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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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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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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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auto, home, and especially health insurance is a blood sucking racket that is sanctioned by our ever increasing government.
 

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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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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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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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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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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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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.
 

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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.

If I invest some money in a company and that company pisses away its profits buying other companies or investing in the stock market, I can take what is left of my marbles and go home. The legally mandated insurance I have been forced to invest in can piss away money in the stock market and then make me pay for it by raising my premiums. :sad:

No offence intended toward you, but insurance has done nothing but rape my wallet and then attempt to get out of some or all of the coverages when I do need to make a claim. It wouldn't be quite so bad if the time I really need the coverage that is was a simple matter of fill in a form and be fairly reimbursed, but it is a fight everytime with strong arm tactics. :sad:
 
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