Wanting to hear your thoughts on insurance reimbursement.?
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Answer:
Cause if the money was reimbursed to everyone that was entilted to it then there would be any insurance companys left. They use part of everyones monthly premiums, and put it in a pool, that is what they use to pay out claims, and damages each year. The amt that is put in there is based on past years storms, auto claims, home owner claims, and stuff like that. Then they take another part, and that goes into marketing, payroll, and stuff like that. Then of course the bigger chunk of it all goes in there pockets, but if they had to reimburse everyone then there wouldnt be anything left..Especially with the amt they paid out over this year, and last years storms in ks, mo, in, il, wi, **** like that.. Although it would be nice to get some back...
Car insurance and health insurance are like a pool. People go into them hoping they will not get sick or have an accident but if they do then they want some assurance they will not be wiped out finanacially.
Insurance is not an investment; it is a gamble. The insurance companies gamble that you will not get sick; you gamble that you might. If you do not get sick or don't wreck your car then they take the pot.
Sounds good to me but not the insurance company, and I know if you had a law passed that they had to they would raise your insurance. I think because it's mandatory by the state they should be the insurance agent. Or you should have no fault Insurance if you have a wreck yours only covers you. Why should I carry insurance then have to pay for uninsured or under insured on top of that.The problem is the Politicians or in bed with the insurance companies.
Most times you will get discounts for having a clean record but the answer to your question is because you are not investing or saving your premium dollars. You are paying for protection during a given period. You are saying that $600 is worth the risk of accidentally injuring someone in a car accident and not having to pay $50,000 to settle their claim myself.
Once the coverage term is up, your protection is up too. Aren't you glad nothing bad happened? Wasn't it worth knowing that if something did, it wouldn't cost you your life? So, next year comes around and the insurance company looks at your records and says that you are more safe and therefore the risk is a little lower, perhaps so is the cost of protection that year.
The key of course is the principle that insurance is risk avoidance, a way to insulate your self from catastrophe, not a method for investing money in savings.
Why didn't you put it in a bank instead of an insurance policy?
Dope..
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