my insurance doubled
08-Jul-2003, 04:27 PM
#21
But Insuranceman, basically the avg driver pays out way more than he'll ever use... If I'm claim free for 5 years, I could have bought another car... so basically, as long as I don't total the car in 5 years, I can afford to replace it just by saving the insurance money. And when was the last time I had a claim... NEVER!! Yet I continue to pay insurance 
My way is so much better.... you pay an amount... then you leave it alone until you have a claim, then you make it back up...
My way is so much better.... you pay an amount... then you leave it alone until you have a claim, then you make it back up...
08-Jul-2003, 04:29 PM
#22
Oh yeah, I read somewhere that on average every claim averages out to about $46/month for everyone!!... so why do some of us pay $200-300/month??? By law of averages (large numbers) if we all paid $50/month that should cover all claims PLUS administrative costs.
08-Jul-2003, 04:45 PM
#23
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I wish I could find the toronto star article on public insurance (insurance sold byt he governemnt) apparently it seems the way to go with increases that are soooooooo small in comparaion to private insurance ... BC has it right insurance is only sold by a company owned by the government and there was such a profit from it they are giving the extra back to the insurance payers according to that article in the star a few weeks ago??? I think the government should step in and do something to stop the price gouging thats going on is very very obvious that private companies arn't up to the task.... however BC has a great system it's time Ontario adopt it.
08-Jul-2003, 05:33 PM
#24
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Originally posted by Insuranceman
I see your point but your not paying for their investment mistakes.... Your basically paying into the companies fund to cover claims, not making money .... Especially auto insurance .... as I said before, companies do not make money on auto insurance so the premiums you are paying help pay for all the claims the insurance company pays out --- its called the law or large numbers ...
I see your point but your not paying for their investment mistakes.... Your basically paying into the companies fund to cover claims, not making money .... Especially auto insurance .... as I said before, companies do not make money on auto insurance so the premiums you are paying help pay for all the claims the insurance company pays out --- its called the law or large numbers ...
that due to the unsteady market and reduction in profits thru investments, they were having to increase costs to the public to make up those "forecast" profits..
08-Jul-2003, 10:24 PM
#25
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First off, BC has low insurance rates, yes, but you do realize that they pay through the *** on taxes as thats whee the government recoupes all the payment for medical costs (accident benefits claims) - their taxes are like 50% more than ours, so their system is not perfect either .....
bbarbulo - your method sounds great, but I'm not the one you have to sell .... plus what happens when someone kills someone else in an accident ... that fund will hardly cover the cost of that ... the average cost i have paid out for a fatality is between $1-9 million depending on the age, what then?
I just wish you guys could see the books of an insurance company to show you that they really don't make that much money ...... My company (which is a top 5 in Canada) made something like $8 million ..... for a company that has over a billion in assets , thats horrible .....
bbarbulo - your method sounds great, but I'm not the one you have to sell .... plus what happens when someone kills someone else in an accident ... that fund will hardly cover the cost of that ... the average cost i have paid out for a fatality is between $1-9 million depending on the age, what then?
I just wish you guys could see the books of an insurance company to show you that they really don't make that much money ...... My company (which is a top 5 in Canada) made something like $8 million ..... for a company that has over a billion in assets , thats horrible .....
08-Jul-2003, 10:26 PM
#26
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i dont think insurance companies will change there ways until they have to... by government or whatever... cause they are making huge money so why would they stop... they have like the perfect system... cause its something as someone said before you "have to have" by law.... so people can't just drive around without insurance.... so they can charge whatever they want.... kinda like how movies used to be like $2 on cheap night and $6 every other night... but i know a few people who are driving around uninsured and i guess its ok as long as they dont get pulled over or get into an accident... which if they got all the shitty drivers off the road would be easy to do
08-Jul-2003, 10:27 PM
#27
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Originally posted by PunkInDrublic
i dont think insurance companies will change there ways until they have to... by government or whatever... cause they are making huge money so why would they stop... they have like the perfect system... cause its something as someone said before you "have to have" by law.... so people can't just drive around without insurance.... so they can charge whatever they want.... kinda like how movies used to be like $2 on cheap night and $6 every other night... but i know a few people who are driving around uninsured and i guess its ok as long as they dont get pulled over or get into an accident... which if they got all the shitty drivers off the road would be easy to do
i dont think insurance companies will change there ways until they have to... by government or whatever... cause they are making huge money so why would they stop... they have like the perfect system... cause its something as someone said before you "have to have" by law.... so people can't just drive around without insurance.... so they can charge whatever they want.... kinda like how movies used to be like $2 on cheap night and $6 every other night... but i know a few people who are driving around uninsured and i guess its ok as long as they dont get pulled over or get into an accident... which if they got all the shitty drivers off the road would be easy to do
08-Jul-2003, 10:30 PM
#28
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well you can drive around without insurance if you post a big enough bond with the government ... bell vans for example are not insured because for the entire fleet bell has posted a large enough bond with the government that will insure that any payments will be fully covered.....
bruno's Idea is in full swing if you have a few million to post a bond....
bruno's Idea is in full swing if you have a few million to post a bond....
08-Jul-2003, 10:34 PM
#29
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Most companies like bell and large hauling companies (like challanger) self insure by using an off shore company in Jamaica or The Barbados to pay lower taxes and keep the money away from the Canadian government ... completely legal (if you have $10-20 million)
08-Jul-2003, 10:39 PM
#30
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well bell is the only non insured company ... they posted a huge bond with the federal governemnt then hired an insurance comapny to just handle the claims others would make (like if a bell van smacked into someone) and so on all the bond is for is covering anything big ... like someone dieing ... btw how in the wrold do you determine what thier life is worth?
09-Jul-2003, 03:22 PM
#32
Originally posted by Insuranceman
... that fund will hardly cover the cost of that ... the average cost i have paid out for a fatality is between $1-9 million depending on the age, what then?
I just wish you guys could see the books of an insurance company to show you that they really don't make that much money ...... My company (which is a top 5 in Canada) made something like $8 million ..... for a company that has over a billion in assets , thats horrible .....
... that fund will hardly cover the cost of that ... the average cost i have paid out for a fatality is between $1-9 million depending on the age, what then?
I just wish you guys could see the books of an insurance company to show you that they really don't make that much money ...... My company (which is a top 5 in Canada) made something like $8 million ..... for a company that has over a billion in assets , thats horrible .....
As for your books, please... those "assets" your insurance co owns aren't assets, they are someone elses premiums. Your REAL assets are like the building you work in, the computer your do claims on, and the licenses for your insurance software... in reality, the rest of it doesn't even belong to you really, but rather whoever paid the premiums. How does the liability side look... the expected value of every accident shoud = premium, so really, your assets should only slightly exceed your liabilities.
09-Jul-2003, 05:54 PM
#34
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Originally posted by bbarbulo
That would do away with paying for someone elses life... that's what life insurance should be for... why should my auto insurance pay for a life... does my life insurance pay for my car?? NO!! So then how does it make sense?
That would do away with paying for someone elses life... that's what life insurance should be for... why should my auto insurance pay for a life... does my life insurance pay for my car?? NO!! So then how does it make sense?
09-Jul-2003, 05:57 PM
#35
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Originally posted by bbarbulo
If you ask me, making $8 million by holding someone elses money is a fookin scam and a half!!
If you ask me, making $8 million by holding someone elses money is a fookin scam and a half!!
09-Jul-2003, 06:07 PM
#36
Well, under my system auto insurance wouldn't cover this... who pays for my spouse if she's killed by a stray bullet from a gang shootout 
**** happens Insuranceman, you should know that being in the field where you make money based on assuming the risk that **** will happen Don't get me wrong, I value your advice fully and totally, and I have no argument with you... I'm simply stating that the legislation about auto insurance is complete bullshit, get it? 
And how you have no ties to legislation, I don't know why this is between you and me, (it shouldn't be 
) but you must agree that it's complete BS that the gov't legislates that auto insurance pays for loss of life. I think I don't even have $1M coverage, if that's at all possible. I have the lowest allowed amount. I don't really care, I kill someone, odds are my quality of life won't be that great after the fact anyways. BTW, say I drive a Volvo, and someone I have an accident with drives a rusted out Yugo (but if they drove a real car the would hardly be harmed)... and they die... how fuct up is it that I gotta pay for their life just cuz they drove a rustbucket? That's why my insurance system would do away with all that, except for impared driving cases, in which case if you kill someone, part of your criminal penalty is that you now provide 1/2 your future income (after jail time) to the family of those you kill, and/or your house is taken and sold off in order to provide for those you harmed.
**** happens Insuranceman, you should know that being in the field where you make money based on assuming the risk that **** will happen Don't get me wrong, I value your advice fully and totally, and I have no argument with you... I'm simply stating that the legislation about auto insurance is complete bullshit, get it? And how you have no ties to legislation, I don't know why this is between you and me, (it shouldn't be ) but you must agree that it's complete BS that the gov't legislates that auto insurance pays for loss of life. I think I don't even have $1M coverage, if that's at all possible. I have the lowest allowed amount. I don't really care, I kill someone, odds are my quality of life won't be that great after the fact anyways. BTW, say I drive a Volvo, and someone I have an accident with drives a rusted out Yugo (but if they drove a real car the would hardly be harmed)... and they die... how fuct up is it that I gotta pay for their life just cuz they drove a rustbucket? That's why my insurance system would do away with all that, except for impared driving cases, in which case if you kill someone, part of your criminal penalty is that you now provide 1/2 your future income (after jail time) to the family of those you kill, and/or your house is taken and sold off in order to provide for those you harmed.
09-Jul-2003, 06:09 PM
#37
Originally posted by Insuranceman
remind me not to ask you .... lol .... and they don't make all $8 million off of "someone else's money" ... investments, buying and selling properties, companies ........ Is that your money were taking? no.... Premiums make up about 15% of a companies overall profit .....
remind me not to ask you .... lol .... and they don't make all $8 million off of "someone else's money" ... investments, buying and selling properties, companies ........ Is that your money were taking? no.... Premiums make up about 15% of a companies overall profit .....
LOL It's not your fault Insuranceman, it's how the system works 
09-Jul-2003, 06:26 PM
#39
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I'm by no means saying th system is right, on the contrary, its fully of problems ..... but you have to be on the inside ot see how it works... I see both sides because I am also a consumer who pays premiums for an accident I have yet to have ..... Your comment about YOUR quality of life after you kill someone, no offense, but what about the quality of life of the family you just destroyed by killing that person .... If you have the minimum limits (which are $200,000 in Ontario) please be careful, cause I've seen people who get into minor fender benders get that much for their "pain and suffering" .... awards are getting bigger and bigger ..... Your plan would not work in our soceity .. in a "model" society it would be great, but people are so letigious and sue for anything, your "reserve" of cash would be gone very, very quickly .... lets agree to disagree .....
09-Jul-2003, 06:43 PM
#40
disagree 
Ya, accidents are not my thing... I have no plans to have any anytime soon, and being under 25 and insuring 2 out of 3 cars I have takes a good chunk of change out of my pocket. I'm saying... at the present time, if I were to get sued and lost like $10M after I killed someone... the quality of life comment was of the nature that from the anguish of killing someone, I'd prolly be driven to commit suicide. Plus, fawk living only so I can pay someone elses way. I generally don't look at individuals as individuals, but rather I look at the masses. If someone close to me were to perish, I'd say what are the odds? You know? I know it may seem coldhearted, but in reality I'm not gonna stress over things I cannot control. And you never told me who will pay for a reduction of quality of life if my wife is killed by a stray bullet or a sexual offender or something?
Ya, accidents are not my thing... I have no plans to have any anytime soon, and being under 25 and insuring 2 out of 3 cars I have takes a good chunk of change out of my pocket. I'm saying... at the present time, if I were to get sued and lost like $10M after I killed someone... the quality of life comment was of the nature that from the anguish of killing someone, I'd prolly be driven to commit suicide. Plus, fawk living only so I can pay someone elses way. I generally don't look at individuals as individuals, but rather I look at the masses. If someone close to me were to perish, I'd say what are the odds? You know? I know it may seem coldhearted, but in reality I'm not gonna stress over things I cannot control. And you never told me who will pay for a reduction of quality of life if my wife is killed by a stray bullet or a sexual offender or something?
