Irrational... Any Way You Slice It
Pi Day by the Numbers:
Every March 14 is Pi Day (3.14... get it?) But this year on 3/14/15 at 9:26:53 am, instead of just celebrating the first three digits of Pi, we have the once-in-a-century pleasure of geeking out to Pi-to-10-places: 3.141592653.
So to celebrate everyone's favorite irrational number, here are 10 irrational insurance figures and facts:
1. Despite the availability of separate insurance policies for floods and earthquakes, take-up rates (adoption of these coverages) are disastrously low. How Low?
13% of homeowners have flood insurance 7% of homeowners have earthquake insurance
2. Nearly everyone knows that saving for retirement isn't just rational, but can free us to pursue our irrational side once in a while. Insuiciant Retirement Ssavings (by age group): 59% Aged 30-39 52% Aged 40-49 45% Aged 50-59
Yet for some reason, people still don't quite get it...
3. Sure, you COULD use "1234" or "password1" to log into your workplace computer and personal devices... But by using an 8-character alphanumeric password, a crook might have to go through 3,025,989,069,143,040 possible combinations before they could make off with vacation snapshots or credit card numbers. "Key" advice: lock your data by using common sense standard security protocols.
4. A thief can easily inflict hundreds of dollars in damage to your home - and that's even if they don't steal a thing.
Renters insurance is a relatively inexpensive way to protect your belongings. Yet despite this, only 37% of renters protect their stuff with a policy that costs on average $187 per year.
And some other things that are just plain irrational…
5. Motorcycle helmets are proven 37% effective in peventing deaths - and about 67% effective in preventing brain injuries. Yet only 19 states (and D.C.) mandate helmet use by all riders.
6. Motorists are becoming more aware of the dangers of distracted driving, but we've still got a lot of miles to travel to safe behavior: In 2012, 3,328 people were killed in distraction-related crashes and 421,000 people were injured.
7. Many drivers don't submit claims for damage to their vehicles, yet a lot of them still pay higher premiums for low deductibles. Increasing a ddeductible from $500 to $1,000 can save premium, while still providing excellent coverage.
8. Among passenger vehicle occupants over the age of four, seatbelts saved an estimated 12,174 lives in 2012 and nearly 63,000 lives during the five-year period from 2008-2012. If all vehicle occupants had worn seatbelts, an additional 3,031 lives could have been saved. So you would think everyone would wear seatbelts. Yet surprisingly, not everybody does.
9. With more options to leave the car keys home than ever, thanks to ride-sharing apps and other tools, impaired motorists are still getting behind the wheel - even when designating a driver is the most rational thing to order at last call... 1,282,957 drivers were arrested for driving under the influence of alcohol or narcotics in 2012 - that works out to one arrest for every 165 licensed drivers in the US.
And here’s one more irrational number for you to think about:
Despite paying for homeowners/renters and auto insurance, many people do not conduct annual reviews of their insurance policy documents. Doing this can help ensure that the amount and types of insurance are in step with your needs - while also better preparing you to have a productive conversation with your Insurance Professional.
Article courtesy of Insurance Information Institute