insurance rant

[Low_five]

So a guy here flipped his float-plane into the water. upside down with only the floats sticking out of the water. he lived. but now insurance rushes in and restores his plane (dehaviland beaver) and he gets a second chance, whereas he should have either been ruined and some other guy could buy the wreckage or spend his own money to buy new insturments and rebuild the dash cluster, rebuild the engine, new prop, body work etc... the wealthy guy gets to keep all his wealth intact. theres no gambling anymore, no risk. Another small commuter plane company hired some guy who tried to take off on 1/4 of the runway and ate some trees at 90mph. he and two passengers survived, but the company hired an impatient dipshit, but they dont have to pay for their consequences. It should be game over - new management. It wastes resources.

IMO.

cliff notes: insurance companies can eat a bag of dicks.

[Glass]

Insurance is like winning the lottery, except something bad has to happen to you to make you a "winner!" Does that sound like anything else going on out there? I can think of one or three things.

[Gypsybiker45]

Im lost here, your saying that your pissed because a Insurance co. paid out a claim? dont these people pay premiums? isnt that what it is for?Ive been paying car ins. for 30 yrs, never had a claim, so if i wreck my car, i shouldnt be covered?

[Ironfield]

Im lost here, your saying that your pissed because a Insurance co. paid out a claim? dont these people pay premiums? isnt that what it is for?Ive been paying car ins. for 30 yrs, never had a claim, so if i wreck my car, i shouldnt be covered?


I'm with Gypsybiker45 on this one. Insurance companies are notorious for not paying out or short changing claims. It gets so bad that insurance generally is a bad joke. Now you provide us with a case where they actually pay out and you are angry over the fact? Your message seems to be getting lost here.

-Ironfield

[1970 Silver Art]

The purpose of insurance companies is to make money by bringing in more money (premiums) than they have to pay out (paying claims). Insurance companies of all sectors (health, auto, home, etc.) will find ways to deny and not pay a claim or to partially pay a claim. That is what they do and that is just the way it is.

As for what the OP, that wealthy person made insurance premium payments and this wealthy person is simply just using a product that they are paying for. That wealthy person's insurance policy could have decided not to pay his claim but it did pay it since apparently that insurance company could not find any legal excuse to not pay.

[Low_five]

yep. insurance keeps the wealth in the hands of the big guy. it encourages them to be reckless. such a mistake should have ruined him and made room for someone else who wouldnt have taken a chance or had 'bad luck.'

[k-os]

Low_five, I want to agree with you so badly, because I absolutely abhor the idea of insurance, particularly mandatory insurance. But I have to disagree with what you are angry about - that the insurance company paid out a claim.

I have mandatory home owners insurance because I do not own my home outright, and the bank requires it. When the day comes that I do own my home, the first thing I will do is cancel my home owners insurance. My homeowner's insurance doubled this year. Doubled! And I have never had a claim.

I have mandatory car insurance because the state requires it. Not only am I required to have coverage, but I am required to have additional coverage in case the other person (at fault or otherwise) does not have insurance. Wait, what?

We are all about to have mandatory health insurance . . . don't even get me started on that rant.

Like 1970 Art Bar said, insurance is a business, and their business is to make money. I just wish I had the choice on whether to give them my business or to be responsible for my own repairs.

[Twisted Titan]

Biggest scam outside of fractional reserve lending.


T

[k-os]

Biggest scam outside of fractional reserve lending.


Agreed!

[Low Pan]

Insurance and Credit Cards = Protection and Loan Sharking.