03-28-2004, 05:29 PM | #11 | |
Lord Ao
Join Date: May 17, 2001
Location: San Antonio, Texas, USA
Age: 54
Posts: 2,069
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Quote:
Insurance is definitely one of the most profitable legal rackets you can be in.
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[img]\"ubb/noncgi/smiles/new/ghoul.gif\" alt=\" - \" /><br /><br />\"The middle class pays all of the taxes, does all of the work.<br />The lower class exists just to scare the middle class.\"<br />-George Carlin |
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03-29-2004, 10:54 AM | #12 |
Bastet - Egyptian Cat Goddess
Join Date: September 5, 2001
Location: Calgary, AB
Age: 49
Posts: 3,491
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What I find funny is everytime the government decides to bring the hammer down on insurance companies they cry "foul" and "we will end up declaring bankruptcy". Do a little research and you find that almost all the insurance companies are doing well with billions in profits for the industry and it would take a disaster of galactic proportions to send them under.
[ 03-29-2004, 10:56 AM: Message edited by: pritchke ] |
03-29-2004, 11:21 PM | #13 | ||||
Drow Priestess
Join Date: March 13, 2001
Location: a hidden sanctorum high above the metroplex
Age: 54
Posts: 4,037
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However, to be fair to the insurance companies one must not discount other factors that contribute to rising premiums such as frivolous lawsuits, excessive awards from those lawsuits, and scams like the guys in cars who try to get into relatively minor accidents so they can collect insurance payouts. Eventually competition and consumer frustration will drive the premium levels back down, but that day is probably 10 years away. *sigh*
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03-29-2004, 11:54 PM | #14 |
Lord Ao
Join Date: May 17, 2001
Location: San Antonio, Texas, USA
Age: 54
Posts: 2,069
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Yes, I live in Texas, too, and I can tell you that auto insurance these days is the biggest racket. Try driving in San Antonio, where most of the town is poor. Many of the drivers don't have insurance, and you can go to most mechanics that do inspections (the little guys, not the official sites or big companies) and get the sticker with little or no inspection and no check of insurance (which is mandated by law). So what do the insurance companies do? Raise the rates on the people who do pay to make up the difference in profits. Add in all the uninsured motorist accidents that they make up by raising my rates and you can pretty much forget it. I have been tempted many times to go without insurance, but knowing my luck I would hit a cop or something like that...
Health insurance is a similar joke. It is off topic, so I won't bother to elaborate too much on it. Texas is one of several states that has stricter rules as far as payment deadlines, etc. They left some exceptions designed to help the "little guy" out (self-funded plans, etc.), and of course federal "ERISA" plans can ignore state laws. So what happened after passing the stricter regulations? Within 6 months, pretty much every single insurance company either picked up federal plans to fall under ERISA (the bigger companies) or reorganized to have self-funded or other "excepted" plans. The result? We're still having to chase these people for 3-6 months on claims they are supposed to have paid in 45 days. Who pays for it? The patient, since all of the costs of having to chase the insurance company gets passed down as higher charges (which causes the insurance companies to clamp down tighter, causing a vicious circle in which for the most part only the person holding the policy loses). I always tell new employees one thing during orientation to help them put it in perspective. Insurance companies are investment firms; they take the premiums and invest them to make their profits. And the best investments for insurances are long-term investments. So, if they have to pay out on claims, they have to liquidate these long-term investments, causing them to lose money in more than one way. Thus, you can pretty much expect them to do anything in their power to get away with not paying the claim.
__________________
[img]\"ubb/noncgi/smiles/new/ghoul.gif\" alt=\" - \" /><br /><br />\"The middle class pays all of the taxes, does all of the work.<br />The lower class exists just to scare the middle class.\"<br />-George Carlin |
03-30-2004, 02:23 AM | #15 |
Apophis
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Used to live in NJ, now in Texas, driving all the way... Someone's a glutton for punishment, hm?
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03-30-2004, 09:05 PM | #16 | |
Lord Ao
Join Date: May 17, 2001
Location: San Antonio, Texas, USA
Age: 54
Posts: 2,069
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Quote:
[img]graemlins/laugh2.gif[/img] Yep...it's a big change. It took me years to get accustomed to the changes in cultures, attitudes, etc. And the drive is not fun, either. Make sure you do your best to get a good night's sleep when you do have to stop, as the landscape gets really repetitive after a while. What part of Texas are you moving to?
__________________
[img]\"ubb/noncgi/smiles/new/ghoul.gif\" alt=\" - \" /><br /><br />\"The middle class pays all of the taxes, does all of the work.<br />The lower class exists just to scare the middle class.\"<br />-George Carlin |
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03-30-2004, 10:10 PM | #17 |
Apophis
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No no no, I was talking about you. "Driving all the way" implied that you were driving in both states.
I should have been clearer.
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http://cavestory.org PLAY THIS GAME. Seriously. http://xkcd.com/386/ http://www.xkcd.com/406/ My heart is like my coffee. Black, bitter, icy, and with a straw. |
04-20-2004, 02:33 PM | #18 |
Bastet - Egyptian Cat Goddess
Join Date: September 5, 2001
Location: Calgary, AB
Age: 49
Posts: 3,491
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Just an update on this. I have gone over too the insurance company that I have home Insurance with. Only $150/month which is almost 5 times as cheep. I am now a happy camper.
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04-20-2004, 04:53 PM | #19 |
Ironworks Moderator
Join Date: March 1, 2001
Location: Scotland
Posts: 2,788
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£210 per year, fully comprehensive with protected no claims bonus
Sometimes being old and slow(ish) has it's advantages......
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Regards Mouse (Occasional crooner and all round friendly Scottish rodent) |
04-20-2004, 06:54 PM | #20 |
Red Dragon
Join Date: March 1, 2001
Location: Holiday, FL
Age: 57
Posts: 1,507
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It's not all that great here in FL either. We have accidents EVERYDAY over here and in/out of Tampa. Needless to say, insurance is a lot higher. I used to pay about $150 every 6 months (basic insurance, not full) when I was living in NC. When I moved to FL, it jumped up to almost $300. It's almost $400 every 6 months now. BTW, it got so bad here (insurance prices) that a local TV news reporter did a story on it. They brought up some interesting facts. Yes, it does have to do with location. It also has to do with credit worthiness too. Did you know that a lot of insurance companies are now running credit reports on people, claiming that if you are loose with your money, that you must be a bad driver? It also had to do with other claims like was mentioned too (natural disasters and/or whatever might make their coffers smaller.) It is definitely a racket. If you don't have insurance here, you automatically give up your license if pulled over (unless the cop is feeling really sorry for you or something.) So, what happens if you can't make a payment (insurance, not a loan)? You are caught in a Catch-22. You can't drive without your insurance, but you can't pay for your insurance until you build up money. How do you build up money. Driving to work!!!!!!!!!!!
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