. Thanks for the comments.
Alex,
ReplyDeleteWe too are mulling over the insurance question. We may end up getting personal property insurance. You should check with a local agent - we have up to $4000 covered with State Farm for $50/year. If we do get another policy we will definitely do it with them. Good luck!
OK, did I read the Clements info wrong? From what I understand it's an ANNUAL policy. You pretty much pay twice the whole time of servce and your stuff is protected. It sounds worth it to me. Should anything happen to your laptop, which you're not too attached to, you will get money to buy a new one! Sounds like a win/win to me, since you value your stuff at replacement cost, not depreciated value. Should anything happen to your old laptop, you get insurance money to buy that nice shiney new one. Oooh, aaaah!
ReplyDeleteHey, sorry this is random but I saw your blog on PC Journals! I'm a PCV in Bulgaria and you should totally get the insurance. I insured all my property - technology, clothes, etc and paid $204 for the year. A couple months into being in Bulgaria I spilled a drink into my laptop and fried it. Clements reimbursed me full price without too many hassles. Do it!
ReplyDeleteI am a PC invitee going to Guyana on Febuary 5th. I just got the Clements property insurance a few weeks ago and my policy was $116 for 2 cameras, ipod, computer, and a few other things. It is an annual policy so you only pay once a year. As far as the life insurance, maybe I missed something but I've never been told anything about having to pay for that?
ReplyDeleteHey, I just read your comment on my blog about purchasing the personal property insurance. I de go with Clements, and I am SOOO happy I did! I cracked the screen on my laptop riding on public transportation from my village to the capital. I sent my computer home with a volunteer (which is MUCH cheaper) had it repaired and sent home with another volunteer in just 2 months. Everything was covered and hassle free. I highly recommend Clements. Cheap, reliable and totally awesome! Good luck with your service, it was the best decision I've ever made!
ReplyDeleteRead your post its really informative and keep updating with newer post Property Insurance
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