Insurance is kinda a scam in my mind. Who needs a million dollars coverage, or even $500,000 or even $100,000? Most of the accidents are probably a bent quarter panel or bumper, not totaling a vehicle.
Too bad we can't buy $10,000 of liability insurance at 1/50th the cost.
I bet insurance rates would go down if we did not have to buy it by law. I am too young to remember what it was like back then, but since I have been driving there are more laws, seat belt fines, camera's on the highways with radar detectors, tickets sent through the mail, all sorts of stuff like that. It is like a new tax the state discovered.
I bet the insurance laws never would have passed if not for the insurance lobby that contributed so much money to politicians. It is like if the dairy farmers got congress to pass a law saying everyone must buy a gallon of milk a week, because it will give you stronger bones and you will live longer. In reality, it is only 2 people making money. The dairy farmers making money from more sales, and the politicians getting money for their campaigns. Politicians almost have to agree with the lobbyists to have the money needed to run for office.
Having said all that, they sucked over 500 bones out of my wallet for a year of coverage on my car, which does 0-60 in a whopping 10 seconds. And I got a good driver card when renewing my license. Oh well... free money people, come and get it.
Insurance
insurance is a scam i wont deny that. but you need the high coverage because its a scam.
lets say you hit a lexus and bang it up pretty good, that lexus as a result slams into another car and bangs it up pretty good. you can rack up damage fast like that. the mechanic the cars are taking to will try to write them off to the insurance as totalled so they fork over money and the mechanic gets a great deal on a car, the driver gets a new car all at your expense.
not to even bring in medical damages that are through the roof. in the same accident say theres 2 people per car and they suffer a few broken bones and neck injurys, the hospital can take them for 50 grand each very easy. 500,000 isnt alot when you think about what happens after the accident and how everyone wants to collect some money along the way.
lets say you hit a lexus and bang it up pretty good, that lexus as a result slams into another car and bangs it up pretty good. you can rack up damage fast like that. the mechanic the cars are taking to will try to write them off to the insurance as totalled so they fork over money and the mechanic gets a great deal on a car, the driver gets a new car all at your expense.
not to even bring in medical damages that are through the roof. in the same accident say theres 2 people per car and they suffer a few broken bones and neck injurys, the hospital can take them for 50 grand each very easy. 500,000 isnt alot when you think about what happens after the accident and how everyone wants to collect some money along the way.
Magnum wrote:Insurance is kinda a scam in my mind. Who needs a million dollars coverage, or even $500,000 or even $100,000? Most of the accidents are probably a bent quarter panel or bumper, not totaling a vehicle.
Too bad we can't buy $10,000 of liability insurance at 1/50th the cost.
I bet insurance rates would go down if we did not have to buy it by law. I am too young to remember what it was like back then, but since I have been driving there are more laws, seat belt fines, camera's on the highways with radar detectors, tickets sent through the mail, all sorts of stuff like that. It is like a new tax the state discovered.
I bet the insurance laws never would have passed if not for the insurance lobby that contributed so much money to politicians. It is like if the dairy farmers got congress to pass a law saying everyone must buy a gallon of milk a week, because it will give you stronger bones and you will live longer. In reality, it is only 2 people making money. The dairy farmers making money from more sales, and the politicians getting money for their campaigns. Politicians almost have to agree with the lobbyists to have the money needed to run for office.
Having said all that, they sucked over 500 bones out of my wallet for a year of coverage on my car, which does 0-60 in a whopping 10 seconds. And I got a good driver card when renewing my license. Oh well... free money people, come and get it.
03 katana 600
-
funsocaltiger
- Rookie
- Posts: 20
- Joined: Thu Apr 14, 2005 12:22 pm
I work at an insurance company and the actual insurance carriers make a lot less money than you would think. It's the selling agencies that make most the money, at least up front.
Insurance premiums are a tight balance between premiums, payouts and operating expenses.
Many carriers like Mercury (in CA) actually only break even (or in some cases are actually negative) on their premiums. They make their money by doing massive volume business and investing the cyclical balance.
Insurance premiums are a tight balance between premiums, payouts and operating expenses.
Many carriers like Mercury (in CA) actually only break even (or in some cases are actually negative) on their premiums. They make their money by doing massive volume business and investing the cyclical balance.
If $500,000 of liability insurance was not required by law, how many people would fake neck injuries?? Or back injuries?iwannadie wrote:insurance is a scam i wont deny that. but you need the high coverage because its a scam.
lets say you hit a lexus and bang it up pretty good, that lexus as a result slams into another car and bangs it up pretty good. you can rack up damage fast like that. the mechanic the cars are taking to will try to write them off to the insurance as totalled so they fork over money and the mechanic gets a great deal on a car, the driver gets a new car all at your expense.
not to even bring in medical damages that are through the roof. in the same accident say theres 2 people per car and they suffer a few broken bones and neck injurys, the hospital can take them for 50 grand each very easy. 500,000 isnt alot when you think about what happens after the accident and how everyone wants to collect some money along the way.
getting the system to be honest is not going to happen. if hospitals didnt cahrge 10$ for a single asprin 500k wouldnt be needed either. or if a mechanic didnt claim a vehicle totald which had minor repairable damage. your not going to change the system now its gone too far out of controll. everyone is out to take insurance companys money they can only turn around and charge us more to make up for it.
i used to blame the insurance company but its more a problem with the people taking the money from them like theres no end i think.
i used to blame the insurance company but its more a problem with the people taking the money from them like theres no end i think.
Magnum wrote:If $500,000 of liability insurance was not required by law, how many people would fake neck injuries?? Or back injuries?iwannadie wrote:insurance is a scam i wont deny that. but you need the high coverage because its a scam.
lets say you hit a lexus and bang it up pretty good, that lexus as a result slams into another car and bangs it up pretty good. you can rack up damage fast like that. the mechanic the cars are taking to will try to write them off to the insurance as totalled so they fork over money and the mechanic gets a great deal on a car, the driver gets a new car all at your expense.
not to even bring in medical damages that are through the roof. in the same accident say theres 2 people per car and they suffer a few broken bones and neck injurys, the hospital can take them for 50 grand each very easy. 500,000 isnt alot when you think about what happens after the accident and how everyone wants to collect some money along the way.
03 katana 600
