Is there anyone who thinks that car insurance is a ripoff?

Question

We pay so much in car insurance and have yet to have a wreck or anything. Not to mention the ridiculous amount for car tags. (Thank God)I say it is a rip off because my grandmother had insurance with a certain company for years. She always paid on time, sometimes for months at a time. She was in an accident that was not even her fault and the insurance company totaled her car and booted her from the insurance. She is not able to drive now, but I still think that sucks.

I realize that I have to have insurance. I have been in a wreck before and it helped but that is one time out of how many payments with no incentive for not having a wreck or being at fault. Even if I didn't have insurance, I'm sure the escalade will because they are being ripped off too.

Answer 1

I understand exactly what you are saying but accidents can happen. What if you ran into the back of a new Escalade and tore it up and didn't have insurance? Could you pay for it? The reason it is so high is because of people who don't have it and the people doing the right thing pays more for them.
I know. They are ripping everyone off so I had to settle for liability and if someone hits my car with no insurance then I'm screwed!

Answer 2

I might suggest that you try this website where onel can compare rates from the best companies: http://INSURECOMPAREQUOTES.US/index.html?src=2YArvwdkBH16

RE :Is there anyone who thinks that car insurance is a ripoff?
We pay so much in car insurance and have yet to have a wreck or anything. Not to mention the ridiculous amount for car tags. (Thank God)I say it is a rip off because my grandmother had insurance with a certain company for years. She always paid on time, sometimes for months at a time. She was in an accident that was not even her fault and the insurance company totaled her car and booted her from the insurance. She is not able to drive now, but I still think that sucks.
Update: I realize that I have to have insurance. I have been in a wreck before and it helped but that is one time out of how many payments with no incentive for not having a wreck or being at fault. Even if I didn't have insurance, I'm sure the escalade will because they are being ripped off too.
Follow 9 answers

Answer 3

No, it is not a ripoff. Its an intangible asset that makes it hard to value and put a price on it.

If you have about 20,000 in the bank to pay for my damages in cause you cause an accident, then yes - its a ripoff. But most people do not have money in their bank.

Next, any information in driving history (all accidents, claims or violations) also predict that something else might happen. Based on her age and risk that something would happen, the insurance company did not want to insure her. Think it sucks? You're department of insurance actually said that was okay.

Answer 4

Compare free quotes from dif companies at QUOTESTOINSURE.INFO-

RE Is there anyone who thinks that car insurance is a ripoff?

We pay so much in car insurance and have yet to have a wreck or anything. Not to mention the ridiculous amount for car tags. (Thank God)I say it is a rip off because my grandmother had insurance with a certain company for years. She always paid on time, sometimes for months at a time. She was in an accident that was not even her fault and the insurance company totaled her car and booted her from the insurance. She is not able to drive now, but I still think that sucks.

Answer 5

try going without it and see what the alternative may be. Is it a necessary expense? Yes. Is it a rip off? That depends on how much you're paying relative to what the other companies would charge you.
As far as paying insurance on time for years to the same company, it's not all for naught. With that payment came a promise from the insurance company to protect you in the event of a loss. You're buying peace of mind you hope you'll never need. Paying years of premium and never having a claim does not entitle a policyholder to any special treatment. Shopping insurance may save you a few dollars.

Answer 6

You get what you pay for. Just read some of the answers on this site for awhile and you will understand why rates are so high. Every other shlep out there can't wait to sue somebody or pad medical treatments for every hangnail or bent bumper that happens. It's a miracle insurance companies manage to make a profit at all considering their budgets usually burn-up 40% of the preimum dollars recieved just to combat fraud. The only people getting rich are the lawyers. They never, EVER lose money.

Answer 7

i dont think it is a ripoff but that depends on what you are paying and what other companies are offering for the same coverage. i think its a good idea to have car insurance just incase something happens. if you dont have it then you will constantly worry about having an accident and worrying how you will pay for it, regardless who is at fault. atleast if your car is ruined you will have your insurance to help you get another one, instead of not having money to get another one.

Answer 8

With anything intangible it's hard to understand why we have to pay and get nothing. You should be hopeful that you never have to use it. Insurance is one of those things that you pay to NOT have to use. And it's not just about you; you realize that, right? Insurance is a pool of money that all premiums go into and that money is used for other's claims. That's why premiums are so high, because of the cost to handle those policies and claims and the fact that people inflate their injuries and damages and commit fraud. If not for that happening at such a high rate, the rates would be lower and we wouldn't have anything to complain about. So thank those you know who got more than they deserved for making your rates high for something you haven't really needed to use.

Answer 9

Yes! It's far too high most of the time. I am glad I had when I had an accident in January though, especially as the woman clearly exaggerated her claims. The only thing wrong with her car was a broken headlight and her front number plate fell off. She put a claim of £2000 in!!!

Answer 10

Ditched my lease car with full coverage, bought a $2000 POS and am now saving $350 per month. I can afford to replace the POS more than I can afford to keep feeding State Farm and VW credit. I'm happy I did it. Outside of fuel, maintenance, and unexpected breakdowns, I spend less than $40 per month on liability only.