overinsure
Buy too much protection
To overinsure is to purchase more insurance coverage than the value of what's being protected, or more than is reasonably necessary.
Someone who overinsures their car pays premiums based on a payout they could never actually receive.
The practice wastes money but may stem from anxiety about risk: He tends to overinsure everything he owns.
Preferring safety over uncertainty
- prudenceCareful, wise judgment
- warinessCautious distrust
- forethoughtPlanning before acting
- precautionPreventive safety measure
safeguarding · vigilance · conservatism · worst-case · hedging · belt-and-suspenders · defensive · overcautious
Excessive insurance protection
- overprovisionExcessive resource allocation
- overkillUnnecessary additional effort
- superfluousExceeding what suffices
- redundantExceeding what's needed
unnecessary · excessive · overprotection · surplus · overabundance · duplicative · double coverage · padding
Payments for insurance coverage
- coverageExtent of inclusion
- policyholderOwner of insurance contract
- underwritingRisk evaluation and acceptance
- deductiblesPre-coverage personal payments
claims · liability · indemnity · actuary · beneficiary · umbrella policy · coverage limits · endorsement
risk-averse
Preferring safety over uncertainty
- prudenceCareful, wise judgment
- warinessCautious distrust
- forethoughtPlanning before acting
precaution · safeguarding · vigilance · conservatism · worst-case · hedging · belt-and-suspenders · defensive · overcautious · anxiety
overcoverage
Excessive insurance protection
- overprovisionExcessive resource allocation
- overkillUnnecessary additional effort
- superfluousExceeding what suffices
redundant · unnecessary · excessive · overprotection · surplus · overabundance · duplicative · double coverage · padding · overestimate
premiums
Payments for insurance coverage
- coverageExtent of inclusion
- policyholderOwner of insurance contract
- underwritingRisk evaluation and acceptance
deductibles · claims · liability · indemnity · actuary · beneficiary · umbrella policy · coverage limits · endorsement · exclusions