Quote:
Originally Posted by Raekwon
I feel your pain, whenever I see false information/bad advice on Facebook/Reddit regarding insurance it takes a lot to just ignore it and forget I saw it. Even though I don't work directly in insurance I just want people to properly understand insurance to try and remove some of the hate. If people took a little time to learn what they are paying for and how it works they would have an overall much better experience when it comes time to use it or justify costs.
If anyone wonders why Auto insurance is so expensive just spending one day with an Injury adjuster and you will completely understand and at the same time hate society even more. Then do the same with a regular adjuster in Auto and see the costs related to even the most minor of accidents. You buy a $80,000 vehicle and pay $2000/year in insurance, thats 40 years to pay for a single accident, sadly thats where those with no accidents might see a little lower payments but they are needed to cover the losses like above.
In a perfect world I'm a good driver and I will never be at fault for an accident why do I need to pay insurance for everyone else, but all it would take is one accident even very minor, you think there was no damage but the car full of 5 people all claim injuries and now you are on the hook for a minimum of $100,000.00 can you come up with that?
Then there are brokers just trying to sell as much as they can and not educating their clients what they are paying for, they just want "The cheapest". All of these things together plus the need for companies to pay employees and in the case of some companies report to shareholders you can easily see why there is so much hate for insurance,
TLDR; People are too fragile to be in a vehicle apparently, cost everyone more money than you can imagine, and its only going to get worse without major injury claim regulations.
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This is actually a gear grinder in itself.
Cars are insanely expensive now. They are bigger and heavier than ever, so when accidents happen, not only is their the cost of the vehicle damage, but the cost of injury damage / lost work time etc.
But cars are also insanely more of an attention suck nowadays with infotainment. Coupled with cell phones, it is amazing to me how many people are driving deadly $100,000 machines without actually paying attention to the road.
How do we solve this? by building bigger cars of course! Your safety is the number one priority here.
And of course this results in bigger insurance pay outs and then more costly insurance.
It's like a gun debate; but instead of targeted killing, its just us running around waving a gun at people and then it accidently going off once and a while. The only response to this is, "well, we could build a bigger gun, that should work."