The CoverCompared answer to why traditional insurance is a need of the hour
We don’t hesitate when buying lots of video games that we will never play, dozens of pairs of shoes we will never wear, or paying for a gym membership we never use. It is interesting that when it comes to insurance, most of us simply ignore the risks of everyday life that could potentially cause hundreds or thousands of dollars worth of damage. Why could that be? Perhaps it’s easier to brush those risks under the mat, but they are still there, waiting to ruin your holiday, damage your electronics or harm your wellbeing.
This is where insurance comes into play. Insurance in its essence is purchasing peace of mind. There are lots of unseen risks in life and when they become visible, it’s usually too late. Let’s take a look at some statistics that can tell us about the dangers lurking under the mat.
Before we begin, it’s worth mentioning that it takes a couple of minutes to compare and buy insurance policies at CoverCompared. Health, travel, and electronic device insurance can save you hundreds if not thousands. CoverCompared is here to help you pick and buy insurance within minutes at incredibly affordable rates than on any other platform.
First comes health.
For several years, medical debt has been the number 1 cause of personal bankruptcy in the United States.
Getting sick or injured and falling behind on healthcare bills could lead to a series of unpleasant events, such as collection calls, medical debt, and even bankruptcy in worst-case scenarios.
20% of uninsured people skip medical treatment because of cost, often making their problems more complicated to treat.
According to a report by FAIR Health, Uninsured Americans with COVID-19 would pay an estimated average of $73,300 for a 6-day hospital stay. Depending on the insurance provider, the cost could drop to $7,533, almost 90% lower.
Travelling can be stressful. Catching your flight, last-second emergencies that might cause you to cancel your trip, theft, accidents abroad, etc. Any of these problems can ruin the holiday for you and your family.
The it-will-never-happen-to-me mindset can be misleading as the stats below suggest it always happens to someone. 470,000 Britons needed consular assistance last year and 3,250 were hospitalized. Taking into account these are annual statistics, it could happen to anyone, anytime.
According to ValuePenguain, Americans plan to spend $737 on their next trip on average. Cancellation protection plans generally run 4% to 10% of total trip cost, according to insurance-comparison site SquareMouth.com. So, you are purchasing the power of cancelling your trip at the last second without having to say goodbye to your total trip budget.
If you are into extreme sports and often visit other countries to satisfy your thirst for adventure, it’s wise to invest in an insurance program. Being hospitalized abroad is upsetting, and being charged thousands for your stay could hurt even more than your injury.
For example, a broken leg can cost you £25,000 in Dominic, Peru, South Africa, or Barbados if you don’t have insurance.
Electronic Device Insurance
According to Protect4Less, a partner of CoverCompared, the average costs of various damages to electronic devices:
Cracked Screen (Mobile Phone) | USD 220
Touchscreen Malfunction (Mobile Phone) | USD 410
Liquid Damage| USD 410
Theft | Full Device Value
YouTube is full of videos where people get over-excited about receiving a brand-new iPhone as a gift and dropping the phone while unpacking. Imagine the disappointment they experience. You may stay calm and not drop your brand-new phone, but most electronic devices are fragile and prone to damage. They are also known for being targeted by burglars as they are easy to steal, hide and sell.
By buying insurance coverage for your electronic devices for a couple of cents a day, you can save yourself from a lot of trouble.
This further proves that traditional insurance has become an absolute necessity whether it be in regard to safeguarding yourself or your personal belongings. At CoverCompared, we are alleviating the stress on our users by offering varied traditional insurance policies all available for a discount of 25% when purchasing using our own native token $CVR. CoverCompared is also the first-ever platform where you can purchase traditional insurance policies in exchange for your crypto, without having to pay gas fees.
We are constantly striving to decentralize the insurance industry so as to funnel more access to a larger audience while inculcating innovations to help our users safeguard themselves & their crypto belongings.
CoverCompared is the First DeFi insurance marketplace for the global crypto ecosystem. We aim to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products bought using a host of cryptocurrencies.
Our platform will be connecting users with multinational insurance providers for all global insurance products such as crypto-related protection, health, life, and travel policies. The platform will include a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.