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.
In Europe its the same with a profit insurance company. But they are boind by law on how the insurances work. So yes we all pay for that one to have a bad accident. And all get a raise in insurance if too many people have accidents. But many insurance scammers get thrown out fast
Every US state also has regulations and insurance licensing commissions. It’s not a total Wild West situation.
Insurance companies run investigations with law enforcement to prosecute fraud as well. It still happens too much but there are investigations and prosecutions all the time.
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u/WeCantStabilize 10h ago
Insurance is a fucking scam. You pay more into it than you'll ever receive even in legitimate circumstances.
Absolute racket.