Property/ vehicle insurance increases

[Coopsdaddy]

Government is always the worst answer.

Besides, they created the problem in the first place.

It's what they

Ok
So who than?
They get to charge what they want and the government enforces the laws if we don’t have Innsurance.
Someone has to have oversight.
Give us the answer if it’s not going to be a government agency.

 

[Bluefish]

Ok
So who than?
They get to charge what they want and the government enforces the laws if we don’t have Innsurance.
Someone has to have oversight.
Give us the answer if it’s not going to be a government agency.

Price controls are not the answer. That always distorts the market. In reality some places are probably too expensive to live and houses should not be built there. You should be free to have no insurance if no mortgage is owed. Just expect to be out your house if a hurricane, flood, or fire occurs. For some that would be acceptable.

 

[mt terry d]

Price controls are not the answer. That always distorts the market. In reality some places are probably too expensive to live and houses should not be built there. You should be free to have no insurance if no mortgage is owed. Just expect to be out your house if a hurricane, flood, or fire occurs. For some that would be acceptable.

^^^^^^This^^^^^^^^
Some things you cannot afford to have if you cannot afford to lose it.

To any problem, Government is the worst answer. Always.

 

[Coopsdaddy]

Car Innsurance
You have to have it.You go to jail without it,you get sued without it.
How do we regulate it so they can’t price gouge.
You have all the answers but no answers.

 

[Weldor]

Car Innsurance
You have to have it.You go to jail without it,you get sued without it.
How do we regulate it so they can’t price gouge.
You have all the answers but no answers.

They made it mandatory in Az. years ago, and then they tell us less than 50% of the population has it. Joke here.

 

[Bluefish]

They made it mandatory in Az. years ago, and then they tell us less than 50% of the population has it. Joke here.

Same problem in tx. Need it to renew plates, so people buy it then cancel right away or stop paying.

 

[Jake Larsen]

Car Innsurance
You have to have it.You go to jail without it,you get sued without it.
How do we regulate it so they can’t price gouge.
You have all the answers but no answers.

Why do you “have to have it?” Oh yea…government regulations. We have an entire system of regulations regulating the effects of other regulations. Price controls are NEVER the answer. Look into Milton Friedman and his school of economics for a broad conceptual framework to how we aught to function.


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[Coopsdaddy]

Dude
Ask the cop or the judge.

 

[Jake Larsen]

Dude
Ask the cop or the judge.

You’re thinking about everything based on the current system we have. As in, “what would happen to me if I just opted out of insurance inside the current system we have?” That would indeed be a bad idea, and illegal.

Some of us are posing a different question entirely, more like “what would the system look like without massive government interference for the last 50+ years, if the free market had been allowed to problem solve?”


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[Tad]

If the value of the assets you own continues to increase, then insurance has to go up doesn’t it!?!? You payed $500k for your house and now it’s “worth” 1mil+, the insurance has to cover the replacement cost of your new million dollar property.

People love to brag about how much their land/house/farm/vehicle/etc is worth, but then complain about how much the insurance and taxes went up.

I used to be a body tech and the new fancy cars are so expensive to fix. A 2002 F-150 tail light is $100 ish and now if you have blind spot monitor on the 2022 it is $900+ per tail light. You also used to be able to just align a vehicle, now with all the sensors a VW alignment with calibration is $1300. When I was a tech at a dealership the rates were $80 and I just had my wife’s Toyota serviced and it was $215 per hour. Insurance rates have to go up when the risk increases just like when construction costs go up like you’re saying


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[JeffRaines]

Some of us are posing a different question entirely, more like “what would the system look like without massive government interference for the last 50+ years, if the free market had been allowed to problem solve?”

But this is entirely unrealistic scenario without a Time Machine. It's like focusing on what life could've been like for me if I would've done things differently in high school 20 years ago... or if I had different parents... or if my parents were rich. I'm robbing myself of a good solution today(or work toward such) in favor of a fantasy that would've likely turned out differently than I imagine anyway.

 

[Jake Larsen]

But this is entirely unrealistic scenario without a Time Machine. It's like focusing on what life could've been like for me if I would've done things differently in high school 20 years ago... or if I had different parents... or if my parents were rich. I'm robbing myself of a good solution today(or work toward such) in favor of a fantasy that would've likely turned out differently than I imagine anyway.

Maybe. Massive deregulation is possible. Look what just happened in Argentina. We’re about to find out if it’s possible here too. That’s what some of us voted for. I’m very cautiously optimistic. To be honest, I’m not sure it’s possible here, but I do think there’s still a chance. I have to hope, for the sake of my own kids. We’re moving very rapidly toward Fascism - not the nonsense buzzword version the left uses - but true government/corporate collusion at the regulatory level, brought about and enforced by a massively bloated bureaucracy.


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[Durran87]

We live in a low risk area but our rates keep going up. I decided to switch carriers on all of our policies. 3 weeks into our new policy we get dropped because we need a new deck railing. I now go back to our old carrier and our homeowners, auto, and umbrella all go up even more. I’m pretty sure they just make up all of the numbers…

 

[ddowning]

I work for a hospital and that’s not why a hospital charges $75 for a pillow. I assure you Medicare does NOT just pay it and the hospital is making huge profits on it.

Medicare pays a tiny percentage (determined by them) of what’s billed. Often times they will just flat out deny the pillow as unnessecary and not pay a dime on it. Even though everyone knows the patient needed said pillow (procedure, medication, therapy, etc). So if the hospital knows their cost for the pillow is $7.50 and Medicare will only pay 10% they bill $75 so they don’t take a loss and can continue to pay their RNs, MDs, and PTs so they can treat you. If they charged the $7.50 it cost them to give it to you Medicare would pay them 10% of that, so .75 cents. Do that long enough with enough things the hospital doors close and you have nowhere to be treated.

Commercial insurance will very often follow what Medicare does. So now you know how it all works. Hospitals are 100% NOT getting paid $75, or 100% of what’s billed for a pillow (or whatever procedure, treatment, etc)

This is the problem. The system is a dishonest game about who can be the sneakiest and most dishonest in order to make the most profit. The system needs burnt down. When this was a country people fled to for religious freedom, most were honest.

There is no reason we can't have a system based on honesty, value, and competition. We let dishonest people play in the economy and even rewarded them financially. They should have been tarred and feathered and run out of town. Now, it has gone so far it is nearly impossible to eat without playing the game at least a little. We need a culture war that demands a laissez-faire economy instead of a quasi-faire economy. Until this shift happens you will always need to play the game in order to be competitive and profitable against other companies.

Taxes, fees, utilities, and insurance are all creating a corporatacracy where the elite banks and hedge funds centralize the society's wealth to a few powerful people that control the government through financial contributions. The less financial power the average member of society has, the easier we are controlled and fleeced by the corporations.

I have very little experience in the insurance industry and even less in the business side of Healthcare. Even with that small amount of experience, I have been witness to several examples of blatantly corrupt and immoral actions motivated by financial gain. The system is highly complicated and fraught with opportunity for dishonest financial incentives. I doubt it is the hospitals and doctors getting rich in most cases. In my experience, it appears to be the insurance and pharmaceutical industries that are making out like bandits.

In recent years, natural disasters have emptied the bank accounts of insurance companies like never before. It has always been a long game of risk mitigation over time. Now we are in a brief period where they are losing. They are trying to be more and more profitable all the time. This appeases their investors and draws more. They cannot simply realize that they have been on the winning side for decades and it is their turn to lose for a little while. As long as consumers allow it, they will push the envelope to make more money. Especially when they are used to being on the winning side of the equation.

 

[Beendare]

Insurance is simply cost sharing with a profit for the company doing the paperwork. We all pay a portion of what they pay out. Unfortunately places are forcing lower premiums by law so the companies have to charge more elsewhere. I read that they were paying $1.09 for every $1 of premiums in SoCal. That can’t last long and I expect these fires will test the whole insurance industry. They may just leave markets that they can’t make money.

You nailed it. Sadly, when government policy fails, it costs these insurance companies more on claims....thus they have to charge more.

Examples; Poor forest management creating massive fires vs small fires, not cracking down on uninsured motorists, etc....all of these things factor into our insurance premiums.

 

[tdhanses]

I shop for all of my insurances at least every three years, more often sooner than that. They have no loyalty to their customers, so I show no loyalty back. The only somewhat reliable insurance we’ve had is USAA for homeowners. We’ve kept them the longest because they’ve consistently covered us and their rates have been fair. Again, that’s for homeowners, they jacked up our car insurance and it became unaffordable several years ago. I always give them first crack but they keep coming up short.

Same, USAA for homeowners but nothing else.

 

[Z Barebow]

Ok
So who than?
They get to charge what they want and the government enforces the laws if we don’t have Innsurance.
Someone has to have oversight.
Give us the answer if it’s not going to be a government agency.

Riddle me this. What does the government do well?

It is a small list.

List sure doesn't include oversight and regulation. They already have plenty of both and it does not work well. So you want to double down on oversight and regulation?

Case in point. In CA, the state legislature passed a law which forbid insurance carriers to base homeowner premiums to include future risk factors. The law only allow premiums to be based upon historical risks/events.

Fast forward. Insurance carriers could see the additional risk factors such as poor land management, funding cuts to critical public safety services (EX Fire) etc. Rather than stick around and wait for catastrophic events to happen, several companies pulled out of market. Homeowners were left trying to find another carrier (Since there was less competition, rates were higher) or going without. (If they owned home free/clear)

Do you want govt to be the insurer? Look at Medicare as an example. They will tell you what, where, and how you will rebuild. It will be be something less than the free market offers.

No thanks.

 

[CorbLand]

You all ever heard the phrase "privatize profits, socialize losses?"

 

[Predator_SD]

This is the problem. The system is a dishonest game about who can be the sneakiest and most dishonest in order to make the most profit. The system needs burnt down. When this was a country people fled to for religious freedom, most were honest.

There is no reason we can't have a system based on honesty, value, and competition. We let dishonest people play in the economy and even rewarded them financially. They should have been tarred and feathered and run out of town. Now, it has gone so far it is nearly impossible to eat without playing the game at least a little. We need a culture war that demands a laissez-faire economy instead of a quasi-faire economy. Until this shift happens you will always need to play the game in order to be competitive and profitable against other companies.

Taxes, fees, utilities, and insurance are all creating a corporatacracy where the elite banks and hedge funds centralize the society's wealth to a few powerful people that control the government through financial contributions. The less financial power the average member of society has, the easier we are controlled and fleeced by the corporations.

I have very little experience in the insurance industry and even less in the business side of Healthcare. Even with that small amount of experience, I have been witness to several examples of blatantly corrupt and immoral actions motivated by financial gain. The system is highly complicated and fraught with opportunity for dishonest financial incentives. I doubt it is the hospitals and doctors getting rich in most cases. In my experience, it appears to be the insurance and pharmaceutical industries that are making out like bandits.

In recent years, natural disasters have emptied the bank accounts of insurance companies like never before. It has always been a long game of risk mitigation over time. Now we are in a brief period where they are losing. They are trying to be more and more profitable all the time. This appeases their investors and draws more. They cannot simply realize that they have been on the winning side for decades and it is their turn to lose for a little while. As long as consumers allow it, they will push the envelope to make more money. Especially when they are used to being on the winning side of the equation.

Can’t argue with anything you said here.

 

[Coopsdaddy]

Riddle me this. What does the government do well?

It is a small list.

List sure doesn't include oversight and regulation. They already have plenty of both and it does not work well. So you want to double down on oversight and regulation?

Case in point. In CA, the state legislature passed a law which forbid insurance carriers to base homeowner premiums to include future risk factors. The law only allow premiums to be based upon historical risks/events.

Fast forward. Insurance carriers could see the additional risk factors such as poor land management, funding cuts to critical public safety services (EX Fire) etc. Rather than stick around and wait for catastrophic events to happen, several companies pulled out of market. Homeowners were left trying to find another carrier (Since there was less competition, rates were higher) or going without. (If they owned home free/clear)

Do you want govt to be the insurer? Look at Medicare as an example. They will tell you what, where, and how you will rebuild. It will be be something less than the free market offers.

No thanks.

I guess you don’t understand my point,I don’t give a shit who regulates or puts restrictions on them but someone needs to.The government sucks ass in most areas.
Do the police suck?there government and inforce laws.
Who will stop them from raising Innsurance 300% if they want to.You legally have to have car Innsurance.
If you have a mortgage you have to have Innsurance.