I had a serious car accident today, and now what with my BRZ?

[Tcoat]

Originally Posted by p1l0t

I see what the insurance executives fly in. They make a killing. I'm sure it saves money in the long run IF you can self insure. Unless you suck at driving...

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That applies to any and all large company executives though so it isn't just an insurance thing.
Insurance companies are still companies and all companies main goal is to make as much profit as possible. People seem to think that since it is not a tangible product they should give it away for free or as a non profit venture for some reason. There is nothing wrong with making as much profit as a company can since it is the way capitalism works. Everybody wants to earn more money for themselves but when a company (run by people) does it then it is suddenly evil.

[p1l0t]

Originally Posted by Tcoat

That applies to any and all large company executives though so it isn't just an insurance thing.
Insurance companies are still companies and all companies main goal is to make as much profit as possible. People seem to think that since it is not a tangible product they should give it away for free or as a non profit venture for some reason. There is nothing wrong with making as much profit as a company can since it is the way capitalism works. Everybody wants to earn more money for themselves but when a company (run by people) does it then it is suddenly evil.

Right or wrong, good or evil, my point is they make a large profit and that means that you have the potential to save a lot of money by self insuring.

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[Dadhawk]

Originally Posted by p1l0t

Right or wrong, good or evil, my point is they make a large profit and that means that you have the potential to save a lot of money by self insuring,

You also have the potential to lose much greater totals than you pay in. Again, it's risk avoidance and financial protection.

You are much more likely to "get back" money from automobile insurance than you are just about any other form of insurance.

And before anyone says it, I don't consider medical insurance, insurance in the traditional sense. It is really more a group cost sharing that in the end only drives up the cost of healthcare. (Only my opinion, and I won't try to defend it).

And for those that say you can't say "auto insurance good" and "extended warranties bad", they are not the same thing. You have almost zero chance of recovering anything form an extended warranty. The risk you are "assigning" to the company is almost zero.

[evomike]

Originally Posted by p1l0t

Right or wrong, good or evil, my point is they make a large profit and that means that you have the potential to save a lot of money by self insuring.

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A lot of insurance companies lose money on premiums but make their money investing the money we pay them.

[Tcoat]

Originally Posted by p1l0t

Right or wrong, good or evil, my point is they make a large profit and that means that you have the potential to save a lot of money by self insuring.

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They make large sums of money by playing the odds over large numbers of people. The odds change dramatically when it is just you gambling that you will never damage your car more than you as an individual can afford.

[p1l0t]

Originally Posted by Tcoat

They make large sums of money by playing the odds over large numbers of people. The odds change dramatically when it is just you gambling that you will never damage your car more than you as an individual can afford.

Oh you need to have a large amount of money, and not wreck too often for sure. I mean I have lots of insurance, but that's because I don't have the assets to self insure.

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[Tcoat]

Originally Posted by p1l0t

Oh you need to have a large amount of money, and not wreck too often for sure. I mean I have lots of insurance, but that's because I don't have the assets to self insure.

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I seriously doubt that many people that are driving around in Twins have enough cash to call it a disposable car. Maybe once you can start picking them up for $2,000.

[p1l0t]

Originally Posted by Tcoat

I seriously doubt that many people that are driving around in Twins have enough cash to call it a disposable car. Maybe once you can start picking them up for $2,000.

Oh yeah, unless you're super frugal..

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[Dadhawk]

Originally Posted by evomike

A lot of insurance companies lose money on premiums but make their money investing the money we pay them.

This is what makes life/auto/home insurance something called insurance.

It is also why "health insurance" is not insurance. There is almost no investing there, only a profit margin on top of the cost.

[soundman98]

Originally Posted by Tcoat

I seriously doubt that many people that are driving around in Twins have enough cash to call it a disposable car. Maybe once you can start picking them up for $2,000.

i have a hard time believing that the twins will drop below $5k at any point. between what inflation is rising to, and the incredible amount of people that want one for cheap...

but if they do start going for $2k, sign me up for 4!

[Tcoat]

Originally Posted by soundman98

i have a hard time believing that the twins will drop below $5k at any point. between what inflation is rising to, and the incredible amount of people that want one for cheap...

but if they do start going for $2k, sign me up for 4!

True. I will amend that to the inflated value comparable to $2,000.

[Adam_L]

Originally Posted by maslin

And then get full coverage. 3 cars and a motorcycle my wife and I are well under $100 a month. Insurance is cheap.

Yes and no. Do you work for an insurance company? I called my AAA insurance about 2 weeks ago, found out that everyones vehicles insurance premiums went up about 4-5% this year (do to more claims being filed in 2018, on a whole).

On a car under 5-6 years old, I do recommend full coverage as well. Now on this chap, when he does go to Full coverage his insurance premium is gonna be high ( mainly due to this accident) , unless he wants go go carless for the next 5-8 years…. and gets 5-8 years older.
Recognize.

[Tcoat]

Originally Posted by Adam_L

Yes and no. Do you work for an insurance company? I called my AAA insurance about 2 weeks ago, found out that everyones vehicles insurance premiums went up about 4-5% this year (do to more claims being filed in 2018, on a whole).

On a car under 5-6 years old, I do recommend full coverage as well. Now on this chap, when he does go to Full coverage his insurance premium is gonna be high ( mainly due to this accident) , unless he wants go go carless for the next 5-8 years…. and gets 5-8 years older.
Recognize.

Ah but it won't go up since there was no claim. Oh unless he was charged with something in the accident I guess.

[Adam_L]

True, so long as he didn't cause any other damage to someone else's personal property …. then it may be off the radar for now. If someone ( or he) did call his insurance to notify, then his insurance will get him in the end….as well. Word to poster : if you haven't called your insurance to notify them, you may want to consider / refrain from calling them to warn/ notify = and in that event if you did call they'd most likely jack up your rate for the next year. Just stop insurance coverage while your car is in the shop being worked on. If insurance asks what the current status of your car is, … just say you decided to walk / take the bus to work instead …. and that gas prices are getting WAY… WAY out of control !!!!!