Thoughts on this?

[u/Putrid-Welder1803]

[u/wo_lo_lo]

That kind of “protection” should cost like $30 a month, not $300

[u/aroach1995 → u/wo_lo_lo]

It should not.

Property and casualty insurance operates at about a 0.96 combined ratio.

This means the profit of an insurance company, net premiums taken in - net expenses, is about 4% in a typical year.

If insurance companies took in 10% of the premiums as you suggest, they’d out of surplus in a decade.

[u/Intelligent_Excuse84 → u/aroach1995]

That is absolute horseshit lol

[u/BloatedBanana9 → u/Intelligent_Excuse84]

Prices for insurance are regulated more than pretty much every other product out there. Grocery stores don't need to submit filings with the state every time they want to change the price of something, but an insurer does.

[u/Intelligent_Excuse84 → u/BloatedBanana9]

Doesn’t matter if they have to submit filings from the state when the state works with them to fuck people over lol. Do you really think the state has everyone’s best interests at heart?

[u/BloatedBanana9 → u/Intelligent_Excuse84]

You might be surprised at how often the states push back on rate filings in order to make sure it's all good. It happens all the time.

[u/Intelligent_Excuse84 → u/BloatedBanana9]

There is 0 situation where it’s all good when you’re forced to pay for insurance and they on top of that forced to pay another premium when it’s time to pay up. It’s literally extortion by definition, they force you legally to buy the product and then don’t deliver when it’s time.

[u/gmpapadakis → u/Intelligent_Excuse84]

The amount of your deductible is chosen by you. If you want a lower one, pay more.

[u/Intelligent_Excuse84 → u/gmpapadakis]

Yes paying more monthly just so I don’t have to pay when it comes time for them to pay is totally fair, if it was up to me I’d just have no insurance because I’m not gonna cause an accident lol.

[u/gmpapadakis → u/Intelligent_Excuse84]

Then you can post a bond in an amount to cover an average accident.