At 02:43 PM 12/5/97 -0500, you wrote:
>> On Fri, 5 Dec 1997 10:35:05 -0500 (EST), you wrote:
>>
>> > they stick it to all their paying customers to make
>> > up for their losses when a customer is involved in a wreck with an
>> > uninsured motorists
>>
>> Just where would you propose they get the money to pay claims if not
>> from paying customers? You expect them to just *donate* it? If you
>> were running an insurance company, would *you*? If so, you'd be
>> tossed instantly from your position as CEO.
>>
>> Of course they have to pay claims using money from their paying
>> customers. That's what insurance is all about. If you think they're
>> making obscene profits doing so, then I suggest you go start your own
>> insurance company and either:
>>
>> a. perform a great public service by offering insurance at much lower
>> rates, or
>>
>> b. join them & make your own bundle.
>>
>> If that's too much work, simply pick the insurance company you think
>> has the highest sustainable ratio of obscene income to stock price,
>> and invest your pension fund in their stock. You should be able to
>> retire in short order.
>>
>> Insurance is a *business*, not a charity. When insurance companies
>> don't make money, they go out of business. When they make far more
>> money than other businesses, new insurance companies spring up and
>> gain market share by cutting prices.
>>
>> > (Speaking of which I think the rest of the states
>> > should do like GA and make it illegal not to have insurance, I know
>> > Tennessee needs to do it, I know of people who live in GA but have their
>> > cars registered in Tenn. so they don't have to have insurance on their
>> > cars).
>>
>> Yes. Where they fall down is in still allowing uninsured motorists to
>> file suit against and collect damages from those who *do* carry
>> insurance. If it's illegal to drive without insurance, and you don't
>> carry it, then it ought to be *your* responsibility to pay for any
>> losses you suffer.
>>
>> Alternatively, the fine for driving without insurance ought to be at
>> least equal to any damages you (and your attorney, if any) recover
>> from another party.
>>
>> > I also agree that Wayne should find another insurance company....
>>
>> Absolutely.
>>
>> Regards,
>> John
>>
>
>I know it is just capitalism at work, but there is such a thing as making
>too much profit, I have no problem with someone making 30-40% profit off
>me, but when it jumps to 100-150+% profit it irritates me.. I'll agree
>with you on everything else though...
>
>Bruce
>
>
Gotta agree with John, Bruce. Insurance is a business like any other.
Here in B.C., it is illegal not to have auto insurance, and your basic
policy MUST be purchased through ICBC (a crown corporation...ie.
government). My rate (97 4x4 SLT V8 Clubcab) (without discount) would be
about $1,200 US. A good chunk of that is due to insurance fraud, staged
accidents and auto theft. Also, they no longer differentiate by age/sex
(only by years of claims free driving and city) so I am also paying for the
high rate of accidents caused by young males ... no, I'm not going to
quote, or debate the statistics.
And like it or not, if you guys drive the way, and at the speeds you boast
about, you should consider yourself lucky to get insurance at any price.
Rob Agnew
ragnew@islandnet.com
Victoria, B.C.
Canada
This archive was generated by hypermail 2b29 : Fri Jun 20 2003 - 12:08:01 EDT