Auto Insurance is a Racket! - Chevelle Tech
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post #1 of 16 (permalink) Old Feb 24th, 11, 4:15 PM Thread Starter
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Jonathan
 
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Auto Insurance is a Racket!

Insurance companies are a racket. My wife was bumped into last year at a slow speed, the R/R door and 1/4 was hit and the repairs cost $1200. The other drivers insurance paid, the car was fixed and everything was fine.

I get my auto renewal and it is $300 more this year than last due to a no-fault-accident. Unreal! The guy hit her and we have to pay more! My agent checked quotes and we are canceling the policy and going with a different company.

How can these slimeball companies get away with stuff like this? Neither of us have any points or accidents for 15 years. I know it is a statistics thing, but get real.

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post #2 of 16 (permalink) Old Feb 24th, 11, 4:22 PM
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Scott
 
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Re: Auto Insurance is a Racket!

You're just figuring this out?

First- you MUST have it. It's the law.

But, you have to get no fault to cover people that don't have it, right?

And, you can't just get insurance to cover you (no matter what car you drive). That would make sense, and be based on your record as a driver.

And, you can't just get insurance on your cars to cover whoever may be driving them (unless you pay more for that).

You have to get insurance based on you for each and every car you intend to drive. That way, they get the most-possible money out of each and every one of us. Then, they sneak the costs up a little bit each year with the additional fee here or there.

But, if you make a claim, they'll nail ya (as you found out) and crank up the rates...even if it's not your fault.

Sure- you can shop around for cheaper rates, but the cheaper companies are also known for having the worst customer service. Go figure.

So, yes..it's a racket.

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post #3 of 16 (permalink) Old Feb 24th, 11, 4:26 PM
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Freddy
 
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Re: Auto Insurance is a Racket!

Legal pirates!!!
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post #4 of 16 (permalink) Old Feb 24th, 11, 4:35 PM
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andy
 
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Re: Auto Insurance is a Racket!

Gotta love those washington lobbyists, these companies own our goverment,so they do what they want,have laws passed in their favor and run health care costs though the roof!!
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post #5 of 16 (permalink) Old Feb 24th, 11, 4:37 PM
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Re: Auto Insurance is a Racket!

Quote:
Originally Posted by Freddy Mercado View Post
Legal pirates!!!
They might as well fly the Jolly Roger as the corporate flag and answer the phone with a Somalian accent
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post #6 of 16 (permalink) Old Feb 24th, 11, 5:02 PM
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ken
 
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Re: Auto Insurance is a Racket!

auto, home, and especially health insurance is a blood sucking racket that is sanctioned by our ever increasing government.
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post #7 of 16 (permalink) Old Feb 24th, 11, 5:25 PM
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Joe Vega
 
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Re: Auto Insurance is a Racket!

The Mafia bought out all the Banks and Insurance companies, it was the Legal way to break our legs, arms.....
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post #8 of 16 (permalink) Old Feb 24th, 11, 5:52 PM
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Brian
 
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Re: Auto Insurance is a Racket!

Yes, we have one company that considers that type of thing as "activity" and the new tech rating models increase the tier.....it's a lot of fun explaining that to customers. We just move them to another company when that happens cause not all of them do it.

And no, it's not a racket. For every 50 good risks like yourself, there are 1 or 2 home run claims....that money has to come from somewhere. And yes, they are in business to make money and are heavily regulated.

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post #9 of 16 (permalink) Old Feb 24th, 11, 6:55 PM
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Re: Auto Insurance is a Racket!

When our Jailbird ex Governor George Ryan was Secretary of state here he pushed and got passed a mandatory car insurance bill.
Just prior to it's introduction and passage Georgie Jr turned his tobacco shop into a car insurance broker business!
Imagine that!
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post #10 of 16 (permalink) Old Feb 25th, 11, 5:34 AM
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Re: Auto Insurance is a Racket!

Quote:
Originally Posted by vinsales View Post
ever increasing government.
#1 problem in this country today.
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post #11 of 16 (permalink) Old Feb 25th, 11, 5:40 AM
brian
 
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Re: Auto Insurance is a Racket!

In my experience it is cheaper getting quotes online. Some of the bigger companies offer discounts when ordering online, because it is less work for them. But to be safe you could compare quotes online, pick the best offer and try a local agency to see if they can match it or do better.

I recommend this site for online comparing: http://www.quotes-center.com/auto-insurance-calculator
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post #12 of 16 (permalink) Old Feb 26th, 11, 12:27 AM
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Ron
 
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Re: Auto Insurance is a Racket!

Legalized extortion. In fairness, I hold no grudge on the broker, just the insurance companies...

I hear that "Heavily regulated" comment from time to time. It may be true, but so what? When I can get quotes on the same day from different companies for the same stuff that ranges 100% low to hi, me think the regulations don't apply much to premiums.

One time I moved from my hometown to the city. They raised my rates for a territory change (one hour away). Fine. I move back for a job change, they do it again despite my bitching. Later I move back to the same city and they want to raise it again!! I lost it on them and they "found a way" to not raise it....

And GOD FORBID you actually need to make a claim and then they fight you every step of the way on the payout. And when you finally force them to pay something close to reasonable they hassle the hell out of the body shop!!!

Makes my blood boil. Greedy. Evil.

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post #13 of 16 (permalink) Old Feb 26th, 11, 2:28 PM
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Brian
 
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Re: Auto Insurance is a Racket!

Tell me of one other industry that has "excess profits" laws requiring companies to return them to policyholders?

The ROI on many other industries is much higher than insurance companies.

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post #14 of 16 (permalink) Old Feb 26th, 11, 4:51 PM
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Rich
 
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Re: Auto Insurance is a Racket!

And ponder on this a few minutes,just do some quick math in your head,Just how much money do these ins. cos. rake in a month,year?
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post #15 of 16 (permalink) Old Feb 26th, 11, 5:05 PM
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Re: Auto Insurance is a Racket!

I am not sure if this is true or not, but I heard car insurance co.'s buy some, not all, but some radar/laser units for police dept's. If someone here has some info, that would be enlightning.

If you lend someone $20, and never see that person again, it was probably worth it.
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