Automobile Insurance for the most part is a very good thing. Without it many of us could find our selves in a bad way, imagine getting in a car accident with another driver without insurance. You would be held financially responsible for damages to their vehicle, any type of hospital bills they may have and if you are taken to court, your completely on your own. Let’s face it the majority of us middle class workers would not be able to afford all of that without taking out a second mortgage.
With that being said, I don’t entirely mind my monthly car insurance payment of $208.92 (thats ~$2,500.00 annually) which would cover my ass if I was involved in a accident resulting in property damage or bodily injuries, but there are a few things about the insurance industry that really irk me.
I’ll start off by asking this; If i spend ~$7,500.00 on auto insurance within a 3 year period, and I havn’t been in a single accident, nor cost my insurance company any money whatsoever, how come I don’t see any of this money back? Sure you can argue and say, the day something terrible does happen it will cost the insurance company well over my petty $7,500.00 3 year investment. On the other hand though, how many customers are just like me and pay and pay for insurance while never costing the insurance company a penny. I feel that there is way to much money in the insurance industry, and the insurance companies C.E.O.’s and top-dogs are most likely all way over paid.
Now I’m not looking for all my money back, as I already stated I do slightly understand why the insurance companies need money to fall back on, but I believe we deserve some type of compensation. Here’s a prime example of what i would consider at the very least “fair”.
This past month, I was in need of a NYS inspection on my truck, when doing that I learned I needed 4 new tires ($500.00) because mine were bald. Now I live in Western New York and for those of you who are not familiar with our climate, it’s very cold, very snowy and the roads can get very dangerous when they are covered in ice. During the holiday season I had many other expenses which resulted in me missing 2 of my insurance payments. So I get a notice in the mail from my insurance company threatening to cancel my insurance unless I pay the past due balance, which is understandable but now I have to make a decision, either pay my insurance and hold off on the new tires or buy the tires and hold off on the insurance payment which would result in all types of fees (late fee’s,reinstating fees, etc.). So I decided to pay my insurance and in result I’m still driving my truck with 4 bald tires to work everyday, in some cases sliding all over the road and creating a risk to other drivers and my self.
Now think about that situation, if an insurance company really was concerned about the safety of their customers and taken into consideration what I said previously about me not costing my insurance company a penny after 3 years of investing with them (~$7,500.00) don’t you think they should if not pay the cost of these tires for me, at least give me some type of coupon for new tires. I mean it’s completely related to the safety of myself, and other drivers. It’s not like they are writing me a check to go blow on whatever I want. IMO it’s completely related to services that an auto insurance company should be offering and could potentially avoid a car accident.
That’s just a thought I had last nite, basically a dream because I know nothing like this would could ever happen. Insurance agencies are too worried about making money and could care less about the safety of their customers who pay a great deal of money to insure themselves and their vehicle.
Maybe I’m wrong but what do I know about the insurance business, I just pay the bill..