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Old 01-06-2017, 02:56 PM   #11
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mplsmm on Car Insurance General
 
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Car Insurance General Re: Car Insurance General
[QUOTE=andyto2;1154992]Thanks for the reply Dan

I would hope if the industry is not government owned ....

Good idea, we should put the government in charge of auto insurance, they are doing such a bang up job with health care

Seriously, if you go to Vegas and win big, do you hand it back to the house because it was just for funsies? Does the house give you back everything you lost when you leave? Shouldn't you expect it? No you don't, it's a gamble too, albeit more fun than car insurance.
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Old 01-06-2017, 04:27 PM   #12
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Car Insurance General Re: Car Insurance General andyto2 is the thread starter for: Car Insurance General

Originally Posted by indienoise View Post
If it eases your mind, the insurance industry IS regulated, and all rate changes must be filed with the state and approved before the change can take effect (unless you're GEICO, apparently they can do whatever the heck they want and get away with it, so if you want a target put them in your sights).
Okay good to know, I read up its the OFSI here in Canada. They regulate what factors a company can use and how they use them to determine rates.

Originally Posted by djs View Post
I really don't understand your comment about insurance companies and the insured should input the same amount of $$$$. Can you elaborate on this? Insurance companies get money from one place, the premiums they charge. They don't have a bucket of money to pay claims that didn't come from premiums as some point. (disclaimer: yes, I know about reserves, but those are either saved premiums or large investments to allow them to write policies). How can an insurance company pay a claim if they don't make a profit one day to pay losses the next?

Dan
Basically I just meant the collective total the insured put in = what insurance companies give out. So basically safe individuals who never get into accidents end up paying for people who got into accidents; so insurance companies don't make profits they just recycle the money.

I wonder how low rates would be if this was the case. I mean, what tangibly are you paying for in your rate besides a big collective bank? What do insurance companies even provide to consumers?? Cause they're not providing peace of mind, the government forces peace of mind by making it illegal not to have insurance.
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Old 01-06-2017, 05:47 PM   #13
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Car Insurance General Re: Car Insurance General
Originally Posted by andyto2 View Post
Okay good to know, I read up its the OFSI here in Canada. They regulate what factors a company can use and how they use them to determine rates.



Basically I just meant the collective total the insured put in = what insurance companies give out. So basically safe individuals who never get into accidents end up paying for people who got into accidents; so insurance companies don't make profits they just recycle the money.

I wonder how low rates would be if this was the case. I mean, what tangibly are you paying for in your rate besides a big collective bank? What do insurance companies even provide to consumers?? Cause they're not providing peace of mind, the government forces peace of mind by making it illegal not to have insurance.
The big collective bank is what they provide. It's only tangible if you put in a claim. Imagine your friend gets in an accident costing $50,000 in medical, property damage etc.
Thanks to the insurance company your friend doesn't have his assets seized and his wages garnished. Insurance companies are experts at gauging risks and putting a price on that risk that allows them to be profitable while also having enough money to pay for the many claims that happen daily.
If your friend needs something tangible he may be able to get a calendar or some pens from his insurance company
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Old 01-07-2017, 10:49 AM   #14
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Car Insurance General Re: Car Insurance General andyto2 is the thread starter for: Car Insurance General

Originally Posted by mattupthehill View Post
The big collective bank is what they provide. It's only tangible if you put in a claim. Imagine your friend gets in an accident costing $50,000 in medical, property damage etc.
Thanks to the insurance company your friend doesn't have his assets seized and his wages garnished. Insurance companies are experts at gauging risks and putting a price on that risk that allows them to be profitable while also having enough money to pay for the many claims that happen daily.
If your friend needs something tangible he may be able to get a calendar or some pens from his insurance company
It's not thanks to insurance companies that people don't get their life ruined, its thanks to the millions of people that put money in the bank.

But I guess it is thanks to insurance companies we pay higher rates; since the insurance salesman has to get rejected every day; and apparently unique rates for I suppose some especially unique people need to be gauged.
Oh and don't forget the free pens and calendars. Hey look I can be a passive aggressive keyboard warrior as well!!
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Old 01-09-2017, 10:45 AM   #15
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Car Insurance General Re: Car Insurance General andyto2 is the thread starter for: Car Insurance General

Originally Posted by mattupthehill View Post
The big collective bank is what they provide. It's only tangible if you put in a claim. Imagine your friend gets in an accident costing $50,000 in medical, property damage etc.
Thanks to the insurance company your friend doesn't have his assets seized and his wages garnished. Insurance companies are experts at gauging risks and putting a price on that risk that allows them to be profitable while also having enough money to pay for the many claims that happen daily.
If your friend needs something tangible he may be able to get a calendar or some pens from his insurance company
But its not thanks to insurance companies people don't get their life ruined, its thanks to the millions of people that pay into the bank.

What do you mean experts at gauging risks? Are there some super unique people that come along to somehow change the formulas that have existed for almost 100 years?? Anyone can get a free quote online from a computer that gauges your risk.
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Old 01-10-2017, 04:17 AM   #16
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Car Insurance General Re: Car Insurance General
Insurance secures you and your valuable assets in case of any damage. I don’t think your friend should take refund if he is not involved in any accident.

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Shawn Camp Insurance Agency, Inc.
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Old 01-10-2017, 01:55 PM   #17
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Car Insurance General Re: Car Insurance General
Tell me when you friend buys an awful permanent life insurance policy because of that mentality.


I'm kidding, but what everyone else says is true: The rates are regulated; he'll pay less for insurance if he's a safe driver like that; and the opposite scenario is why you have insurance - he buys a policy tonight for one month's premium of $100, then gets into an accident that causes tens of thousands in damages, he makes out on the deal.

That's the peace of mind. And the government requires it because farrrrrr too many people have this mentality you're talking about and it collectively protects everyone. If someone with no assets and little wages to garnish destroys your vehicle and racks up $8,000 in medical bills for you, you'll be happy they're forced to have insurance to cover that for you.
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