 If you are on a tight budget, is life insurance really worth it? |
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Ryan | Insurance: Huge scam. Agree or Disagree? |
A friend of mine used to work for an insurance company, so I heard a lot of "things". You HAVE to buy insurance in most cases (car, home, etc) but if any claims are even made, they either jack up the rates or drop you. Isn't that what insurance is for? In the event something happens.....
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Hi mbrcatz17 - Thanks for assuming. I actually have a flawless 15 yr driving record. My wife and I were just robbed 2x in the past 2 yrs and now we're getting dropped by our insurance. Maybe not a big surprise, but it's still a load of b.s., as it is not our fault. literally. |
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Awesome dude
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disagree u need insurance |
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bmwdriver11
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Disagree. Where most people fall short on insurance is that they fail to understand that its for major claims. Homeowners insurance for example, is in case your house sustains major damage or is destroyed- but some people want to file a claim every time a window gets broken or they get a couple of hundred dollars in dagage (since they "paid" for insurance, they want to use it". The best advice in the world on insurance is to set yourself a relatively high deductible to avoid that temptation- it will save you a good bit of $$ on your premiums, and you wont lose your coverage by filing a bunch of nit-picky claims. |
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mbrcatz
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No, you don't HAVE to buy insurance, unless you want to drive on public roadways, or BORROW MONEY. If you pay cash, you don't have to buy insurance, UNLESS YOU WANT TO DRIVE ON PUBLIC ROADS.
Health insurance EXPECTS claims. That's why you pay $250 a month, if you're HEALTHY. Car insurance DOESN'T expect claims. Once you have one, you're higher risk for a second one, so you pay higher rates.
If they EXPECTED a claim twice a year on your car, you'd pay about 10X what you pay now.
Insurance is BETTING. What you pay, is based on the ODDS of a payout. When it becomes more likely that there will be a payout, you pay more.
Pretty basic.
If you want someone to "take care of you" without raising your rates, talk to mom. Otherwise, you have to take responsibility for yourself, AND YOUR ACTIONS. |
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Emily J
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Disagree.
My house was robbed by a family friend when we went out of town. We made a claim and the insurance company was a BIG help. They valued a lot of our things higher than we did, and asked no questions or asked for reciepts. They sent us a check for the value of our things, about $8000. I'm so happy we had insurance |
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Agrippina the Younger
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I think insurance is important to have but I agree that insurance agencies try to bilk people for as much as they can. Some insurance agencies are pulling out of California and the South because it's too high risk for them to insure them due to fires and hurricanes. I thought that was sort of the point. It's really comforting, isn't it? |
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yourmuda
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it is a scam, but its also important to have. |
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Beth
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Just try living through a catastrophe without it, and then we'll talk. |
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richardz74
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Auto Insurance is compulsory, so you'll need to but insurance.
Auto premiums are based upon your risk.....think of the premium you pay as someone having no risk. As soon as you turn in the claim, you are a higher risk for insuring.....the more accidents the higher the premium. |
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irene k
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every insurance in this country is a scam guess who is behind it = Goverment its sickening |
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ernesto_tig
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Insurance is not a scam, I prefer to think of it as a losers game: Allow me to explain.
In the P&C world insurers are aiming for a 60% payout in claims. So for every $1 they take in, they pay out 60 cents. If I told you invest with me and I'll return a 40% loss you'd think I was nuts. So you lose paying too much premium.
So why have insurance? Easy, to pay for the infrequent REALLY BAD things. Like the $155K + fire damage that happened to one of my rental properties. Do you think I'm complaining now about the premium I paid? No. Am I glad I didn't buy a policy from the cheapest guy I found on the Internet? You bet. The endorsements alone on my policy paid out $16K. Glad my sales guy knew what he was selling.
Bottom line, keep high deductibles, pay as little premium as you can. Avoid filing nickle and dime claims you could pay yourself. Pay your premium on time & follow their program guildlines and your company won't set you up for non-renewal or deny your claims. Try to pull one over and you lose. |
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aaron p
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I'm a life, ltc, and disability guy and don't have a P&C license, so this is just my opinion.
Having insurance on your house is between you and your lender, but if they would let you burn your house down without insurance, they are foolish. As far as auto insurance, I'm glad other people are required to have something in case they hit me. If they hit me and couldn't afford insurance, they probably wouldn't have anything worth suing for, so the insurance they are required to keep makes up for my loss. Oh, and if you are filthy rich and you hit someone, you would probably rather have insurance or else someone like me would wind up owning one of your businesses. It's about displacing a risk that is too great to assume yourself.
As far as the rates going up or the company dropping you, it's called a renewal policy. Do an P&C agents have a non-cancellable policy they can sell this guy? |
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Michael S
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dont buy insurace. some states offer programs that you can deposit into account somewhere around the likes of $50K. but do you want to do that? insurance is communist...duhhh |
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pm
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Insurance is a huge scam. No doubt. That's not to say that it's not nice to have when something effed up comes along. What makes it a scam is legislation mandating that you have it. |
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