Is Car Insurance...?

Question

A White Collar Crime...?

Seriously.. are paying 'protection' money to a gov't controlled 'Crime Syndicate'?

oklatim...if that is in fact your real name... yes it IS mandatory.

In a lot of places you are not allowed to have a vehicle on the road without insurance... not even to tow it to the nearby garage.

Patti Duke: You work for an insurance company don't you honey? Okay. I'll stop driving all hellbent and carefree... I've never had one accident in the 20 odd years I've been driving... yet I'm still paying through the nose on insurance.

Sorry Folks.. I still say "Syndicate"

....If I "disappear" or turn up with cement boots you'll all know why...

Peppermint Person..aren't you sweet... I've paid a helluva lot more (remember NO accidents) in the 20 years I've been driving than $600/yr.

Where I live, the "average" policy is $1200/year... It has come down since I was sixteen...$3000/year... progressively...

When I did have damage to my car...I was parked and a cab hit me... I had to have body work done which ended up costing me $500 (the deductible). I chose NOT to claim it anyway, because of the premiums going up.

Syndicate.

Answer 1

i agree

Answer 2

No. It's not a white collar crime.

Good! You've been driving for 20 odd years. Let's think about that. The average policy for a year is about $600.00 - just doing averages but that would mean an average driver who has driving for 20 years paid a summary of $12,000 into insurance.

Let's think about cars and medical bills. You have a 1/8 chance to be involved in an accident. If you cause a serious accident, you can injury someone (average medical bills is about $25,000) and total their vehicle (new vehicles are also about $25,000)

That mean, yep. You just caused $50,000 worth of damages and you have to pay...

So far, you put in $12,000 into your accomulated insurance fund. But thats okay - based on your policy, you're insurance company can pay the other MORE than that. If you have a high liability coverage, you don't have to pay anything else out of pocket.

Hey, wait. Insurance will pay out for something MORE than what you put in?!

That's a good deal.

Answer 3

You pay an insurance premium (doesn't matter what type of insurance coverage i is) because you don't know what will happen. But if it does happen it's nice to know someone else will be footing the bill. Car insurance premiums are on the rise simply because people continue to drive unsafely, get into accidents and not only cause material damage but also bodily injury. To make this right does not come cheap. So if everyone would revert to driving the speed limit and get off their cell phone so they could actually focus on the road and the traffic around them your premiums would be adjusted according. Premiums are calculated on risk factors, just getting in your vehicle these days put you at risk.

Answer 4

Well, I see your point, so in a way I suppose it is a white collar crime. But there are many people, both in and out of the industry, who would argue that with you. For those who never have accidents and pay insurance it's nothing but a racket; for those who are "accident prone" then it's a great deal for them because the premiums are always cheaper than the payout. And since insurance is one of those things you "buy" for "in the event you need it" (but never ever ending up needing it)....sure it is.

Answer 5

You're kidding, right? You know you don't have to have insurance, it isn't mandatory. You can put up a bond with the state for financial responsibility in lieu of car insurance if you are so moved and don't want it.

Answer 6

Having car insurance is great if your involved in an accident but really does it need to be so expensive, I would think not.