I wonder why insurance rates consistently go up? People invest good hard earned cash to insure everything and anything just about. Door locks security systems for home and autos and still rates increase. You never see people receiving a tax deduction for this nor do the ever get a balance back at the end of each year for what they’ve paid in and it’s rare that you don’t go through hell if you’re making a claim. When are we going to get smart in this economic climate and stand our ground? Stop the insurance scam, uninsure everything, put the money into our bank accounts, groceries, mortgages etc. What will they really do if everyone just stopped!
There is power in numbers, and I don’t see any numbers of the insurance brokers investments coming to any of my accounts! The other power in numbers is that, if everyone stops paying in there is really nothing anyone could do about it, accept perhaps, GET REAL!
Well I figure with what I have paid out over the past 38 years, placing the money in an investment account may have allowed me the priviledge to do those repairs…there are people all over struck by disaster in the past 10 years especially in the US and still are homeless as the insurance companies made sure they got their pay and benefits over and above restoring whole communities lost to disaster.
I appreciate everyones input on the topic. All I can say is there was a time when things were proportionate and insurance wasn’t around and people were able to pay the note for repairs on homes and vehicles and able to bury the dead and pay the hospital bills etc. all while still placing food on the table!
And getting a good nights sleep!
Why do insurance rates constantly go up?
6 Responses for “Why do insurance rates constantly go up?”
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Insurance rates go up to cover inflation. A television bought 10 years ago for $100 will today cost $400. They obviously need to charge you more to insure that.
Insurance companies also take your premiums and invest them: Real Estate, The Stock market, etc. since the market is performing poorly, the insurance companies have less money from there, and will also need to increase premiums for that.
Some companies do really well and are able to decrease premiums also. So it works both ways. Think GEICO.
Going through hell when making a claim? It depends on what type of claim. A theft claim on homeowners or auto insurance is investigated for any type of fraud because there is so much fraud.
It really depends on what type of claim and what company you have if your doing to have to flip through hoops to get your claim paid. Some companies are good at paying their claims and some are horrible.
So, people looking for a company should find a company that has no problems with paying out their claims. People should never look for the cheapest company out there if they do a horrible job at paying their claims.
Gia,
You first. Perhaps we can learn from your experience of paying out of pocket to have your home repaired after there has been a fire. Or having to rebuild after a tornado. Or replacing the property that was stolen in a break in. Let us know how that works out for you.
They do NOT. It depends on what type of insurance. Life and many auto rates have actually declined.
You’re right we don’t need insurance and it’s a scam. However, I do believe in some insurances such as home and car. I mean those are personal decisions and the rates you can acutally afford…espcially if you can afford to have a car.
As for health insurance it’s crazy…and no guarntee they’ll pay out. You’d probably save money paying the doctor or hospital directly than giving it to a 3rd party (who really doesn’t want to give you a dime if you’re sick b/c it cuts into their profits). That’s why we need National Health Care!!
People have been brainwashed into thinking we need health insurance…truth is if we did all stop paying and demand the gov. give us this (what I think is FUNDAMENTAL) right then life would be better and more fair. You’d get what you pay for.
Good luck!
I’m not sure who the "they" you are referring to in your question is. If you mean the insurance companies, "they" don’t have to do anything. They day after you "uninsure" everything the bank that you have your mortgage with will foreclose on your house and the police will impound your vehicle because you are driving without insurance. The average person, even if they saved every penny they could spare, could not save enough to rebuild their house if it burned down unless they lived in a very small house or they rebuild it with cheap materials and labor. Plus while I’m sure someone your age may have enough for retirement, the young couple in their late 20′s who’ve been married for a couple of years, have a mortgage and two kids would be screwed if the main income earner was injured in an auto accident and no insurance exists. Or worse yet if one of them died from natural causes yet their was no life insurance. Plus hospitals would have to close since no one could afford their fees without health insurance.
This post could be dismissed as youthful ignorance, however someone your age should have a somewhat better ability to look at the big picture.