Is insurance a scam?

[Doctor Amadeus]

Politics aside I just mean in general.

Home owners you have to have it.
Business as well.

The idea on your end is to invest in something you’ll never hope to use on money you can’t get back especially if you go somewhere else.

Insurance no matter what you invested they want to make sure they never have to pay you and always try to find ways to pay you when they have for as little as possible. Then if you use it they can drop you or raise rates on what you paid in.

Maybe scam isn’t the right word.

[Deleted]

Yes and No... some countries like New Zealand and Australia, it is not compulsory to have car insurance - when you do, it makes things cheaper and easier if involved in a claim,

If you dont have car ins. and you are trouble free for one year, then yes you have saved a few hundred,

[Rend Blackhand]

If your property or car suffers serious damage and you don’t have insurance, you’re much more fucked than you would ever be paying a monthly premium for cover.

[Gravity2015]

If your property or car suffers serious damage and you don’t have insurance, you’re much more fucked than you would ever be paying a monthly premium for cover.

this guy works for insurance :P

[Kalis]

Insurance no matter what you invested they want to make sure they never have to pay you and always try to find ways to pay you when they have for as little as possible.

This isn’t true, I can get insurers to pay out for risks that aren’t even covered.

Find a good broker.

[Molvonos]

That's basically it.

You hope you never have to use it, but on the chance something does happen, you never regret getting it.

Same thing with life insurance, If you have a family, or someone that relies on you heavily.

[Doctor Amadeus]

Yes and No... some countries like New Zealand and Australia, it is not compulsory to have car insurance - when you do, it makes things cheaper and easier if involved in a claim,

If you dont have car ins. and you are trouble free for one year, then yes you have saved a few hundred,

Yeah I get it I have auto, home and life and do the bundle thing and I paid in so I hope I never need it, but all the same I wondered if I saved put it in my investments or a bank account and let it build in a money market account would that be better or like bonds or something.

[Lochton]

Politics aside I just mean in general.

Home owners you have to have it.
Business as well.

The idea on your end is to invest in something you’ll never hope to use on money you can’t get back especially if you go somewhere else.

Insurance no matter what you invested they want to make sure they never have to pay you and always try to find ways to pay you when they have for as little as possible. Then if you use it they can drop you or raise rates on what you paid in.

Maybe scam isn’t the right word.

No, insurance isn't a scam and the companies who try to dodge the service you have bought, are low rated companies. Insurance is what it is named, you pay for it to be there for you but you hope never to use it - but if you need it, a legit company, would be there right away to provide the purchased service.

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If your property or car suffers serious damage and you don’t have insurance, you’re much more fucked than you would ever be paying a monthly premium for cover.

Illegal here to not have insurance on vehicles and animals.

[Doctor Amadeus]

This isn’t true, I can get insurers to pay out for risks that aren’t even covered.

Find a good broker.

I have a good broker just curious if saving on my own would be smarter like I do everything else.

[Mic_128]

Maybe scam isn’t the right word.

"Gambling" might be a better word.

That said, you'd be a damn fool not to. I was house-sitting while some friends were away on a month-long trip around the US. On boxing day a pipe in the air conditioner broke, flooding the ceiling until it collapsed, utterly ruining the kids bedroom (and computer, ipad, magic cards, playstation, TV, all his clothing, ect)

Thanks to insurance they had the room rebuilt, repainted, the items reimbersed as well as the carpeting of the hallway and neighbouring bedroom that also was water-damaged, all before they got back.

Seriously, you could easily argue insurance is gambling, but I see not having it as Russian roulette.

[Kalis]

I have a good broker just curious if saving on my own would be smarter like I do everything else.

It depends on what you are insuring and how much money you have.

For example, if your house burns down, or gets flooded, can you cover the costs? If not, insure the contents as well as the buildings.

[PLS]

It's a scam because any thing that is federally mandated should be either provided by the government or extremely regulated, the scam is in the blatant age, gender discrimination and the massive amount of profit in it, these company's pray on ill fortune and a mandated catch 22. The only insurance thats reasonable is public insurance, like where I used to live I pay in and at the end of every year after the claims have been paid out I get a check back for my portion of the difference.

[Doctor Amadeus]

No, insurance isn't a scam and the companies who try to dodge the service you have bought, are low rated companies. Insurance is what it is named, you pay for it to be there for you but you hope never to use it - but if you need it, a legit company, would be there right away to provide the purchased service.

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Illegal here to not have insurance on vehicles and animals.

Well as I said scam might be the wrong word but I’ve paid car insurance since I could drive 20+, home insurance 13 Years, life 11 years.

I only ever used my auto insurance, but now the other day I was going over my policy and I’m covered for earthquakes in Minnesota, however flood and tornado is more.

If I didn’t I could save, but honestly what would I need with earthquake coverage.

[Kalis]

Well as I said scam might be the wrong word but I’ve paid car insurance since I could drive 20+, home insurance 13 Years, life 11 years.

I only ever used my auto insurance, but now the other day I was going over my policy and I’m covered for earthquakes in Minnesota, however flood and tornado is more.

If I didn’t I could save, but honestly what would I need with earthquake coverage.

The prime reason for car insurance isn’t for your benefit, it is for other road users.

[Doctor Amadeus]

It depends on what you are insuring and how much money you have.

For example, if your house burns down, or gets flooded, can you cover the costs? If not, insure the contents as well as the buildings.

Yeah True which is why I have it because Tornadoes have hit my area once upon a time. Fire it all depends on a bit but I’m covered.

But could I buy or repair my house if I didn’t I don’t know. We’re talking like a 20 year thing an act of nature. I wouldn’t drop it now because it’s more expensive if you just get it and whether you do or don’t bundle.

[Orlong]

To me its a scam because Im responsible. Ive paid nearly $30,000 in auto insurance over the last 30 years and I basically flushed it down the toilet since I have never had a claim. I couldve invested that same $30,000 and tuned it into $50,000 or more. I feel after Ive paid enough insurance to cover the value of the car I shouldnt need to pay any more and my car should be covered.

Home insurance is different. Its necessary because there are many things that can cause damage that are beyond your control

[Kalis]

Yeah True which is why I have it because Tornadoes have hit my area once upon a time. Fire it all depends on a bit but I’m covered.

But could I buy or repair my house if I didn’t I don’t know. We’re talking like a 20 year thing an act of nature. I wouldn’t drop it now because it’s more expensive if you just get it and whether you do or don’t bundle.

Do you have the money available now to repair your house and replace the contents in the event of a fire? It is all very good saying that you could save up enough money to do so in ten years, but if you have a fire next year, you’d be fucked for nine years.

[Doctor Amadeus]

"Gambling" might be a better word.

That said, you'd be a damn fool not to. I was house-sitting while some friends were away on a month-long trip around the US. On boxing day a pipe in the air conditioner broke, flooding the ceiling until it collapsed, utterly ruining the kids bedroom (and computer, ipad, magic cards, playstation, TV, all his clothing, ect)

Thanks to insurance they had the room rebuilt, repainted, the items reimbersed as well as the carpeting of the hallway and neighbouring bedroom that also was water-damaged, all before they got back.

Seriously, you could easily argue insurance is gambling, but I see not having it as Russian roulette.

Interesting feedback glad you shared wonder what others experiences will be like. I got Allstate and they have always been good had State Farm as a teenager worst experience ever.

[Orlong]

Illegal here to not have insurance on vehicles and animals.

What is animal insurance for? Dont think we have it in the USA

[Doctor Amadeus]

Do you have the money available now to repair your house and replace the contents in the event of a fire? It is all very good saying that you could save up enough money to do so in ten years, but if you have a fire next year, you’d be fucked for nine years.

Yeah that’s true these guys have it down to a science I’d love to see the numbers on odds and what goes into the figures.