I worry about all sorts of things that are completely out of my control, along with many things that I can control.
I try to plan as much as possible to mitigate the possibility of something bad happening.
Even though I am a worrier, I’m usually not the type to pay for some peace of mind.
However, there have been some circumstances where we have done exactly that because the cost ended up being less than the value provided.
When I Didn’t Pay For Peace Of Mind
The first instance that comes to mind was my recent experience with what I thought was simple credit card fraud. Unfortunately, it turned out to be identity theft, but either way I felt like my credit had the potential to be violated again in the future.
I wanted to feel like my information was secure as I had prior to the identity theft, but I quickly realized I won’t ever have that peace of mind back.
I did have one option available to me if I wanted to get at least some feeling of control. The credit bureaus offered me a form of identity theft monitoring that I could pay for on a monthly basis. It was somewhere in the range of $10-$15 a month, which isn’t a ton of money but definitely adds up over time.
I decided against paying for the service because I am fully capable of pulling myself a free annual credit report from one of the three bureaus every four months. Why pay for something I can essentially do myself for free in just a couple minutes?
Another time that we considered paying for peace of mind was when we planned our honeymoon. We had to make a few decisions on whether or not we wanted to pay for some peace of mind when it came to two different potential transactions involving our cruise. The first was vacation insurance and the second was our shore excursions.
When we booked our cruise on Carnival we were offered vacation protection insurance that would cost us about $50 per person. Basically, vacation protection insurance would pay us back for some or all of the cost we paid for our cruise if we couldn’t go due to a covered reason.
Not all potential reasons were covered under the vacation protection insurance and our main concern, Tori’s foot surgery, would be excluded due to the fact that it was a pre-existing condition.
After some thought, we decided against paying for this peace of mind because we couldn’t think of a very likely situation that would cause us to miss our cruise and allow us to make a claim to get our money back.
When We Have Paid For Peace Of Mind
We don’t always turn down paying for peace of mind though. When it came to planning our shore excursions on our cruise we decided to go ahead and pay for some peace of mind.
We could have saved some money booking our excursions through an independent provider (probably around 25%) but we wouldn’t have the same guarantees we had booking through Carnival directly.
By booking our shore excursions through Carnival, we knew that Carnival would stand behind the companies they had chosen. If the cruise missed a port our money would be completely refunded. If bad weather caused the excursion to be cancelled our money would be refunded.
Finally, most important to us, if the excursion ran late and we missed the boat’s all aboard time the cruise ship would either wait for us or Carnival would make sure we caught up with the boat one way or another.
While many of these things aren’t likely to happen, when I’m on vacation, I don’t want to have to worry about anything. I’m there to relax. In this case, paying for the peace of mind was worth it to us.
How do you decide whether or not to pay for peace of mind? Any recent examples you want to share?
Image by: dno1967b Text added by: Lance Cothern