punkindrublic

"I simply stated the financial history of a company for reference that they do not make money on auto insurance"

dont you think there is a problem with this statement?? if a company does not make money it goes bankrupt.... well for the rest of the world.... insurance companies can just raise there rates to compensate.... so they stay afloat... and when they start losing more money which they shouldn't be doing because they should already be bankrupt... they raise there rates once more.... and they cycle continues until the government steps in and give the insurance industry a slap in the face

Insuranceman

Do I think their is a problem with the statement .. no.. why, because insurance companies HAVE to sell auto insurance as per the government, they also have other forms of income throught property insurance, liabilty insurance, commercial insurance etc.

Companies make money, just not on auto insurance, and if they could they would all get out of selling auto insurnace because it never makes money, BUT the government legislation says every vehicle on the road must be insured and the companies are obligated to sell that insurance - Hope that answers your question

punkindrublic

insurance companies dont "have" to sell it....

we "have" to buy it....

big difference

Insuranceman

They don't??? Did legislation change in the past day? Their are a set number of companies the ontario government have designated to sell auto insurance, so don't tell me they don't have to sell it ...

punkindrublic

so its the governments fault that insurance companies are losing money now?? if the government is forcing insurance companies to sell insurance of all forms... and they are not making money at it... shouldn't something be done about that?? as opposed to just jacking up rates?

Insuranceman

Certain companies are forced to sell AUTO insurance, not all forms of insurance ... and no, its not the governments fault that rates are going up, its the cost of claims that are going up, specifically the cost to administer an Accident Benefits claim... in the past 5 years the costs of these claims have jumped about 500%.. these costs included physiotherapy, massage therapy, treatment plans and designated assement centers that now charge 5-10 times what they did 5 years ago ... these claims are for those injured in an accident .... that is the reason they are losing money, they are trying to regualte these costs but their is no governing body of these types of treatments so their is no one to regulate them ....

punkindrublic

i think there needs to be a lot of regulation with respect to accidents.... mostly with all the physiotherapy, massage therapy, treatment plans... cause when i got rear ended some time ago... the insurance company is telling me i could get back massages for like a year or something and i didn't even have anything wrong iwth me

Insuranceman

I agree with you, but that is the main reason for the increase in premiums ... also your auto policy covers you up to 80% of your net income ... so people who may be ok sit at home while their insurer pays them to "get better" .. their is a ton of fraud out their that people don't even realize

PULOVR

But you forget that the insurance has a way out of paying all 80%.

ie.......if a person has coverage through thier work, then they have to go through that FIRST before the insurance has to pay out a cent.

Then what ever is left over, they pay the difference. I find the 80% thing a bit hard to swallow. Insurance ALWAYS finds a way to wessel out of paying thier share.

Whiplash

sometimes too insurance companies don't want to settle at all for pain/suffering or inconvenience..
i won't go into particulars but i haven't been offered shyt for my 6 weeks of having to sit brooding at home, or many many nights of going w/o sleep cuz of the pain..
and ya, everything was covered thru work as sick time..
my own insurance company told ME to call the other parties insurance company and ask for the forms...wussup with that??
they of course told me to bugger off and get them thru my own insurance..who told me i had no claim..guess they forgot they told me to call them a few days earlier??

side stepping responsibility at it's best..

i'm not out to screw anybody over, but i do think my time is worth something, and when i'm unable to enjoy life in even the smallest degree cuz of someone else's inability to understand the meaning of RED i think i'm due..

Insuranceman

You go back to your own insurance company for accident benefits .... you go to the other persons insurance company for anything that is not covered by your accident benefits policy ..... and the only reason they ask you to go to any other benefits you may have is because they are primary, insurance coverage is secondary ... unless it happens in the course of employment ... I agree its not a perfect system...

Whiplash

agreed it's not a perfect system..
but is it not my insurance companies responsability to represent me when i'm involved in an accident and suffer injuries at the hands of another??
why would they even suggest i go talk to the other parties insurance company?? that's the last thing i should be responsible for..
they should be doing that for me..
i'm still thinking of contacting the IBC over that one..or consumer relations
they have an obligation to pursue on my behalf, that why i pay premiums..

Insuranceman

If you want to collect anything past your accident benefits its your responsibility to do so, not your insurance companies ....

racin chick

The long and the short of it is insurance suxs for the people like me who made one mistake that did not cost my company anything 3 years ago, but I now pay for it majorly every month. Insurance rapes us up the @hole and we have to buy b/c otherwise people with consciences can't drive cars. The only thing I learned by having insurance is to never ever use it!!!!

punkindrublic

to be honest the only reason i have insurance is incase someones stupid kid runs into my car or something of the like and the family wants $9 million cause they can't superivse there child.... if i knew i would never encounter that situation i would seriously consider not even having insurance