Hunter Nelson explains why excluding drivers from insurance doesn't save money. A $1 million claim expected every 20 years costs $50,000 annually as a premium, but skipping coverage means paying the full amount out-of-pocket when it happens, potentially destroying the business.
do not schedule your driver on the policy. Um, does that mean you're actually putting more money in your pocket? No, because all you're doing is just financing that risk. If the statistic says that you're going to have a million-dollar claim every 20 years, for example, you're going to statistically probably pay out a million dollars within that 20 years. Or you could do the math on it and pay out X amount of dollars a year to finance it instead of waiting for that million-dollar bill to come and you'll be paying it out of pocket. So if you can't afford the insurance, It's— you can't afford it now, but you're going to either not afford it at the time a claim happens and you're gonna pay it all out of pocket and go to business, or you find a way to afford it and finance it and go from there.
