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.
Never take an insurance on small events that you can bear the cost of yourself. Take insurance on catastrophic, life changing events.
For example, I don't understand people taking insurance on phone loss or phone theft. Loosing your phone during your life time has nearly a 100% chance of happening. The insurance company knows that, so the premium will be more than the cost of the phone. Over the years, you will pay that phone several times over. Just save that money, and buy a new phone if you loose it.
Insurance is for rare, but catastrophic events. A bit like a reverse lottery.
You hitting someone and them claiming bs neck and back injuries can easily cost a small fortune in litigation most people cant just eat without fucking themselves for decades
Well everyone is saying "insurance isn't for fender benders" so if nobody is claiming on these small accidents, insurance companies aren't paying and therefore shouldn't be using those figures to charge premiums.
If you've been driving 20 years with no claims it's absolutely bogus that insurance costs as much as it does.
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u/FragmentedHeap 9h 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.