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End of Insurance?
https://mail.chicagofanatics.com/viewtopic.php?f=47&t=130174		 Page 1 of 3
Author:  Crystal Lake Hoffy [ Wed Jul 12, 2023 8:17 am ]
Post subject:  End of Insurance?
First, Obama's administration blew up healthcare insurance in the 2000's with ACA. Smaller insurers showed up on the exchanges only to disappear shortly after. Employers have been able to shed paying insurance costs, putting more pressure on their employers. Health insurance plans have switched to high deductible plans so that you're in eternal debt if you have any significant medical procedure. Then, the cost of electric vehicles and the cost of electronics in traditional vehicles made auto insurance unaffordable for many. Recently, home insurers are pulling out of California and Florida due to the costs of natural disasters (Farmer's is the latest to pull out of Florida: https://www.cnn.com/2023/07/12/business/farmers-insurance-florida/index.html). Smaller insurers are filling the gap, but will likely just go bankrupt when the next disaster hits.

Is insurance a dying/dead business?
Author:  sjboyd0137 [ Wed Jul 12, 2023 8:28 am ]
Post subject:  Re: End of Insurance?
Home insurers have been pulling out of coastal areas and California for years.
Author:  Nas [ Wed Jul 12, 2023 8:32 am ]
Post subject:  Re: End of Insurance?
I've never filed a claim in my life, but my former insurer wanted to blame nearly doubling my auto rate and substantially raising my homeowner's costs on inflation. I've been with some companies for decades or the company/companies who acquired them. It takes anger for me to actively make change. I switched to their biggest competitor and had my costs substantially reduced, only after offering them the opportunity to match.
Author:  a retard [ Wed Jul 12, 2023 8:35 am ]
Post subject:  Re: End of Insurance?
For home insurance I had state farm for years. Cut the cost in half by moving to Geico a few years ago. Then they started creeping up. So basically have to call and reprice every year.
Author:  a retard [ Wed Jul 12, 2023 8:36 am ]
Post subject:  Re: End of Insurance?
And I too have never filed a claim.
Author:  Caller Bob [ Wed Jul 12, 2023 8:45 am ]
Post subject:  Re: End of Insurance?
Life under Biden REALLY sucks
Author:  Hussra [ Wed Jul 12, 2023 8:54 am ]
Post subject:  Re: End of Insurance?
Like Tom Petty said in his response from-the-pov-of-the-victim song to the pov-of-the-rapist in Won't Back Down:


https://youtu.be/TCFAzPl1QmE?t=9


Yes, Tom Petty only wrote songs about/from the pov of rapists and their victims . Dunno why, probably something to do with Petty being from Gainesville, apparently a lot of rapin' goes on there.
Author:  badrogue17 [ Wed Jul 12, 2023 8:58 am ]
Post subject:  Re: End of Insurance?
Hussra wrote:
Like Tom Petty said in his response from-the-pov-of-the-victim song to the pov-of-the-rapist in Won't Back Down:


https://youtu.be/TCFAzPl1QmE?t=9


Yes, Tom Petty only wrote songs about/from the pov of rapists and their victims . Dunno why, probably something to do with Petty being from Gainesville, apparently a lot of rapin' goes on there.

Pretty sure Wont Back Down was written in response to a stalker Petty had that burned down his house .
Author:  Clawmaster [ Wed Jul 12, 2023 9:05 am ]
Post subject:  Re: End of Insurance?
Have had a couple of friends sell off property in Florida, the spike in home-owners insurance was the last straw along with the endless numbers of annoying New Yorkers, but was the reason they pulled the trigger.

Our accountant friend wants us to buy adjacent waterfront properties in TN, better property taxes, lower possibility of hurricane damage, and so far less annoying New Yorkers.
Author:  Nardi [ Wed Jul 12, 2023 9:06 am ]
Post subject:  Re: End of Insurance?
badrogue17 wrote:
Hussra wrote:
Like Tom Petty said in his response from-the-pov-of-the-victim song to the pov-of-the-rapist in Won't Back Down:


https://youtu.be/TCFAzPl1QmE?t=9


Yes, Tom Petty only wrote songs about/from the pov of rapists and their victims . Dunno why, probably something to do with Petty being from Gainesville, apparently a lot of rapin' goes on there.

Pretty sure Wont Back Down was written in response to a stalker Petty had that burned down his house .

What fun is that? I like the other one
Author:  Hussra [ Wed Jul 12, 2023 9:13 am ]
Post subject:  Re: End of Insurance?
Clawmaster wrote:

Our accountant friend wants us to buy adjacent waterfront properties in TN,



Image


As long it's not on the Mississippi you won't have to deal with floods. Any "lakes" (more like overgrown mud-puddles, tbf) in Tennessee are man-made bath tubs; if they get too full, they just pull the stopper and drain em a bit.

I'm not sure you can even build or farm anything within a few miles of the Mississippi on the Tennessee side anyhow, at least not outside Memphis. it's nothing but fallow swampland adjacent to the big river in Tennessee, from what I've seen.
Author:  Crystal Lake Hoffy [ Wed Jul 12, 2023 9:24 am ]
Post subject:  Re: End of Insurance?
About a year after moving into our new house back in 2004, a hailstorm damaged our siding and roof. Despite being a State Farm auto insurance customer for about 8 years, I was dropped after filing a claim. Several of the neighbors I talked to had similar stories. It really opened my eyes that home insurance was really just a scam. I've since switched to Allstate, but I expect they would do the same thing if I had to actually file a claim again.
Author:  denisdman [ Wed Jul 12, 2023 9:29 am ]
Post subject:  Re: End of Insurance?
The CA Dept of Insurance has been slowing rolling rate increase requests, and the insurers fell way behind on rating.

Specific to Auto, liability verdicts have gone through the roof post Covid plus the cost to repair physical damage is up substantially. State Farm posted its largest underwriting loss in history last year. Allstate and Geico are struggling too.
Author:  Bagels [ Wed Jul 12, 2023 9:40 am ]
Post subject:  Re: End of Insurance?
but what about Hunter's bag of alleged cocaine?
Author:  Douchebag [ Wed Jul 12, 2023 9:40 am ]
Post subject:  Re: End of Insurance?
denisdman wrote:
State Farm posted its largest underwriting loss in history last year. Allstate and Geico are struggling too.

It's okay, they have insurance.
Author:  This Ends in Antioch [ Wed Jul 12, 2023 9:43 am ]
Post subject:  Re: End of Insurance?
Travelers is currently dry humping me on a home hail damage claim.
Author:  sjboyd0137 [ Wed Jul 12, 2023 9:47 am ]
Post subject:  Re: End of Insurance?
Bagels wrote:
but what about Hunter's bag of alleged cocaine?


That was covered under a private collections policy.
Author:  Crystal Lake Hoffy [ Wed Jul 12, 2023 9:48 am ]
Post subject:  Re: End of Insurance?
denisdman wrote:
The CA Dept of Insurance has been slowing rolling rate increase requests, and the insurers fell way behind on rating.

Specific to Auto, liability verdicts have gone through the roof post Covid plus the cost to repair physical damage is up substantially. State Farm posted its largest underwriting loss in history last year. Allstate and Geico are struggling too.


The cost of auto repair is insane, equivalent to the cost of health care. Cars have become so complex and filled with chips that only the dealer can service the car, and even then, the cost is astronomical between parts and labor. Add in the fact that insurers are paying out for cars damaged by hurricanes and fires and you have everyone with crazy high premiums.
Author:  Crystal Lake Hoffy [ Wed Jul 12, 2023 9:48 am ]
Post subject:  Re: End of Insurance?
This Ends in Antioch wrote:
Travelers is currently dry humping me on a home hail damage claim.


You pay extra for that in some states.
Author:  Harvard Dan [ Wed Jul 12, 2023 9:54 am ]
Post subject:  Re: End of Insurance?
sjboyd0137 wrote:
Bagels wrote:
but what about Hunter's bag of alleged cocaine?


That was covered under a private collections policy.


I missed that when I was reading about Randy Moss assaulting a woman.
Author:  Nas [ Wed Jul 12, 2023 9:55 am ]
Post subject:  Re: End of Insurance?
Insurance companies know a thing or two because they've seen a thing or two.
Author:  Hawg Ass [ Wed Jul 12, 2023 10:03 am ]
Post subject:  Re: End of Insurance?
Do we get rid of the damn duck and the Emu, if so, I will take it.
Author:  Nardi [ Wed Jul 12, 2023 11:35 am ]
Post subject:  Re: End of Insurance?
This Ends in Antioch wrote:
Travelers is currently dry humping me on a home hail damage claim.

:lol:
Author:  IkeSouth [ Wed Jul 12, 2023 12:44 pm ]
Post subject:  Re: End of Insurance?
Crystal Lake Hoffy wrote:
denisdman wrote:
The CA Dept of Insurance has been slowing rolling rate increase requests, and the insurers fell way behind on rating.

Specific to Auto, liability verdicts have gone through the roof post Covid plus the cost to repair physical damage is up substantially. State Farm posted its largest underwriting loss in history last year. Allstate and Geico are struggling too.


The cost of auto repair is insane, equivalent to the cost of health care. Cars have become so complex and filled with chips that only the dealer can service the car, and even then, the cost is astronomical between parts and labor. Add in the fact that insurers are paying out for cars damaged by hurricanes and fires and you have everyone with crazy high premiums.


It's not that they're more complicated... Theyre actually easier to make than ever.... It's just easier for them to lock out anyone from servicing them. It's like if a manufacturer uses all custom head fasteners. Nobody can work on it unless they have the right wrenches. Well, with computer chips, it's even better because it's not possible to just copy something that is digitally encrypted. You can't make your own tools. And they get away with it in the name of security. And it won't change because with self driving, who is at fault when something goes wrong? If they allow 3rd party servicing, who is to blame when the car decided to do something dumb? Can't successfully sue Chinese copycats , so it's a lose lose for the manufacturer. It really is in the collective best interest to keep it all locked down, even though it really sucks for the little guys.
Author:  Crystal Lake Hoffy [ Wed Jul 12, 2023 2:46 pm ]
Post subject:  Re: End of Insurance?
IkeSouth wrote:
Crystal Lake Hoffy wrote:
denisdman wrote:
The CA Dept of Insurance has been slowing rolling rate increase requests, and the insurers fell way behind on rating.

Specific to Auto, liability verdicts have gone through the roof post Covid plus the cost to repair physical damage is up substantially. State Farm posted its largest underwriting loss in history last year. Allstate and Geico are struggling too.


The cost of auto repair is insane, equivalent to the cost of health care. Cars have become so complex and filled with chips that only the dealer can service the car, and even then, the cost is astronomical between parts and labor. Add in the fact that insurers are paying out for cars damaged by hurricanes and fires and you have everyone with crazy high premiums.


It's not that they're more complicated... Theyre actually easier to make than ever.... It's just easier for them to lock out anyone from servicing them. It's like if a manufacturer uses all custom head fasteners. Nobody can work on it unless they have the right wrenches. Well, with computer chips, it's even better because it's not possible to just copy something that is digitally encrypted. You can't make your own tools. And they get away with it in the name of security. And it won't change because with self driving, who is at fault when something goes wrong? If they allow 3rd party servicing, who is to blame when the car decided to do something dumb? Can't successfully sue Chinese copycats , so it's a lose lose for the manufacturer. It really is in the collective best interest to keep it all locked down, even though it really sucks for the little guys.


Its kind of crazy though. I don't feel people talk about it regularly, but any new car you buy now means you are tied to the manufacturing dealer(s). That means every time you park your car in their service bay, its another opportunity for them to sell you on upgrades so that they can buy your used car for cheap and resell it at a higher price. And I have to assume that with some crazy number of computer chips in the car, the lifespan of a vehicle has to be less than 10 years? So car manufacturers are going to be raking in the dough over the next 5-10 years because they will have killed off the secondary market and can continue to jack up prices on the vehicles OR jack up prices on the service. Either way they are profiting.
Author:  IkeSouth [ Wed Jul 12, 2023 5:19 pm ]
Post subject:  Re: End of Insurance?
i wish we could outlaw insurance. its a bullshit industry. i dont see it ever happening though, as you still want some sort of safety net for people that screw up. maybe just make bankruptcy last only 5 years not 10.
Author:  Brick [ Wed Jul 12, 2023 5:21 pm ]
Post subject:  Re: End of Insurance?
This is mostly about health insurance but it probably should be for any type of insurance.

Create a public option that isn't subsidized by tax dollars outside of the standard ways we subsidize poor people anyways. Let the private companies provide a better service than the public health/car/home/pet insurance industry.
Author:  IkeSouth [ Wed Jul 12, 2023 5:37 pm ]
Post subject:  Re: End of Insurance?
youre essentially saying eliminate income tax and charge companies more revenue tax, eliminate private insurance and let government decide how much benefits gets paid out to private companies that process claims?
Author:  Jaw Breaker [ Wed Jul 12, 2023 11:20 pm ]
Post subject:  Re: End of Insurance?
Here's my unconventional take. I've always thought there should be a cap on what someone's car is insured for in an accident...let's say $50,000. You want to drive a $150k Porsche? Fine, but if someone hits you, they (or their insurance company) are only on the hook for up to $50k. The value of a car you hit in an accident is random, yet the resulting damage can vary drastically and is essentially luck. You are causing harm to society by forcing others (or their insurance) to pay through the nose for fixing your expensive jewelry.
Author:  pittmike [ Thu Jul 13, 2023 8:22 am ]
Post subject:  Re: End of Insurance?
Jaw Breaker wrote:
Here's my unconventional take. I've always thought there should be a cap on what someone's car is insured for in an accident...let's say $50,000. You want to drive a $150k Porsche? Fine, but if someone hits you, they (or their insurance company) are only on the hook for up to $50k. The value of a car you hit in an accident is random, yet the resulting damage can vary drastically and is essentially luck. You are causing harm to society by forcing others (or their insurance) to pay through the nose for fixing your expensive jewelry.


What?!
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