I don’t even need to watch the video. My last insurance claim was for a stolen motorcycle that was recovered but non-operable.
It sat for months at a garage with the insurance company dragging its feet and absolutely no work being done.
Then they finally gave me an estimate for repairing cosmetic damage but not actually fixing the engine.
Then when I was finally done with their shit and just wanted my bike back to salvage at a junkyard and get like a few bucks at least, they tried to charge me hundreds of dollars for the time it was held at the garage they mandated I hold it at.
Fuck auto insurance.
Honestly, fuck profit-seeking behavior in general and especially with insurance.
Finding perverse intensives in a profit-driven enterprise is a function of how hard you look and what industry. Some industries it’s plainly obvious (insurance) and with all industries a sufficiently good look will find something.
Any private for-profit insurance in general is a scam. It’s like going to the casino. Sure in a few rare cases some lucky (or in this case unlucky) individuals may get more out of it than they put in, but on average the house always wins.
I found a YouTube link in your post. Here are links to the same video on alternative frontends that protect your privacy:
From what I can tell, it may not actually be. The average car insurance claim according to the internet is about $19,000 and at least here in the United States they offer to cover up to $50,000 in total. Again, according to the internet, the average person ends up in a car accident every eight years (96 months). So 19,000/96 = $197.91. The people I know have car insurance bills of about 130 per month. Some of that is obviously made up by interest on investments made by the company, but it would seem in order to pay out every claim that the price would have to rise.
Edit: with bonds paying ~5% the monthly payments for everyone would need to rise to $190/mo for everyone.
What is the median? Average is a bad bad number because you’re going to have people totaling their $45,000 dollar trucks and cars that drag up the average. Or people hitting 3 other cars and having them cover all the vehicles.
The vast majority of those “accidents” are fender benders or minor collisions with less then 1-3 thousand dollars in claims at most.
If you are submitting a $19,000 claim every EIGHT YEARS. Your insurance rates are going to be astronomical. The vast majority is accidents are single car low damage accidents, so at most you are submitting a 1-3k claim every 10 or so years. A wonderful return on investment for insurance. Plus you don’t take into account that your rates will increase every time something happens. DUI, speeding ticket, lapse in coverage, collisions, will all raise your premium. $150 is only for clean records.
Plus just because the average for claims is $19,000 doesn’t actually mean that insurance will give you what you need. They will fight tooth and nail to shortchange you.
Also if you want to go by averages. The average car insurance payment is $145-195.
Edit: What is your source for the 19k??? The highest I could find is the subcategory of bodily harm who’s claims average around 20k, but collisions only average around 3k, with a median of $1,995.
What’s your source?
I didn’t look into any subcategories, so that 19,000 may very well be inclusive of everything. As for my source, it’s been a couple of months, but let me see if I can find where it was.
I couldn’t find it, but I did find several things from Forbes and Bankrate that mentioned what you have about the bodily injury being the most expensive, but least frequent.
