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Ain't Insurance Grand?
- Thread starter lkchris
- Start date
pglaves
#13338
Isn't insurance kinda like you're betting you will have an accident and the insurance is taking that bet saying, no you won't? And went you don't have an accident, they win and get to keep your money?
Yes, that is true in a way, provided a person has sufficient money not to miss it if there is a loss not covered by insurance.
gtrider
52184
Isn't insurance kinda like you're betting you will have an accident and the insurance is taking that bet saying, no you won't? And went you don't have an accident, they win and get to keep your money?
Pretty much that's it, other than life insurance--which is a game where you win if you lose, and lose if you win. And taken to the level the financial planners would have you go, you end up afraid to eat at home or sleep at night...
Best,
DG
wbrownell9
New member
Even if you only have liability (covers the other party's loss) you can incur big expenses. In my state minimum required property damage is $10K. Imagine tipping over someone else's K1600 and the insurance totals it. If you only have the minimum, the remaining $6K or $10K or whatever comes out of YOUR pocket. How about if you're determined to be at fault when you T-bone a Mercedes? Can you afford that? Same with medical liability - it's only $15K per person, $30K total, in my state. Doesn't take much to eat that up: an ambulance ride, ER visit, and 2 days in the hospital and the insurance is exhausted and you're on the hook for the balance.
If all you have is the state required minimum liability, look at your policy and see if the coverage limits make sense in light of real-world costs.
36654
New member
So, is it better to have a poor neighbor, who can't afford insurance, but may hit me or a rich neighbor with an expensive car, which I may hit?
All a real consideration... The insurance seems to feed on insurance. Lets say you have a vehicle worth 100K, you have insurance for the value, you need insurance for someone underinsured in case they total it on you. As the "other" driver, you need insurance to cover an accident involving a 100K vehicle. It's sort of a lot of insurance on one 100K vehicle....that you may or may not own.
OM
