what do you think about insurance?

Question

basically you pay a lot to a company in case something happens. in my opinion you should get it back if something doesn't happen. a lot of people say a lot of things about it being for safety. there should be a review to this because once something does happen, very little insurance companies will be even close to prompt about the situation, if at all. most will not even coever you for things. in the end its just more of your money stolen due to dumb laws. i've been driving for 10 years and paid almost triple to my insurance company the worth of my car in the first place. does that make sense to anyone? what do you think?

Answer 1

Well, my misinformed friend, what happens if you slide into a school bus full of children tomorrow? You're looking at 30 trips to the ER and 30 exams and 30 MRI's in two hours. If you're lucky only 20 parents will sue you afterwards. Of course there's the $5000 of damage done to the bus to deal with and the $5000 damage to your vehicle also. You think you have paid enough premium dollars to cover 1/3 of THAT bill? If your insurance company only paid out what you have paid 'in' for the last 10 years you would be howling like a banshee. Get a grip -- insurance is NOT a damn bank account. If you're so upset then post a bond with the state and drop yor insurance altogether. You'll find out soon enough that insurance, despite the cost, is a bargain.

Answer 2

The value of your car is the least of your worries when buying insurance. infact the insureance most states require you to buy, the Liability insurance does not even c over YOUR car at all, it is for any damage, or injury that you cause. so it is not a question of Well, if I had not payed this I could have bought 3 more cars (and if you are paying 1/3 of your cars value every year on insurance it must be either a very nice car, or an extreamly s***y car, do you drive a gremlin? ;) )

Actually in my state all you are required is 10/20/10 Liability, 10 thousand per person. twenty thousand per accident total, and I forget the last teen thousand, and what is that goign to cover these days?


And the reason you don't get anything back if you don't have an accident is because your premiums you payed are going to pay other people accident claims, that is what an insurance company does, charge people enough that hopefully at the end of the year, after all the claims are payed they still have a little money left over. It is a business and they are out to make money so don't expect them to be your friends or act like a charrity.

Answer 3

Hiya:

You know - I think insurance ought to be a subject taught in high school or college. I think people should have to take a course about it before they can get their license or something.

The biggest problem here is that people DON'T understand what they are buying. When you buy insurance? You are buying a promise. A promise to pay for things the insurance CONTRACT covers. In exchange for that? You pay a premium.

People get mad about having to pay a lot of premium...but the simple fact of the matter is.......how much you pay - is up to you and your circumstances.

If you buy a high profile car (that has a higher theft rate in the USA) - you pay more. If you live in a zip code with high crime rates? You pay more. If you drive long distances? You pay more. If you have poor credit? You pay more.

People also get mad when they don't get paid what they THINK they should get paid.

What they THINK they should get paid is a barrier caused by lack of UNDERSTANDING.

If you read your policy? You would know what you are and are not entitled to. If you had a decent agent who explained things to you - you would know if you needed to purchase additional coverage so you CAN be compensated for those things you think you should be compensated for.

Really? It is rather simple. There is a contract.....and both parties are bound to it. You can buy (and pay for) a lot of coverage or buy (and pay for) a little bit of coverage which will cost less than a lot of coverage.

You can always call up your state reps and complain about the rates......because the STATE is the one who regulates insurance and the rates. Insurance companies have to APPLY with the state and file all their coverage forms AND get approval for the rates they charge.

I've worked in insurance for a long time and run into this kind of attitude a lot. My biggest satisfaction is being able to help people understand their insurance and make better decisions. I hope someone like me comes into your life to help you out.

Ciao.

~jifr!

Answer 4

You don't understand insurance. The purpose is to protect you from catastrophic loss. The premiums you pay are way less than the amount of coverage. You need the protection. Mortgage companies require homeowners insurance. Auto loan companies require insurance on the vehicle you buy with a loan. Life insurance protects your family if you die suddenly.

Imagine this. You have no insurance. You are driving home, lose control. Crash into your house. A fire starts. You die. There will be no money to bury you. No income, no place to live, no transportation for your survivors.

The money you pay in premiums goes to pay someone else's claim.

Answer 5

And if you had an accident that crippled somebody, and were sued for several hundred thousand dollars, or your car was stolen and burnt to a crisp in the first week of insurance, you would have used many times what you had put out. Insurance isn't a savings account, it is a protection plan where the pooled resources of the many pay for the losses of the few. Understand I don't give a crap if you don't want to protect your car, but you better have the resources available if you damage my car, or put me in the hospital. If you don't understand that, you shouldn't be on the road.

Answer 6

Why should you get it back? Insurance companies arent non-profit organizations or help groups or something.. they are companies running for profit. You think they should just be in the hole and pay out huge amounts for losses that happen and just "pay you back" if you dont need it? Do you live in a fantasy world? Are you an adult who has a job where you make money- then dont you understand that business is about profit?

Yea, it sucks to pay insurance. But my god.. when you need it.. YOU NEED IT. I say its worth paying every month to know that if (god forbid) ever hit a child who runs in front of my car or get in a major accident.. its there for me.

You seem very selfish. You are saying how youve paid triple what your car is worth.. well.. its not all about you. Its about peopel you potentially hit. Who knows how much your insurance will have to pay out to protect you one day.

So.. this isnt "money stolen" . You sound like one of those peopel who thinks "the whole world is out to get me!" This is protection for your future as well as innocent people you may affect. Anyone who doesnt feel insurance is worth it is VERY SELFISH.

Answer 7

Insurance companies are a business. In order to make money they need to take in more than they pay out. (Including their payrolls, advertising, etc.) In regard, to auto insurance they are supposed to give you a reduction if you are a safe driver and have certain safety features on your car. While it seems unfair to pay more than your car is worth, there is no gettin around the law. Wait until you have to get home owners insurance. In places that natural disasters COULD occur the insurance rates are so high some people have to give up their homes.

Answer 8

I think you are missing the point of insurance. It doe's not cover just your car. It covers injuries you may cause to others, should you be in an accident. Have you been in the hospital lately? I paid double for gall bladder surgery than I did for my truck. $980 for a Doctor to step into my room 6 times in 9 days to ask "How are you feeling?"

Answer 9

Picture ins as a pool of money. You pay, i pay. Nothing happens, kiss our money gopod bye. Now,if something happens, THEN we get out money back, maybe more, maybe less, but it's there.

It is doesn't make sense, then stop driving and you won't be so annoyed by this dumb law.

Answer 10

And I suppose you also want your fire insurance money back if you house doesn't burn down, and your medical insurance money back if you don't get sick too?