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indie (guest) View all posts in this topic  
Fri Nov 14, 2003 2:47 pm
Re: Bike Insurance...        

insurance cannot work that way. You have never had a claim but what about the person who had a $50,000 loss. Where does the money come from. What if the loss happened to you. Should the ins co raise your rates to $15000 a year for 3 yrs to pay back the loss. The point of insurance is to protect you from a huge financial loss that could effect your life for many years. The concept is you pay a little to insure that you never have to pay a lot in the event of a unforseen accident. Feel lucky you never had to file a claim. But if you did could you afford to pay $50,000 for someone's injuries, loss of income and property damage. Probably not. If you feel slighted by the insurance co why don't you cause an accident where you get hurt and others as well so you can get your monies worth. (sarcasm).. The reasons for rates being high is that the cost of medical care is skyrocketing, the cost of labor is high, the cost of parts, loss of income( people here in CA make $100,000 a year minimum) not including the expenses associated with any corporation like payroll, investigation time, fraud,paperwork, etc.

sorry about the preaching.. i've heard this argument before and the argument is not sound in my opinion. If your net worth is $0 and your future income potential is minimum wage then you may not need high liability and if insurance is a scam then don't buy coll & comp. You can also save $$ by not buying uninsured motorist since you will never get hit by a cager who like you doesn't believe in insurance so all your medical expenses will come out of your pocket unless you sue the other party which could take years and hope they have the money needed in their bank acct.

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