I hate insurance companies

Discussion in 'The Guru's Pub' started by Alexstarfire, Jul 15, 2008.

  1. Alexstarfire

    Alexstarfire Ancient Guru

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  2. surrealX

    surrealX Ancient Guru

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    Wow. Taking advantage because so many people are switching to those kind of cars. :thumbsdown:
     
  3. hawkeyefan

    hawkeyefan Maha Guru

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  4. Year

    Year Ancient Guru

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    you'll never guess what Batman said to make Robin get in the car?



























    GET IN THE CAR!
     

  5. Zapmaster

    Zapmaster Sherlock Guru

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    Ridiculous. Insurance rates should be based on driver history/experience, and value of the car, insurance companies just love to paint with wide brushes so they can cash in more, as if they aren't making enough. Greedy pricks.
     
  6. clintonius

    clintonius Master Guru

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    Let's not get all up in arms just yet. Insurance rates ARE based on driver history and experience, as well as the value of the car. You know why this insurance costs more? Because the insurance company is more likely to have to pay the full value of the car in a wreck due to its size. They're also more likely to have to pay out money for a person who drives a small car than they are for a person who drives a truck, because, if you missed it in the article and the excerpt I posted, "Small cars tend to increase insurance costs because they get into more crashes."
     
  7. CommandrX

    CommandrX Guest

    Really, then why is motorcycle insurance so cheap then? :smuglook:

    I think they are just trying to cash in...those bastards.
     
  8. Cycloid

    Cycloid Master Guru

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    The very concept of how Short TERM Insurance works to me is blatantly criminal.

    You pay every month, you claim, you pay more every month, you try to claim big and they find the smallest technical issue to invalidate the claim and then you pay more again.

    In my country where some road users do what they want and Crime is very high insurance claims happen a lot and it is a complete rip-off!

    The only way you get ahead is if your house explodes and they pay for your new house. Anything else just ends up with you paying way more than if you had saved up money in the first place.
     
  9. WCASD

    WCASD Master Guru

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    That's exactly the way of thinking that'll make everything worse.
     
  10. Alexstarfire

    Alexstarfire Ancient Guru

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    Yep, and that's why I've always thought that most insurance is just a government sponsored rip off. You only have to look at Katrina to know what I mean. Something terrible happens and they're all like, F that, we don't want to pay for your stuff even though we are supposed to.

    What I'm curious to know is if they look at percentages of vehicle collisions for each car, or if they just look at the raw number. Because if they just look at the raw number then it's no wonder the Civic and other widely bought cars are up on the list.

    Another thing. A small car may not fair as well as a big car in a crash, but it's that kind of thinking and because of how these insurance companies work that's going to keep all these big cars on the road. If you get a premium difference big enough it'll negate any saving you may have had in fuel. That's just not right.

    As far as the "myth" they state. I'd say it's part true. To say a smaller car isn't more nimble would be a lie, but it's that many drivers don't/can't react fast enough. Of course, that's their fault they were speeding and tailgating. I know if I'd had my Prius instead of my Isuzu when that person ran a red light, there would have been no way I'd have hit her. I could have slowed down more and turned my car a bit more. It's not like I hit her in the very front of the car.

    I think they just provide this "logic" to back up the crap they spew out. If the government really wanted to help us, and we know that they usually don't, they should just force us to put like 10% of our paycheck into a savings account that we can't touch unless it goes over a certain amount or has been in there a certain period of time. Say like twice the value of your car, or $100,000, whichever is greater, and/or 15 years. At least that way if you never cashed in on your insurance you'd have some pretty decent money to spend.

    GAH, so many things to change, but so little ways for me to do it.
     

  11. sava700

    sava700 Ancient Guru

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    Insurance Companies are a rip off.... they all need to be regulated so that every year you don't have a accident or get a ticket you should see your premium drop 5% for at least the first several years you have them. THey make too much money off of people that are safe and good drivers and under insure you. I've got a 93 Truck... still looks like brand new and has 150k miles on it... if someone hit me and totaled it then they would only give me book value on it and not the full value of it I believe its still worth looking and running like it does. Instead give me a fraction of the cost and therefore I'd be doing car payments once again when I shouldn't be. If I have a vehicle paid off and someone tears it up then the insurance company should either pay to have it fully fixed or replace it in full with a new one without me paying payments. I worked hard to get out of payments!!!
     
  12. hawkeyefan

    hawkeyefan Maha Guru

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    Party because motorcycles themselves are relatively inexpensive, and partly because they are not nearly as prevalent as cars? I don't know the answer, just throwing those out as possibilities. I'm also guessing that motorcycles, being nonessential vehicles like boats, tend to be in the hands of a demographic that skews much, much older than those driving small cars. Plus they're just inherently more dangerous than cars so you could infer that motorcycle drivers are generally more cautious. The way suburban trophy wives in SUVs with cell phones slapped to their ears drive around here, I would be too. Not to mention that in the vast majority of bike vs. auto accidents, the auto's driver is the one at fault. In cases where the bike's driver is at fault, motorcycles do far less damage to vehicles and occupants than cars do, so the damage and medical payouts are far less. Same with boats. Even though a decent new boat costs $40-50k, they seldom bump into each other. Payouts are virtually nonexistent, so boat insurance is dirt cheap.

    I don't disagree that it appears the insurance conglomerates are milking this for all it's worth. But the article clearly lays out the logic for higher premiums on smaller cars; higher volume of accident loss, tendency for drivers to be younger, etc. The two smallest cars on the list have the highest average premiums. Again, no surprise really.

    In any event, unless you are 17 years old and have a horrible driving record, you're going to come out way ahead over the course of a year when you factor in fuel costs and car payments. And as more and more older, safer drivers migrate to smaller vehicles, these rates are sure to come down.
     
    Last edited: Jul 15, 2008
  13. Pete1989

    Pete1989 Master Guru

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    Last november I got a 1.2 3dr Punto '03 reg, im 18 y/old and one years insurance cost

    £1300

    This isnt them pumping up the cost due to it being a little car, this is due to my age and the whole 'boy racer' image.
     
  14. Hyvry1

    Hyvry1 Maha Guru

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    If you got a larger car (larger engine) your insurance would be more or you could not get any. My first car; a Corsa 1.4i 16v was £1100, after 1 year it went down to £450. It is experience and value of car in the UK.
     
  15. Pete1989

    Pete1989 Master Guru

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    That was the cheapest insurance i could get on any car.

    If I had a 1.6+ it went up to around £3000+
     

  16. Year

    Year Ancient Guru

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    Insurance companies are not all bad really, they were extremely helpful in a few cases according to my mom.
     
  17. T1tan

    T1tan Ancient Guru

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    lol i pay about 900 for the hummer, lol civics..
     
  18. Mad Cow

    Mad Cow Maha Guru

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    Auto insurance is just a giant scam, that's pretty well known. Funny little fact, green cars tend to crash more often than most colours, so my parents have to pay extra for insurance on their green car.

    My mom got rear-ended a few years ago, well it wasn't exactly rear-ended, the guy swerved at the last second and hit her car on the side. This guy was clearly speeding and not only that, it was in a shared left turn lane, a lane used by both sides of the road to turn left. You know what the insurance company said? Split repair costs 50-50 between the drivers. They didn't pay a single ****ing cent and raised the premiums so much that we couldn't get a new car for 3 years.

    In most cases, they pay for the damage to your car and then raise your premiums to cover the cost and more. So essentially you're paying a company monthly to give them the chance to get more money out of you in case of an accident.
     
    Last edited: Jul 16, 2008
  19. nm+

    nm+ Don Cappuccino Staff Member

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    Insurance companies don't give a crap about property losses. Likely under $100k in 99% of accidents.
    They care about injuries. A single person in an accident can be $1+ million in medical bills. In a car v. motorcycle, the likelyhood of i njury in the car are very unlikely, so you ahve a theoretical max of two people with serious injuries. V. two cars which can have 5 people in each vehicle and can damage each other. You can still have serious injuries in an SUV from a civic v. SUV.

    And crash demographics are important per vehcile. Certain vehicles are more likely to crash. Dodge vipers have among the highest crash rates right after purchase of any vehicle because it's an extremely high HP RWD vehcile with an unforgiving chassis. This vehcile should ahve higher rates comapred with the same driver with say a similarly priced vehicle like 4matic S-class with lots and lots of electric nannies.

    Similarly, there is repair costs, which while, as I mentioned not important still factor in. A body on frame SUV/Truck is pretty darn cheap to fix compared to a unibody. An exception to the repair cost doesn't matter are aluminium vehciles like A8s and some jags. They are nearly always totalled in anything beyond a minor accident because of cost to repair.
     

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