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I know this has to do with health insurance, but I feel the same with auto insurance as well. It still feels like burning money. For example, I've been paying a

I know this has to do with health insurance, but I feel the same with auto insurance as well. It still feels like burning money. For example, I've been paying about $120/month for car insurance since I was 18, give or take. Never been in an accident. That's about $14k I've given to an insurance company for literally doing nothing.

maigret 8y ago
Isn’t the only car insurance mandated the one that pays for others? I.e. it is not about you but about making sure that, if you damage someone else or their car, they will get paid disregarding of how much you have on your account.
FireBeyond 8y ago
And then when you do need it? I was hit by a driver 6 weeks ago. He and insurance company accepted 100% liability. My 2015 Audi was totalled due to multiple airbag deployments (though the vehicle is largely intact other than frame, so will be healthily recouped by the insurer on the parts market). Despite this... I got a settlement offer from my insurer (who, bear in mind, are going to subrogate this to the opposing side) of $5K less than KBB for the vehicle (which was bought a year old, and is now 3 years into a 5 year loan), and $3K short of my outstanding loan (don't even start me on gap insurance - I've never seen that pay out, there's always a loophole). So the insurer's idea of indemnifying me, mitigating my risk is for a 0% fault accident, I: 1) lose my car, which was in excellent condition, and barely 4 years old; 2) lose 3 years of equity in a five year loan; 3) do not have a car; 4) still owe my bank ~$3,000; 5) need to come up with a down-payment and a new loan for a vehicle within 7 calendar days of their (pitiful) settlement offer. All the while getting condescending remarks like: "Gap insurance would have protected you" (not in my experience, and my credit union 'neither recommended nor required it based on the FMV at purchase', and the only reason there's a deficit is your woefully inadequate settlement offer) "We're looking after you - remember we've been paying your medical bills so far" (how ominous, "so far") - and I've been paying for a policy which included PIP for nearly a decade, so you'll forgive me for not lauding you fulfilling your contractual obligations _for which you have been compensated_. To add insult to injury? They direct debited my premiums, including for the vehicle they totaled, and I had to explain this to a CSR. Who then said they'd take the amount they'd erroneously debited, and "apply it as a credit across the remaining 7 months of your policy on your other vehicle". No, thank you, I just want you to refund it.
SamReidHughes 8y ago
You should go liability only.

maigret 8y ago

Isn’t the only car insurance mandated the one that pays for others? I.e. it is not about you but about making sure that, if you damage someone else or their car, they will get paid disregarding of how much you have on your account.

FireBeyond 8y ago

And then when you do need it? I was hit by a driver 6 weeks ago. He and insurance company accepted 100% liability. My 2015 Audi was totalled due to multiple airbag deployments (though the vehicle is largely intact other than frame, so will be healthily recouped by the insurer on the parts market). Despite this... I got a settlement offer from my insurer (who, bear in mind, are going to subrogate this to the opposing side) of $5K less than KBB for the vehicle (which was bought a year old, and is now 3 years into a 5 year loan), and $3K short of my outstanding loan (don't even start me on gap insurance - I've never seen that pay out, there's always a loophole). So the insurer's idea of indemnifying me, mitigating my risk is for a 0% fault accident, I: 1) lose my car, which was in excellent condition, and barely 4 years old; 2) lose 3 years of equity in a five year loan; 3) do not have a car; 4) still owe my bank ~$3,000; 5) need to come up with a down-payment and a new loan for a vehicle within 7 calendar days of their (pitiful) settlement offer. All the while getting condescending remarks like: "Gap insurance would have protected you" (not in my experience, and my credit union 'neither recommended nor required it based on the FMV at purchase', and the only reason there's a deficit is your woefully inadequate settlement offer) "We're looking after you - remember we've been paying your medical bills so far" (how ominous, "so far") - and I've been paying for a policy which included PIP for nearly a decade, so you'll forgive me for not lauding you fulfilling your contractual obligations _for which you have been compensated_. To add insult to injury? They direct debited my premiums, including for the vehicle they totaled, and I had to explain this to a CSR. Who then said they'd take the amount they'd erroneously debited, and "apply it as a credit across the remaining 7 months of your policy on your other vehicle". No, thank you, I just want you to refund it.

SamReidHughes 8y ago

You should go liability only.