Insuranceman
Insuranceman
19-Mar-2004, 10:15 AM
#2
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Thank You, I apprecaite the post. I realize I have some critics and some drivers on this board who do not agree with my views on the industry, and I understand the frustration and anger. I just try to give them the view from the company aspect, that were not all bloodsucking, money hungry businessmen ... I know the insurance industry is about a well liked as a dentist, I'm just trying to help some people out ... Thanks again bbarbulo
19-Mar-2004, 10:24 AM
#3
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yeah, most ppl take insurance for granted in a way... when it's good no one even gives it a second thought (like "I f**kin pay them, they better approve my claim" redneck attitude)... but when it's not so good then they bitch and moan about it 
our beef is not so much with the COMPANIES... that's like killing the messenger. They merely tell us what they calculate us to be "worth" in claims - and that becomes our premium. Our beef really should be with the gov't who force us to overinsure ourselves. In my case, understanding risk and whatnot, I bought as little insurance as possible (max deductable, minimal liability
) since I consider myself low risk. Although at times I consider buying extra insurance cuz for only an extra $100/month I could prolly be fully covered. But even so I'd never make a claim for fear of rising rates - so I stay with my minimal insurance. Plus, in higher risk situations like winter or rain, I drive a car that I could write off and leave on the side of the road in a heartbeat while I keep the other car in storage.
our beef is not so much with the COMPANIES... that's like killing the messenger. They merely tell us what they calculate us to be "worth" in claims - and that becomes our premium. Our beef really should be with the gov't who force us to overinsure ourselves. In my case, understanding risk and whatnot, I bought as little insurance as possible (max deductable, minimal liability
) since I consider myself low risk. Although at times I consider buying extra insurance cuz for only an extra $100/month I could prolly be fully covered. But even so I'd never make a claim for fear of rising rates - so I stay with my minimal insurance. Plus, in higher risk situations like winter or rain, I drive a car that I could write off and leave on the side of the road in a heartbeat while I keep the other car in storage.
thanks for keeping us all on our toes....
19-Mar-2004, 10:30 AM
#5
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I have to agree, that the government should cap premiums, and you have to realize, the companies have to get there rates approved by the government ... BUT, they also have to cap awards to people who have minor injuires and attempt to sue for outragious amounts. I'm a litigation adjuster and to be honest, the system is in need of restructure ...People think that the claim ends when there car is fixed, it doesn't.
I understand the frustration with premiums. I'm a consumer to. I don't get a discount with my company because of my age, so I pay just about what you guys do a month. The only difference is I see why I pay that much. It doesn't justify it, but it helps ...
I understand the frustration with premiums. I'm a consumer to. I don't get a discount with my company because of my age, so I pay just about what you guys do a month. The only difference is I see why I pay that much. It doesn't justify it, but it helps ...
19-Mar-2004, 10:37 AM
#6
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I thought in Canada the courts only awarded ACTUAL damages regardless of what the plaintiff asks for. There is no "mental anguish" compensation, right? Just what you actually paid out or lost (ie. wages, towing, rental car).
19-Mar-2004, 10:44 AM
#7
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Actual damages can be defined as pain and suffering, lost companionship, lost motivation, lost of the enjoyment of life .... plus all the typical "special damages" and income loss....
They government has raised the threshold deductible to $30,000 from $15,000 and capped the amount you can sue for an injury alone at $290,000. But with all the other things that can be added on top of the injury, I have seen statements of claims worth $2.75 million plus ... Now that doesn't mean we pay that much actually, but to ask that much, we have to put our reserves up that much as well ....
They government has raised the threshold deductible to $30,000 from $15,000 and capped the amount you can sue for an injury alone at $290,000. But with all the other things that can be added on top of the injury, I have seen statements of claims worth $2.75 million plus ... Now that doesn't mean we pay that much actually, but to ask that much, we have to put our reserves up that much as well ....
19-Mar-2004, 11:40 AM
#8
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so what happens if you have coverage for $1M, but the judge awards $2.5M. Does that mean you're on the hook for the other $1.5M for the rest of your life? Cuz then the rest of my life wouldn't be worth living if I'm gonna spend it paying someone else Or would I go bankrupt and become judgement-proof? Either way, it's ghay... that's what life insurance is for, not car insurance
way I see it, car insurance covers damages to my CAR, life insurance covers damages to my LIFE. Hence the names
Or would I go bankrupt and become judgement-proof? Either way, it's ghay... that's what life insurance is for, not car insurance way I see it, car insurance covers damages to my CAR, life insurance covers damages to my LIFE. Hence the names
19-Mar-2004, 12:07 PM
#9
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Yes life insurance covers damage to YOUR life, but what if you hit someone and injure them to thte point where they are a quad? ... Your life insurance won't pay, and they may go on disability but that doesn't cover anything.... A judge would never award that much, thats why Lawyers prefer jury trials ...
If you buy $1 Million and you get sued for 2, then we have to let you kow your coverage is only up to $1 million ... I have yet to see an award over $900,000 by a judge for a injury .... 99% of them settle in mediation ... going through a trial is costly and gruling for both parties ...
If you buy $1 Million and you get sued for 2, then we have to let you kow your coverage is only up to $1 million ... I have yet to see an award over $900,000 by a judge for a injury .... 99% of them settle in mediation ... going through a trial is costly and gruling for both parties ...
19-Mar-2004, 12:16 PM
#10
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Originally posted by Insuranceman
Yes life insurance covers damage to YOUR life, but what if you hit someone and injure them to thte point where they are a quad? ... Your life insurance won't pay, and they may go on disability but that doesn't cover anything.... A judge would never award that much, thats why Lawyers prefer jury trials ...
If you buy $1 Million and you get sued for 2, then we have to let you kow your coverage is only up to $1 million ... I have yet to see an award over $900,000 by a judge for a injury .... 99% of them settle in mediation ... going through a trial is costly and gruling for both parties ...
Yes life insurance covers damage to YOUR life, but what if you hit someone and injure them to thte point where they are a quad? ... Your life insurance won't pay, and they may go on disability but that doesn't cover anything.... A judge would never award that much, thats why Lawyers prefer jury trials ...
If you buy $1 Million and you get sued for 2, then we have to let you kow your coverage is only up to $1 million ... I have yet to see an award over $900,000 by a judge for a injury .... 99% of them settle in mediation ... going through a trial is costly and gruling for both parties ...
19-Mar-2004, 12:27 PM
#11
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Most Life policy specifically exclude injury or death in a private passenger auto or large commercial vehicle .... ... and some people don't have life insurance ... I'm not saying I don't agree, but the Auto policy is always mandatory, and then any collateral benefits come secondary ....
19-Mar-2004, 02:25 PM
#12
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Originally posted by Insuranceman
Thank You, I apprecaite the post. I realize I have some critics and some drivers on this board who do not agree with my views on the industry, and I understand the frustration and anger. I just try to give them the view from the company aspect, that were not all bloodsucking, money hungry businessmen ... I know the insurance industry is about a well liked as a dentist, I'm just trying to help some people out ... Thanks again bbarbulo
Thank You, I apprecaite the post. I realize I have some critics and some drivers on this board who do not agree with my views on the industry, and I understand the frustration and anger. I just try to give them the view from the company aspect, that were not all bloodsucking, money hungry businessmen ... I know the insurance industry is about a well liked as a dentist, I'm just trying to help some people out ... Thanks again bbarbulo
LOL...j/k pal..
glad yer hanging about these parts as yer insight is appreciated by some..
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