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#51
08-14-2007, 06:49 PM
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Re: Not Using Car Insurance After an Accident
[ QUOTE ]
[ QUOTE ] I'm actually part-way with cbloom that it's a pretty crappy scam. But the expenses can add up if there's some fatality or something or if you get sued. [/ QUOTE ] I still don't understand how car insurance is a scam. Can someone please explain it to me? thanks [/ QUOTE ] I guess some people think that the fact that insurance companies making a profit is a "scam." Sane, intelligent people realize that insurance is a valuable and important thing to have, even if you are making a bet you hope to lose. 
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#52
08-15-2007, 03:14 AM
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Re: Not Using Car Insurance After an Accident
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[ QUOTE ] your insurance will not go up if you report it [/ QUOTE ] This is only partly correct. Your insurance will not go up immediately but when you make a claim your insurance company takes this into account when they evaluate your policy for renewal. A $500 claim may not cause your insurance rates to go up but between now and renewal if you have any issue ( ticket, fender bender) I guarantee you it will go up. Fred G Sanford [/ QUOTE ] wrong, if it is not at fault it doesnt go up.
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#54
08-15-2007, 09:12 AM
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Re: Not Using Car Insurance After an Accident
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wrong, if it is not at fault it doesnt go up. [/ QUOTE ] Wrong...if your insurance company allots money for a claim that you make to your policy it can and does influence your rates.
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#56
08-15-2007, 11:42 AM
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Re: Not Using Car Insurance After an Accident
[ QUOTE ]
[ QUOTE ] [ QUOTE ] I'm actually part-way with cbloom that it's a pretty crappy scam. But the expenses can add up if there's some fatality or something or if you get sued. [/ QUOTE ] I still don't understand how car insurance is a scam. Can someone please explain it to me? thanks [/ QUOTE ] I guess some people think that the fact that insurance companies making a profit is a "scam." Sane, intelligent people realize that insurance is a valuable and important thing to have, even if you are making a bet you hope to lose. [/ QUOTE ] i don't think it's like that at all. i think people who refer to insurance as a scam (me) are referring to the fact that it's usually hard as hell to get money out of them, even with a legit claim. they take money from everyone happily, and that wouldn't be a problem if you didn't have to jump through hoops every time you need their help.
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#57
08-15-2007, 01:03 PM
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Re: Not Using Car Insurance After an Accident
I backed into a lady while unloading a sofa at Goodwill when I was 17. I was actually pretty pissed about it since she saw my reverse lights on and still managed to park her tiny little Acura under my bumper. Still, I was liable. Just paint damage on the hood and a broken headlight.
I gave her all my information and got hers and asked to go the non-insurance route if it turned out that it was a reasonable thing to do. She agreed. The next day she sent me an estimate. $1300. The same day, I contacted my insurance agent and he hypothetically said that my insurance would go up $600 per year for 3 years. So $1800 in total. The non-insurance route would save me $500. And I would still have to pay $500 in deductable, so really it saved me $1k. So my father and I drew up a contract that said we were no longer responsible for anything beyond the estimate and that by receiving the funds, the matter was closed. We gave her the cash, she signed the contract, and that's the last I saw or heard from her. Sometimes it is a good way to go but you have to make sure to cover your ass.
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#58
08-16-2007, 05:11 AM
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Re: Not Using Car Insurance After an Accident
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Although I believe the argument is made that much of their profits come from the interest they make on that money so perhaps it works out to closer to even EV for the consumer. [/ QUOTE ] Yeah I'm not sure exactly how much they're paying out, but they're investing your money in the meantime. The big places actually have their own investment firms basically. A friend of mine works in that department for Progressive. Car insurance is basically a big scam IMO, here's what happened to my mom recently. She's driving down the highway doing 65 and hears a funny noise. She and my stepdad pull over and get out to check on the car. While they're looking around trying to figure out what happened the front tire on the passenger side blows out, ripping the bumper off all its screws but one, swinging it around and denting the side. The tire also damaged the undercarriage. Her insurance is willing to cover the bumper and the dents but not the undercarriage because the car is 10 years old. $2300 in damage, car is worth $3300, $500 deductible. Insurance company will cover $1700 from the dents and bumper less her deductible or total the car out and give her $1700. Isn't the point of insurance to make the car as it was before the accident or let her buy a new car of pre accident value?
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#59
08-16-2007, 05:57 AM
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Re: Not Using Car Insurance After an Accident
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Isn't the point of insurance to make the car as it was before the accident or let her buy a new car of pre accident value? [/ QUOTE ] no, the point of car insurance is to make sure the other guy's car will be as it was pre accident and/or prevent your ass from going broke in court
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#60
08-16-2007, 06:59 AM
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Re: Not Using Car Insurance After an Accident
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no, the point of car insurance is to make sure the other guy's car will be as it was pre accident and/or prevent your ass from going broke in court [/ QUOTE ] Then why cover any of her accident at all?
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