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

Drank235

New Member
13
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)
??
 
Thats like asking a home security company to refund your money for their service after 10 years because you were never burglarized.

 
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)
??

Because insurance is a contract. For the term of the policy for a given fee the insurance assumes the risk. This is done over a group of policies. Some will have no claims some will have large claims. The agreed upon price is the cost of the insurance doing business for all of the policies plus their profit. They agreed to carry the risk during that time and you agreed to pay the fee. There is no reason you should get the money back unless there is some return of premium provision in the contract.
 
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)
??

Because insurance is a business, not a public service.
 
Back
Top