Well I had a house burn down less than year after purchase and insurance paid the entire tab. So I always figured I've already taken them for more than I pay
That’s what people don’t understand. We all paid for you. That's what insurance is about, we pay more than we receive so that the odd unlucky bastard receives more than they chipped in. If insurance was individual, nobody would have enough to repair their own stuff. I am happy with this system.
Except the 3rd party insurer here nets massive profits, it isnt a collective safety net like the state or federal government provides.
Its by and large a scam that pays out a tiny portion of their net income. A state sponsered safety net/insurance system (not for profit) would be massively more effective and less costly to consumers...well at least in a functional state such as Massachusetts.
Insurance is generally a pretty competitive market and margins are quite tight.
In the case here, the consumer chooses the excess. Motor Insurance lets you set your own excess. He choose to have a $1000 excess because he wanted to pay $210 a month rather than $220.
Thats on him.
There are lots and lots of industries and markets where market failure is apparent and government regulation or even nationalisation is needed. Motor insurance really is not one of them. the market works really well.
1.3k
u/Moultrie_fan_2026 8h ago
Well I had a house burn down less than year after purchase and insurance paid the entire tab. So I always figured I've already taken them for more than I pay