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Despite the fact that your insurance industry may often appear complicated and boring, the world of insurance is considerably more interesting than you realize. A lot of insurance statistics are fascinating, including the fact that Starbucks spends more money annually on health insurance than it does on coffee. Here are more intriguing insurance facts, some of which you might be able to use to your advantage and save money.

1. Your credit score may considerably impact your insurance premiums.

You are probably aware that your credit score affects the mortgage interest rates you are offered. However, you might not be aware that “credit-based insurance scores” also have an impact on your insurance premiums you are quoted, sometimes in a big way. Most insurance providers believe that scores representing your financial management also likely indicate your propensity to make insurance claims. According to an article from TheZebra.com, “Car insurance premiums for drivers with bad credit may be double those for individuals with excellent credit. You could save 53% (more than $1,400) a year if you raised your credit score from the poor to the exceptional category on a national level.” Fortunately, there are several actions you may take to raise your credit score.

2. Insurance contracts began in 1347.

Although “insurance” has been a concept for a long time, the first formal contract or policy was not signed until 1347. The contract was signed in Genoa, Italy, the origin of the concept of a contract. These contracts were frequently backed by huge estates and plots of land.

3. Your home insurance probably covers volcano and meteor damage.

Although you may know that your home insurance does not cover flood damage, you might not realize what else it does cover. For instance, damage from meteorites and even volcanoes is typically covered by home insurance. However, earthquake and water damage are generally not insured. To decide whether to purchase any additional coverage, such as for earthquakes, it is best to carefully read your policy or speak with your agent to determine exactly what is and is not covered.

4. You may have to pay the price if your dog bites someone.

It might be expensive for you and your insurance provider if your dog bites someone. The cost of dog bite lawsuits in 2019 was nearly $800 million.

5. Here’s a list of celebrities with the most expensive “insured” body parts in the world:

The list below includes the names of a few well-known celebrities who are owners of the most expensive body parts in existence.

  • One of the world’s top 50 most attractive persons, Julia Roberts, has a smile insurance policy worth $30,000,000.
  • Gene Simmons, the bassist for the 1970s band Kiss, once had a $1,000,000 insurance policy on his tongue.
  • David Beckham, a football legend, had his legs insured for $151 million.
  • Bruce Springsteen has $6,000,000 in voice insurance.
  • Real Madrid revealed that they had paid a whopping $144 million in 2009 to insure the legs of their top player Cristiano Ronaldo.
  • With a $1.2 billion policy, Steven Spielberg has the most expensive life insurance in the world.

While everyone tries to keep up with the latest information on their insurance coverage, some people find humor in some of the more unusual insurance-related facts. Get in touch with the Savallos Agency, LLC, to learn more about your insurance policy. Our assistance will enable you to choose the best possible insurance coverage plans for your unique situation.

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