I mean, I would hope insurance doesn’t need to pay me. That imply I’ve involved in an accident or had my stuff stolen. Even a not for profit insurance company would operate like that. I can afford $100/mo but I cannot afford to replace not only my car but the car or property of whatever I may be found at fault for hitting(and if I get hit, can that person afford to pay me?). If I got into an accident, especially if I were younger, how would I replace my $5,000 car and the $70k BMW I just hit? What if my kid set my house on fire or what if fire leapt from my neighbour’s house to mine?
That said, it’s absolutely true that system is bloated to an absolutely disgusting level and its shocking lack of regulation for, as you say, being legally required is pitiful. It deplorable that people need to fight to get payouts sometimes and how the US uses it for healthcare is just hellish. It’s also true that the capitalist/libertarian ideal of insurance only really works if people are paid adequately but both those systems do fuck all, on purpose, to keep people’s financial security safe.
In Québec, liability is paid for by the province so our car insurance is a lot cheaper and regular insurance only needs to cover the physical property, so that’s nice. It’s still got it’s problems I’m sure, but it’s a step in the right direction.
I mean, I would hope insurance doesn’t need to pay me. That imply I’ve involved in an accident or had my stuff stolen. Even a not for profit insurance company would operate like that. I can afford $100/mo but I cannot afford to replace not only my car but the car or property of whatever I may be found at fault for hitting(and if I get hit, can that person afford to pay me?). If I got into an accident, especially if I were younger, how would I replace my $5,000 car and the $70k BMW I just hit? What if my kid set my house on fire or what if fire leapt from my neighbour’s house to mine?
That said, it’s absolutely true that system is bloated to an absolutely disgusting level and its shocking lack of regulation for, as you say, being legally required is pitiful. It deplorable that people need to fight to get payouts sometimes and how the US uses it for healthcare is just hellish. It’s also true that the capitalist/libertarian ideal of insurance only really works if people are paid adequately but both those systems do fuck all, on purpose, to keep people’s financial security safe.
In Québec, liability is paid for by the province so our car insurance is a lot cheaper and regular insurance only needs to cover the physical property, so that’s nice. It’s still got it’s problems I’m sure, but it’s a step in the right direction.