So I get it, insurance definitely isn't perfect, but it's honestly pretty amazing when you think about it!
For $100 a month, a company agreed to pay $1,000,000 and defend me in court if I injure someone while driving, replace my ($20,000) car if I damage it or it's stolen! Then, for another $100 a month, they also agree to replace my house if it burns down or floods, cover if someone is injured, and another million of umbrella liability to boot! I don't know how the modern world would function if individuals had to take all these risks themselves, instead of pooling it though insurance.
Reading the posts on this forum, I know adjusters take a lot of (occasionally deserved) flack, so figured I'd take a second to recognize why it's important.
Just a quick thank you to this industry
byu/Potentially_Canadian inInsurance
Posted by Potentially_Canadian
4 Comments
So you’re saying insurance actually is not a scam???!!! 😆
-the profit motive is inherently good.
-I can write a renters policy for someone and give them $1M of personal liability coverage for under $10 a month.
-I can write a homeowners policy and do the exact same thing as the renters policy and it would cost them only $1.33 a month inside their HO3 (I’m in the US). I can add on $25K of water back up drain coverage for another $3.33 a month on that SAME policy also.
You can ask an insurance company to take $100K-$1M+ of risk off of your hands in exchange for $10-$1000, depending on the policy. That’s fucking fantastic.
But wait, my fish died, does my auto cover that?
Where are you paying 100$ a month for car and 100$ for home insurance a month lol. Not in NY ( certainly not in NYC) but I’m in a rural area and still pay way more than that and I have like one accident in 30 years of driving. And they will pay those amounts sometimes but they also find any reason at all not to pay those amounts. And now if you do make a claim they drop you immediately. Insurance is one of the most profitable businesses in the US. They’re not doing anyone any favors. Unregulated highly shady industry.