If you frequent this site then you know there are ignorant or stupid things about any subject if you look hard enough. Trying to find stupid insurance facts wasn’t as hard as you might imagine.
You will learn how much the life insurance policy of Stephen Spielberg is worth. Find out if alien abduction Insurance is a real thing and what the word insurance originally meant. All this and much more with stupid insurance facts
UFO Insurance anyone?
In the US, there is such a thing as alien abduction coverage. This means that – should you be abducted by aliens, and can prove it, you may be able to make a claim if you suffer damages. It’s been a policy staple for over 30 years now, and even weirder is the fact that the UFO Abduction Insurance Company states that they have paid out!
Dying of Laughter
People used to take out insurance policies against dying of laughter when comedy movies first started heading to the cinema. Dying of laughter is possible – but thankfully, it’s pretty rare, and we doubt many carriers would offer anything quite so specific nowadays!
Life Insurance is Expensive, if you’re famous
There are some pretty steep life insurance policies out there on some of the most influential people on the planet. For example, you’ll likely not find a policy pricier than Hollywood director Steven Spielberg, who reportedly has a policy worth $1.2 billion.
America Ferrera insures her smile for $10,000,000! If “any reasonable and necessary dental treatment costs or expenses that result from accidental injury” the policy will cover her smile, teeth & gums! Lloyd’s of London is the insurance company that will write the check should something go wrong
Your credit score can significantly impact the cost of your insurance.
Nearly all insurance companies have credit-based “insurance scores” where the higher the score, the better the rate. The lower the score, the more expensive it gets! If you have zero traffic accidents and claims but pay a lot for your insurance, chances are, your spending habits are what’s costing you the most!
Think twice about getting a dog
Home insurance policies often prohibit certain dog breeds! There were over $600 Million in dog liability claims in 2017 – it’s a serious matter. So, before you fall in love with that puppy, call your agent to make sure you will have coverage for the breed you love!
Don’t be Male while Insurance shopping
Two teenagers with zero claims or tickets – but the teenage male is charged more than a teenage female for auto insurance? It’s true! Why? Statistically, teenage males cause more damage than teenage females. Males pay more than females up into the late 20’s and sometimes up into the 40’s.
Golf Insurance anyone?
This is definitely an insurance I will never need. In some places, it is required for anyone who scores a hole in one while playing with friends. To buy drinks for everyone. As this can really skyrocket depending on the size of the party involved, there is a policy which helps to bring this cost down to size.
The Amish don’t need no stinking Insurance!
Amish communities in the US, as well as refusing to adopt many modern standards, actively shun the concept of insurance. They believe it to be showing a lack of faith in God. They also avoid paying social security in the US for the same reasons – they see it as a ‘survivors’ insurance.
Japanese Insurance pays for suicide
A rather dark take on life insurance is clear to see through the Japanese system. Japan has a fairly high suicide rate already – and policies in the country pay out if you kill yourself. Therefore, if you want to leave a lump sum to your family, you could effectively take your own life.
Jackie Chan in uninsurable
Jackie Chan makes sure to personally train and pay for all the stuntmen who complete his fantastic feats on camera. Why? No insurance company is willing to give the action star the coverage he’d normally need to safely perform the stunts himself.
Insurance owes the Great Fire of London
Fire insurance only really became a major asset following the Great Fire of London in the 17th century and for good reason! Since then, policies and carriers have, of course, refined things more than a little to cover for accidental property damage.
Insuring body parts
It may seem unlikely but insuring body parts is actually a stupid insurance fact. There’s such a thing as body part insurance, though it’s likely a phenomenon that’s been around longer than many people imagine. It’s not unheard of for famous people such as actors and singers to start insuring their bodies, and Ben Turpin happened to be the first – though this was as a result of the star not wanting to lose his crossed eyes, which was his signature look! Turpin took out a $25,000 policy to protect them in 1920.
I wonder if insurance paid for everyone’s World Series Taco?
Taco Bell once took a bit of a risk by stating that they would buy every single person in the US a taco if the Mir space station crashed within a designated zone in the ocean. The MSS was due to crash anyway – but Taco Bell wasn’t taking any risks heartily. They insured themselves just in case they had to pay out, meaning that they would at least have been good for their word
Insuring a cigar
There’s a single cigar which was once insured for around £18,000. What was it that made it so expensive to insure? Was it gold-plated? Did it belong to Winston Churchill? No – it was the biggest in the world, weighing a stonking 110kg. That’s worth insuring!
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Leg Insurance can be huge
Coming back to body part insurance, a policy that puts Ben Turpin’s in the shade is that which Michael Flatley, dancer and Riverdance star, took out on his legs. Believe it or not, if anything happens to his famous tap-dancing pins, he could stand to claim $25 million. Football star David Beckham did the same, for $70 million!
Geico’s Fire Department?
Maybe not anymore but once upon a time it wouldn’t have seemed like a stupid insurance fact at all. Believe it or not, the very concept of a fire department has ties to insurance. That’s because they were originally set up purely to put out the fires of specific households and policyholders! Thankfully, things have moved on since then – and fire departments won’t ignore a blaze that belongs to a competing policy
Companies make sure contest don’t bankrupt them
There are plenty of big brands and companies willing to give huge cash prizes to lucky people – but the fact is, they will largely underwrite these contests with insurance policies just in case anyone actually wins. A good example of this stems from Pepsi, who once held a competition which would have given a lucky winner $1 billion in a sweepstakes deal. The company paid a princely $10 million in insurance fees just in case anyone dared to win their ‘Play For a Billion’ competition! That’s one confident carrier!
9/11 Caused huge claims
The world trade center disaster in 2001 resulted in some of the biggest insurance payouts of all time. It is thought that up to $40 billion was claimed as a result of life and property claims.
Health Insurance isn’t always enough
Around 80% of people who go bankrupt in the US through medical bills already have health insurance. This is thought to be as a result of various points of illness and conditions not being covered, and as a result of additional deductible fees.
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By any other name!
The word insurance actually used to refer to being engaged to wed someone! However, since the early days of this usage, the term evolved to mean ‘assurance’ instead
Sony makes big off insurance
Sony actually makes more money from its insurance division than it does from actively selling products!
That wraps up stupid insurance facts for now but if you know of an ignorant or stupid insurance fact I missed please add it in the comments below and I may put it in the list. Thanks for reading!