Insurance

[TTM77]

How much do you pay for insurance?

How much will you willing to pay for insurance?

Insurance to me is a big ript off. I pay them $1500 every year and those money just gone. And I have been paying them for 5 or so years. But some people would pay $2k or $3k to get coverage when they don't need to. So how much is too much?

It's good to be cover, but insurance don't open for business to lose money. So they charge you an arm and a leg and threaten to take away your oxygent when something happen. So if you are a good, honest, causious person you will pay them for nothing. And if you are "bad" person, they will not cover you. Don't you think this is a catch 22?

 

[kranky]

Car insurance?
Renters/homeowners insurance?
Health insurance?

 

[Orsorum]

Ahh, information economics. Fun.

 

[Jzero]

You aren't paying them for nothing. The money goes into a pool that you are supposed to draw from when you make a claim.
Yes, there is a Catch-22. 1 - The insurance underwriter is usually for-profit and has a vested interested in NOT paying out on claims. 2 - The insurance company has to take measures to prevent fraudulent claims, but these measures often make it hard to get a response to a legitimate claim.

 

[MacBaine]

It shouldn't be called insurance... it should be called "In case Sh!t happens"

Now, if sh!t don't happen, shouldn't I get my money back?

-Chris Rock

 

[amnesiac]

Originally posted by: MacBaine
It shouldn't be called insurance... it should be called "In case Sh!t happens"

Now, if sh!t don't happen, shouldn't I get my money back?

-Chris Rock

With some types of insurance (mostly life/disability) there is a waiver you can get, wherein if you don't have a claim after a specified amount of time, you get a full refund of your premiums.

Unfortunately this does not work for fire/casualty/auto or health insurance.

 

[bleeb]

Also with Life insurance, the question isn't that you are going to die but WHEN you die. Someone WILL enjoy the benefits of the money you put into paying premiums. So in some sense you are getting a return on your investment, plus the protection throught the years of paying the premiums.

You can pay premiums up to about the time you retire. By that time you will have invested enough where the interest earned has accumulated enough so that you don't have to pay anymore premiums. Then you and your family is really lifted of the burden to cover costs of burial, and other miscellaneous expenses.

 

[amnesiac]

Originally posted by: bleeb
Also with Life insurance, the question isn't that you are going to die but WHEN you die. Someone WILL enjoy the benefits of the money you put into paying premiums. So in some sense you are getting a return on your investment, plus the protection throught the years of paying the premiums.

You can pay premiums up to about the time you retire. By that time you will have invested enough where the interest earned has accumulated enough so that you don't have to pay anymore premiums. Then your family is really lifted of the burden to cover costs of burial, and other miscellaneous expenses.

:beer:

 

[Zombie]

Which Insurance ?

on a side note, In more ways than one Insurance is a scam but nice to have nonetheless.

 

[bleeb]

Amnesiac and I are insurance guys.

"Cheers!"
:beer::beer:

 

[Ausm]

Insurance equals legalized extortion.


Ausm

 

[jemcam]

Originally posted by: ausm
Insurance equals legalized extortion.


Ausm

Extortion? You can choose to not purchase insurance, especially if you have no loans and pay cash for everything such as your cars and house. You can choose to not have health and life insurance too.

 

[TTM77]

then wouldn't it be better if I open a checking or saving or whatever account and lable it as "Insurance" money. Then every month I pay that same amount of $ into this "Insurance" account. This way I will not pay someone to give me more Sh*t when Sh*t does happen, wouldn't you say?

If your life insurance pay to your wife when you die, and wife your wife die too.. what happen? The insurance get a load of $$$?

 

[jemcam]

Originally posted by: TTM77
then wouldn't it be better if I open a checking or saving or whatever account and lable it as "Insurance" money. Then every month I pay that same amount of $ into this "Insurance" account. This way I will not pay someone to give me more Sh*t when Sh*t does happen, wouldn't you say?

If your life insurance pay to your wife when you die, and wife your wife die too.. what happen? The insurance get a load of $$$?

They have this thing called a "Will". Ever heard of one?

 

[Ausm]

Originally posted by: jemcam

Originally posted by: ausm
Insurance equals legalized extortion.


Ausm

Extortion? You can choose to not purchase insurance, especially if you have no loans and pay cash for everything such as your cars and house. You can choose to not have health and life insurance too.

You would have complete idiot not to have any form of insurance...The insurance companies have you by the balls. You either must not own anything or wealthy enough to replace everything you own to post a ridiculous comment like that..

Ausm

 

[bernse]

Originally posted by: jemcam

Originally posted by: ausm
Insurance equals legalized extortion.


Ausm

Extortion? You can choose to not purchase insurance, especially if you have no loans and pay cash for everything such as your cars and house. You can choose to not have health and life insurance too.

Everywhere I know of (In Canada/US anyhow), you are legally required to carry Insurance on your vehicle, no matter how rich you are.


That being said, I'd be really curious to know what people are really paying. If the OP doesn't mind me hijacking, I'd be curious to know what people are paying. Could you post age, sex, vehicle, premium (type of insurance) and claims?

ME:

30
$830 Year Canadian (for everything, collision, theft, yadda)
98 Jeep Cherokee
Male
Clean record, no claims.

Mrs. Bernse:

27
$750 CDN (for everything)
2000 Accord SE
Female
Clean, no claims.

 

[amnesiac]

Originally posted by: ausm
Insurance equals legalized extortion.


Ausm

That is a sure sign of ignorance. Please explain how you came about that reasoning.

\Ex*tor"tion\, n. [F. extorsion.] 1. The act of extorting; the act or practice of wresting anything from a person by force, by threats, or by any undue exercise of power; undue exaction; overcharge.

1. Health insurance: Never mandatory. You pay for coverage tantamount to your premiums. Ask anyone who's had a major accident, surgery, or other unexpected medical condition, that would have had to pay for it out of pocket. There's no reason not to have it.

2. Life insurance: Never mandatory. You pay pennies on the dollar for coverage in case of death, one of the most uncertain things about life. Some forms accrue value and can be used as a great tax-deferred financial tool (i.e. education).

3. Car Insurance: mandatory for your own protection. Keep in mind that insurance companies base their premiums solely on the demographic of the insured plus the frequency of claims in the area. If you think you're paying too much, move.


In short, if you think you're paying too much for insurance, find a better agent who can get you lower rates.

 

[Ausm]

Originally posted by: amnesiac

Originally posted by: ausm
Insurance equals legalized extortion.


Ausm

That is a sure sign of ignorance. Please explain how you came about that reasoning.

\Ex*tor"tion\, n. [F. extorsion.] 1. The act of extorting; the act or practice of wresting anything from a person by force, by threats, or by any undue exercise of power; undue exaction; overcharge.

1. Health insurance: Never mandatory. You pay for coverage tantamount to your premiums. Ask anyone who's had a major accident, surgery, or other unexpected medical condition, that would have had to pay for it out of pocket. There's no reason not to have it.

2. Life insurance: Never mandatory. You pay pennies on the dollar for coverage in case of death, one of the most uncertain things about life. Some forms accrue value and can be used as a great tax-deferred financial tool (i.e. education).

3. Car Insurance: mandatory for your own protection. Keep in mind that insurance companies base their premiums solely on the demographic of the insured plus the frequency of claims in the area. If you think you're paying too much, move.


In short, if you think you're paying too much for insurance, find a better agent who can get you lower rates.

Read my above post numbnuts...

I put Insurance Salesman on the same tier as lawyers and car salesman...

Ausm

 

[bleeb]

Most people don't realize the importance of having some coverage unless they themselves have gone through or know someone who has gone though some of the events that insurance is for.

 

[freebee]

As long as everyone keeps paying their premiums, I get my bi-weekly paycheck. Cheers!

 

[amnesiac]

Originally posted by: ausm
Read my above post numbnuts...

I put Insurance Salesman on the same tier as lawyers and car salesman...

Ausm

You're still acting ignorant.

YOU come up with a better plan for "insuring" items or people against loss, then.

You could say the same thing about ANY industry that provides a necessary service. Automobile manufacturers have us by the balls because most of us need cars to get around. Food companies have us by the balls because we need to eat. Get the point?

I don't know what kind of sh!tty experiences you've had in the past with insurance brokers/companies but you can't bad seed represent the entirety of the industry. There's just as many shady doctors and accountants too, you know.

 

[Demon-Xanth]

My car insurance just dropped from about $2000/year to $1500. Why do I pay it? Why not shop around? Because AAA PAYS OUT. I used the windshield chip clause twice last year, and when my car got nailed by people pulling out of my driveway (nope, I wasn't even in the car) I got authorization for getting it fixed with a single 5 minute phone call. In contrast 21st Century made me go 3 months before getting a pay out.

Why is the recurring cost worth it? Because you never know when you need it.

 

[jemcam]

Originally posted by: ausm

Originally posted by: jemcam

Originally posted by: ausm
Insurance equals legalized extortion.


Ausm

Extortion? You can choose to not purchase insurance, especially if you have no loans and pay cash for everything such as your cars and house. You can choose to not have health and life insurance too.

You would have complete idiot not to have any form of insurance...The insurance companies have you by the balls. You either must not own anything or wealthy enough to replace everything you own to post a ridiculous comment like that..

Ausm

You underestimate me. My point was that you don't have to have it. Comparing a legitimate business to criminals is ridiculous, you are the one that made a stupid analogy my friend.

 

[Ausm]

One thing about my insurance which remains a constant is rising rates.

With my car insurance it goes up every 6 months and i have had a clean record for 20+ years...

My Health Insurance...goes up every 6 months because of massive corruption in the medical field...

My Homeowners/Business insurance also rises every 6 months with no claims filed also

What really pisses me off is when my oldman payed his premiums faithfully for 40 years without a claim...had an accident then was dropped like a bad habit. You got to love that customer loyalty.

Insurance companies if they can't make a buck off you will fvck you in a heartbeat..


Ausm

 

[TTM77]

Originally posted by: jemcam

Originally posted by: TTM77
then wouldn't it be better if I open a checking or saving or whatever account and lable it as "Insurance" money. Then every month I pay that same amount of $ into this "Insurance" account. This way I will not pay someone to give me more Sh*t when Sh*t does happen, wouldn't you say?

If your life insurance pay to your wife when you die, and wife your wife die too.. what happen? The insurance get a load of $$$?

They have this thing called a "Will". Ever heard of one?

I have never fill out a Will before but what happen if everyone on your will got killed or something at the same time? Who will get the $$$? That's my question.