I personally think that They Should Have to Give Back to Customers Because People Don't File Claims In Fear of their Rates Rising, Therefore, the Insurance Companies Make More Money?
2007-02-20 05:35:46 · 15 answers · asked by Jellybean 4 in News & Events ➔ Current Events
hell yes I totally agree with you!!!
2007-02-20 05:38:13 · answer #1 · answered by bb77blueeyes 3 · 0⤊ 0⤋
Insurance is an actuarial pool. It is like a bet. The only way they can pay off the claims that do come in is to keep the money they get from people who don't make claims. In essence, when you buy insurance you are betting that you will need to make a claim. And when a company sells you insurance they are betting you won't. Hopefully you will never need to file a claim, but if you do, the amount of money you have paid in will never come close to paying for it. It will come from the payments of hundreds or maybe thousands of other people. Insurance is a good idea. Not all insurance companies are honest, or play fairly with customers, but thankfully, most do.
2007-02-20 05:41:38 · answer #2 · answered by jxt299 7 · 2⤊ 0⤋
In the real world, insurance is a form of protection. It protects you in the event you do have an accident, or more importantly, in the event you are injured by someone who cannot afford to pay your fees. Customers who do not have any claims are rewarded with lower premiums. Why would they give you a refund, then two days later you end up in a head-on collision? Your premise assumes that someone it is possible to predict when someone will have an accident.
And there is nothing illegal or immoral about a company making money. If you're employer wasn't turning a profit, you would be out of a job. So long as they are paying out on proper claims and not engaging in unfair practices, I see no issue.
2007-02-20 05:46:56 · answer #3 · answered by bardsandsages 4 · 0⤊ 0⤋
I think insurance companies would go for this if they were also allowed to collect more premium (equal to the amount of the claim) from the people who have claims. But that's not what insurance is.
When you buy insurance, you are buying a promise. The insurance company promises to pay the amount of the claim regardless of the amount of the premium you paid. The company fulfills it's promise when it pays for a claim. But, just because you don't have a claim, that doesn't mean the insurance company hasn't held up it's end of the bargain. You get what you paid for - the promise - whether you have a claim or not.
2007-02-20 05:51:13 · answer #4 · answered by Xeod 5 · 0⤊ 0⤋
Yes a rebate would be great, but lower rates are better. Change insurance companies. Good, claim-free drivers should be rewarded. Shop around diligently. Don't research through an agent as they represent many companies. If you live in Canada, stick with Canadian based companies. With U.S. companies you are subsidizing a bigger picture.
2007-02-20 05:43:31 · answer #5 · answered by choose happiness 3 · 0⤊ 0⤋
The purpose of insurance is to spread out the cost over many customers. If they start giving rebates then the cost of insurance for people who have accidents would rise to a point that selling insurance would not be worth it.
You do get lower rates when you have a good record but it is not a rebate.
2007-02-20 05:40:34 · answer #6 · answered by Barkley Hound 7 · 1⤊ 0⤋
Yes, it would be nice to get a rebate, but I am not holding my breath. The insurance companies are in this to make money, not give it away. I think your 'rebate' is not getting your rates hiked.
2007-02-20 05:40:30 · answer #7 · answered by Katykins 5 · 0⤊ 0⤋
Frankly, the first insurance company to invest money and say if you go this long accident free we are sending you a check for half of what you payed in or a large sum of money or a percentage will get a gigaload of business becaue basically you are throwing away money each month betting you will not get in the "big accdent" so if you don't I think after a certain period of time they should give you a reward for not making them pay out millions.
2007-02-20 05:40:44 · answer #8 · answered by xx_muggles_xx 6 · 0⤊ 0⤋
If your car was declared a total loss (which from your description it sounds like it was), then yes, it is normal for the insurance company to take possession of the vehicle in exchange for them paying you the actual cash value of the vehicle. Whether or not you can keep the car may depend on the salvage laws in your area. Some allow you to keep the vehicle after it has been declared a total loss. If so, this is something you would need to work out with the insurance company.
2016-03-15 22:37:13 · answer #9 · answered by ? 3 · 0⤊ 0⤋
Yes, I do....We have four cars and pay over 300 bucks a month for them. If you multiply that by 12 months you get 3600 dollars a year...Lets say you dont have an acciden for 10 years, that's 36000 dollars..Heck I can buy a brand new car w/ that..
2007-02-20 05:44:37 · answer #10 · answered by freckles1063 3 · 0⤊ 0⤋
I don't think they will give rebates, but I wish they would reinstate the step system. The higher your number the cheaper your rates.
2007-02-20 05:45:33 · answer #11 · answered by content26 2 · 0⤊ 0⤋