Could a P2P Framework Be Used to Reduce Your Auto Insurance Premium?

[danossa]

A Social Network that will allow you to pool money with friends and family in order to cover your car insurance deductible in case of a loss. In other words, a P2P insurance pool that will cover your out-of-pocket expenses when you incur and insured loss. By the end of insurance period (i.e. 6 months or 12 months), if pool is loss-free, then all participants get their cash back, converting into a reduction in cost for the following insurance period.
Thoughts? Comments?

 

[indienoise]

The idea of a deductible is the part of the loss you can afford to cover. With auto insurance, if you dont have enough put back to cover the relatively small deductible, you also probably aren't financially stable enough to participate in such a pool. Besides, what happens if two members have a loss around the same time? What happens if just one person does and it's not you? Now you're out for their mistake?

Besides, if everyone gets their money back, you're not really seeing a reduction in cost, just a return of the money you already had. Kind of like people getting tax returns. No, it's not a financial windfall, you're just getting back what you should've already had.

Maybe it's just me, but I've found most people aren't reliable enough when it comes to finances to want them to have anything to do with mine.