Why Can't Get Money Back After Cancel Ins if Never Needed It?

[aimo]

It's because even if you didn't have an accident, money from your premiums went to pay for other insured's accidents that occurred, just as they would pay for your accident if you had had one.

 

[VolAgent]

The analogy was not to ROP term. Here's the hint:



I would have called it "reduced paid up" for life but I am not sure you could do that with auto since you probably have changed cards a couple of times and would not want to reduce the coverage. Plus, some life plans have full paid up on short-pay premiums (10-pay and so on). Consider the $80,000 something we might call a "cash surrender value".

Of course there is a third option but it really isn't practical since the second option is also not available. A person could opt for the $100 auto premium and "invest the difference" in an outside investment which may or may not outperform the option 2 auto policy.

I'd say the real problem with this is that there are too many variables that could change the rate. New car, marriage, divorce, move, age change, etc. In LI, you cost more as you get older, auto is pretty much the opposite.

 

[arnguy]

Frank, Dave Fluker is eligible for AARP membership since he is 51. Unfortunately I don't get a commission on signing him up because I am not an AARP member.
- - - - - - - - - - - - - - - - - -
It appears that Drank does not understand that he was covered for those 10 years even though he did not file a claim. The insurance company still provided a service during that period, i.e., they were ready to pay a legitimate claim if he indeed had one. I believe this is the logic behind "insurance." The risk was spread among all the policyholders. I guess he is looking for ROP auto imsurance.

 

[GreenSky]

Just an FYI, one can join AARP at 50. Since Dave is 51 and retired, he is eligible.

Rick

 

[Dave020]

AARP has been sending me a "card" for about a year and a half now. One of these days I will probably pay the $16 or whatever and join.

 

[xrac]

I think that Drank235 should be banned. He has started and posted in only three threads. Here are the brilliant topics:

1. What if a Poor Person Does Billions in Damage?
2. Why Pay for Insurance but Can't Get a Loan?
3. Why Can't Get Money Back After Cancel Ins if Never Needed It?

 

[VolAgent]

Half the new members on this forum should be banned. Didn't someone start a thread about it?

 

[DS4]

Suppose that I had car insurance for ten years and never even once needed the ins company to pay for something I did and then after 10 years i decide i don't wanna drive/wanna switch companies. why shouldn't the insurance company give me all my money back besides what they needed to make their company function(ads/pay officeemployees/etc)
??

This is how people that voted for Obama think.

 

[arnguy]

Drank must drink something that is even more mind bending than Kool-Aid!

 

[Alston]

Suppose that I had car insurance for ten years and never even once needed the ins company to pay for something I did and then after 10 years i decide i don't wanna drive/wanna switch companies. why shouldn't the insurance company give me all my money back besides what they needed to make their company function(ads/pay officeemployees/etc)
??

Is this a serious question? How would the insurance company get the money to pay the people who did have claims during that time period?

How would the race track pay the winners if they gave refunds to all those whose horse lost?