Insurance

Everybody tells us to take life insurance. Elders advise insurance even as a saving measure for future. Insurance agents showcase benefits of insurance to dependents after our death. And eventually, all those having regular income will take life cover for huge amounts and end up paying premiums.
But, we ignore insurance cover for our property. We try to avoid insurance for vehicles.
The loss from property damage can cause huge setback and often will be difficult to earn and build again. If we take loan for purchase of property, we take insurance to the extent of loan amount for loan period. But, as we repay, loan amount will reduce but our exposure to risk will increase. Unless we take insurance for entire property value, we will be taking risk with our hard earned money put in the property.
Similarly, we should take vehicle insurance both for the value of the vehicle and compensation to be paid to the persons in case of any accident. If we look at the amount saved by not taking insurance cover, in times of any accident, we may end up paying all our savings, may also incur loans and receive punishment.