Re: I live in... - Saab General Bulletin Board - Saabnet.com
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Re: I live in...
Posted by rico567 (more from rico567) on Thu, 24 May 2007 09:19:09
In Reply to: I live in..., PGAero [Profile/Gallery]
, Tue, 15 May 2007 08:33:46
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Yes, and there are even more problems with the insurance industry than are detailed here. But no one so far has stated what should be done when one is found at fault in an accident. Some appear to believe that rates shouldn't go up. That's clearly impossible, even with a completely unacceptable no-fault system, where I have to pay rates in the same pool as people who "-swerve across lanes while drinking a latte, working on their laptop, etc."
I happen to know a couple of actuaries, and so have an amateur's grasp of how the insurance business sets rates. There's too much in this thread of what I read in the year following Katrina, where some people talked like a runaway jury in a civil suit, just stating that State Farm or whoever should just pony up the whole bill for the damage, regardless of what the policies specified. The money for all this doesn't drop from the sky; it 's supplied by the rest of the people in the pool. More loss means that the rates for that particular insurance pool have to go up. The rates for a given policy (16 year old, driving new Corvette, living in East L.A., myopic with poor coordination and judgment = $1 million a month) pretty much reflect the world. And if you gouge the insurance companies in return without allowing them to set rates, they're going to go into receivership. That's not blackmail, that's just dollars and sense.
{Note: I know this is very easy for me to say. We live in the rural Midwest, and our rates for two late-model vehicles are just about equal to those of "Mr. Science" before his accident. Nevertheless.}
posted by 72.200.191...
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