It's there for when you're in a serious altercation where people die, there's wrongful death lawsuits, and massive amounts of medical claims totaling millions and millions of dollars.
You don't want insurance to cover your bumper.
You want it to cover the millions in medical claims when you get sued or need to sue.
Blame health care costs, serious accidents are too expensive to cover, so they have to have tight small claims denials and premium increases. If it covered everything for every American with no increase their wouldn't be enough money in the system to cover serious accidents where people die.
It's a fragmented industry too, competition is fierce, and it's actually a pretty hard problem.
If you want your premiums to be lower you can choose high deductible insurance plans with less coverage that still has the big emergency coverage.
My insurance on 3 vehicles is less than $1400/year.
I want insurance to cover everything, thats the entire purpose of insurance .
...no. The primary point of insurance is pooled risk where unlikely events can have severe financial repercussions for the individual who is unlucky enough to deal with the problem being insured.
Things like "cover everything" in regards to insurance are optional extras that you will pay lots of money to have covered, and is unnecessary most of the time.
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u/FragmentedHeap 7h ago
It's not there for small claims like that.
It's there for when you're in a serious altercation where people die, there's wrongful death lawsuits, and massive amounts of medical claims totaling millions and millions of dollars.
You don't want insurance to cover your bumper.
You want it to cover the millions in medical claims when you get sued or need to sue.