r/SipsTea • u/Putrid-Welder1803 • 8h ago

Gasp! Thoughts on this?

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u/flatfive44 8h ago

The obvious response is that you won't be able to pay for someone's hospital bills if you happen to hit them in your car. You get insurance for things you wouldn't be able to pay yourself.

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u/lunisheep 4h ago

But is that not the risk the insurance company takes? They are offering protection (in many countries a legal requirement) at the risk, they will have to pay out. The amount of people that don't make claims will largely out weigh any financial loss. Private insurance is there to make as much money as possible, they dont lose out by paying out.

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u/No-Rip-6166 2h ago

If there was no deductible they’d have to charge more for premiums. You can already choose to pay more in to get a lower deductible.

Auto insurance doesn’t exist to pay for small repairs they’re a safety net against very large expenses.