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Additional Details
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TooMuch | Is insurance a scam? |
I'm an educated individual who knows his history. I know where insurance came from and I can recognize its validity, at least for businesses/investors/trade. Recouping a loss is extremely important.
I can't help but feel that many forms of insurance for average Americans, however, is a complete scam. For example, people living on the coast in Florida pay for hurricane insurance, but companies have regularly argued that hurricane damage is different from water and wind damage, therefore clearing them of charges. What is a hurricane, if not water and wind?
I buy traveller's insurance only to find the fine print explain business cancellations are ineligible from my policy because I didn't buy it directly from their website.
Millions of people go without health/auto insurance because they simply can't afford it.
Am I just bitter, or does anyone else feel like insurance is a scam?
Additional Details
And why is it you need a lawyer/accountant to help you analyze an insurance contract? Shouldn't average Americans be entitled to transparent services?
And what about being legally obligated to have insurance? Isn't that an awfully cozy relationship between private corporations and government? |
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Yo' Mama
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Insurance isn't a scam. It was founded on the premise that a group of people would share the risk of catastrophic loss by pooling their money to help pay potential losses that were greater than a member of the group was able to pay from his/her own assets. It was never intended to become a socio-political issue to take away the financial problems of the world. It is a private industry that is in business to make money. Unfortunately, we as a society have become complacent and dependent on institutions, governmental and private, to hold our hands and take us from cradle to grave without us having to take any responsibility for our own lives. Insurance companies aren't designed to relieve you of all financial responsibility. They only alleviate some of the financial burden. They create types of insurance policies like travel insurance because the public wants them. But no policy can be a catch-all policy that takes care of absolutely everything. And the reason it takes an attorney to read your policy is because the public has taken a fancy to suing insurance company's so often that the policy language can't be allowed to have any ambiguity whatsoever so as to prevent the greedy from trying to get money for things that were never intended by the policy. The scammers aren't the insurance company's--at least not the decent ones. The scammers are the greedy, cheating and deceitful who try to get something for nothing from the insurance company while you and I are paying increasingly large premiums to cover their fraud. Insurance premiums are high due to fraud; the cost of medical care, car and home repair and the cost of defending lawsuits.
And as for the attitude that all those years of premiums being paid hasn't been "paying off" to someone's elderly relative--well, insurance isn't a savings account. Your premium is paying for protection for you during a given time period. If you've never had a loss, that doesn't mean you didn't get your money's worth. All of that time, you had protection from losses that were covered by your policy. If you never had a loss, you beat the odds. |
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Nebraska debtbuster
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This is a very good topic that 60 minutes should investigate. However, the insurance industry has the largest number of lobbyists in all of government, and they make it very confusing for a reason. They want the average consumer to be very confused about insurance, so they can market it. Just make sure you read the fine print, before signing it. |
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jlowe215
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I agree completely. For some companies/individuals, insurance is absoultey nessesary. But for example, my grandparents have been paying car insurance on their cars as long as its' been a law requiring them to do so. They have never had an accident of ANY type. All their cars died of old age. Their home insurance has been paid forever it's been required as well and they have never made any sort of claim. Health insurance. Oh God don't get me started. So much money.......Yes SCAM SCAM SCAM!! I wonder how much they have paid over the years for no damn reason other than because it is the law. |
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ernesto_tig
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Reprint from earlier answer:
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.
Do you have to have it? No, if you don't drive, own property or care if your family has life or health insurance. You could live an insurance free life. |
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insuranceguytx
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Insurance is always a RISK TRANSFER tool (emphasize tool). Without insurance, I am responsible for all the bad things that happen to me unless I can locate another party and successfully sue. With insurance, I can at least file a claim to recover part or all of my loss.
Is insurance perfect - NO. Do consumers need to read the fine print - Yes. A better course of action is to work with someone who understand the issues, the risks, the financial consequences and the policies and company reputation and develop a comprehensive risk management strategy. Review and revise this policy often as risks and consequences change (both up and down) frequently throughout a consumer's life.
Ernesto's math is wrong.
If I as an investor take $1 and have a 40% loss, I'm left with $0.60 but that is what is left of the money that I had originally.
Insurance companies start with nothing, take in $1 in premiums and assume the risk of the consumer, and pay out $0.60 in claims. They have additional expenses too. Still they are left with $0.40 (probably less) but that is money they did not start with. Are insurance companies profitable? Yes, I would not want to buy a policy from a shaky company. If I did and had a valid claim, a shaky company may gp bankrupt and not pay the claim. |
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mbrcatz
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OK, let's tackle the last two questions first:
You don't need a lawyer to help you interpret the policy. That's what your AGENT is for. A professional, rendering professional services. Some people choose to BYPASS the agent, that's their choice.
And what about being legally obligated to have insurance? The ONLY legal obligation for insurance, is Workers Compensation for employees. If you don't want car insurance, just don't drive on public streets! If you don't want house insurance, fine, just pay cash for your house! If you don't want health insurance, fine, pay for services as you go.
MOST people don't want to wait & save until they can afford to pay cash for their house or their car. So they BORROW MONEY, and the LENDING CONTRACT requires the insurance. Most people want more convenience than the local bus route provides - so they CHOOSE to drive. Remember drivers ed class? Driving is a PRIVELEGE, not a right.
Why aren't Floridians required to carry EARTHQUAKE insurance on their lending agreements with their homes? Just think about it. Same reason most people in CA aren't required to carry FLOOD coverage.
"Hurricane" is wind damage. FLOOD is water damage from water that's coming in at ground level. NO homeowners policy in the US covers Flood. High hurricane areas, well, companies either exclude wind, or carry a seperate deductible (like my own homeowners policy).
I've never seen a "hurricane" policy. I've seen wind policies, and I've seen flood policies. Florida has ANOTHER big mess on their hands, caused by politicians - the fact that they've made it impossible for insurance companies to make any money selling property insurance in FL - which means, there's NO COMPETITION.
Yep, higher risk areas have higher premiums. You don't want to shovel snow? Neither do I. You and I BOTH pay for that privelege, in higher homeowners premiums, with less coverage.
It's just worse in Florida than anywhere else.
Insurance is NOT a scam, it's gambling. Odds are all slightly in favor of the house - but they have to be, or else you get a Florida situation where companies can't stay in business, then NO ONE gets insurance. State Lottery is a scam, as they keep selling scratch tickets after the jackpots are all found. But no one is screaming about them. I guess because the people that buy them are just really bad at math to begin with. |
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PK
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You're right in that you definitely have to read ALL the fine print before you buy insurance. I don't quite think it's a scam, but a major skirting of full and clear disclosure. Buyer beware... |
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