Canadian Insurance company profits up 673%

[brtspears2]

And I thought government run services were cheap and good quality.

/me thinks about eating USDA Gov't Cheese in the lovely brown cardboard box

 

[bernse]

Originally posted by: SagaLore
I think all insurance companies should be outlawed.

Instead, if the government is going to enforce something like that, then make it mandatory savings payment. If you get in an accident and your "insurance savings" can't pay for it, then it should be taken as credit, and as you continue to pay into savings the credit is paid off.

There is no reason Insurance companies should be making a profit - it's not like they're providing a voluntary service. You're mandated to pay them, and when it comes time they need to cover damage/loss, you rarely get it 100% covered and then your insurance goes up a few months later to make up for it anyway. Stupid.

Yeah, its a great idea

Force "mandatory savings?" How in the blue hell would they do that even if they wanted to?

What happens if you get sued for $5,000,000?

Please.

 

[Colt45]

Saskatchewan has SGI. (state-owned)


insurance is cheap.

 

[Horus]

I'm 19
1) I have Young Drivers certificate
2) I have Defensive Driving certificate
3) I have 404's (Military Driver's Licence-Rated to drive MLVW, LSVW, Iltis, Crewcab and vans)
4) I drive a freakin '99 Protege

My insurance-$3800 A FREAKIN YEAR.

 

[Kenazo]

Manitoba has MPI. our insurance isn't too bad either. When I was 18 I bought a Chrysler Daytona and paid about $1100/year (cdn) for insurance ($200 deductible, $1 million liability, full crash, theft etc).

On another note, business insurance, especially farm insurance has gone up about 400% in the last three years. My parent's own a turkey farm, they used to pay about $3000/year for replacement insurance on the barns, LOI, etc., this year they are paying over $13,000 and the insurance company wants them to entirely re-wire their barn. Dumb ass insurance companies. oh well, if prices stay so high, I'm sure we'll see a return to the "cooperatives" way of doing things that evolved in the 50's.

 

[PingSpike]

Originally posted by: SagaLore
I think all insurance companies should be outlawed.

Instead, if the government is going to enforce something like that, then make it mandatory savings payment. If you get in an accident and your "insurance savings" can't pay for it, then it should be taken as credit, and as you continue to pay into savings the credit is paid off.

There is no reason Insurance companies should be making a profit - it's not like they're providing a voluntary service. You're mandated to pay them, and when it comes time they need to cover damage/loss, you rarely get it 100% covered and then your insurance goes up a few months later to make up for it anyway. Stupid.

I disagree. 18 year old kids, the ones most likely to get in an accident will likely have little to no money in the account...if they get in an accident they're going to go bankrupt in a heartbeat, then no one gets paid. Thats the very reason liability is required by law to begin with. If they are minors, they come after the parents.

Don't get me wrong, insurance companies are the devil...I just think they should be regulated, not abolished. I'm not happy about the the allowed discrimination that drives my rates up on account of being male and young either.

 

[AnitaPeterson]

Here in QC, I pay $75/month... and I have a $50 deductible... rates are controlled by the provincial government...

 

[bmacd]

i HATE insurance. my license is suspended right now, and when i get it back, it's going to be through the roof!

-=bmacd=-

 

[djNickb]

Originally posted by: bernse

Originally posted by: SagaLore
I think all insurance companies should be outlawed.

Instead, if the government is going to enforce something like that, then make it mandatory savings payment. If you get in an accident and your "insurance savings" can't pay for it, then it should be taken as credit, and as you continue to pay into savings the credit is paid off.

There is no reason Insurance companies should be making a profit - it's not like they're providing a voluntary service. You're mandated to pay them, and when it comes time they need to cover damage/loss, you rarely get it 100% covered and then your insurance goes up a few months later to make up for it anyway. Stupid.

Yeah, its a great idea

Force "mandatory savings?" How in the blue hell would they do that even if they wanted to?

What happens if you get sued for $5,000,000?

Please.

Coultn't social security be considered 'mandatory savings'?

 

[jagr10]

Whenever insurance is privatized you pay a huge amount. I know in British Columbia the government controls insurance so it's super cheap. Stupid Ontario is making us pay like it's a mortgage. Luckily my insurance will go down soon. W00t!

 

[Nitemare]

Originally posted by: Mwilding

Originally posted by: Argo
I think all companies selling required services (insurance, utilities) should be regulated to the point where their profit margins are frozen. A company shouldn't be allowed to have profit margins higher than 25 percent.

Based on what? That's just idiotic.

Well apparently the free enterprise system when it comes to health care is broken. At least with cable and telecom you have a choice, but even then it is still regulated....Then again how basic cable can cost 46 a month and basic phone service 35 is beyond reasonable imho...

 

[Wuffsunie]

Originally posted by: Mwilding

Originally posted by: Argo
I think all companies selling required services (insurance, utilities) should be regulated to the point where their profit margins are frozen. A company shouldn't be allowed to have profit margins higher than 25 percent.

Based on what? That's just idiotic.

Based on the fact that since it's required you have it, they can charge anything they want. Basically it's profiteering; they have something you're required to have if you drive, most of us are required to drive, and thus they go about taking as large a piece of the pie as they can. I mean, it's not like there's an alternative that's legal.

While it could be argued you could get away without utilities (in some locations with proper equipment) if you have car you're basically stuck trying to find the lowest rate so you can have that and not get your a$$ thrown in the can if you ever get pulled over. They know you need them and so extort as much as they damn well can. And it's hardly like they're providing real services to most of their customers as well, considering what one has to go through to try and get any money from them if an accident has occured -- after which they'll just jack the rates to recoup what they paid out (and then some).

Really, car insurance is just mandated theft at this point.

 

[Nitemare]

Originally posted by: Wuffsunie

Originally posted by: Mwilding

Originally posted by: Argo
I think all companies selling required services (insurance, utilities) should be regulated to the point where their profit margins are frozen. A company shouldn't be allowed to have profit margins higher than 25 percent.

Based on what? That's just idiotic.

Based on the fact that since it's required you have it, they can charge anything they want. Basically it's profiteering; they have something you're required to have if you drive, most of us are required to drive, and thus they go about taking as large a piece of the pie as they can. I mean, it's not like there's an alternative that's legal.

While it could be argued you could get away without utilities (in some locations with proper equipment) if you have car you're basically stuck trying to find the lowest rate so you can have that and not get your a$$ thrown in the can if you ever get pulled over. They know you need them and so extort as much as they damn well can. And it's hardly like they're providing real services to most of their customers as well, considering what one has to go through to try and get any money from them if an accident has occured -- after which they'll just jack the rates to recoup what they paid out (and then some).

Really, car insurance is just mandated theft at this point.

I've paid about 25000 into the system and had one car get totaled with an approximate value of 8k. Looks like I'm owed a new Corolla or Sonata

 

[SagaLore]

Originally posted by: djNickb

Originally posted by: bernse

Originally posted by: SagaLore
I think all insurance companies should be outlawed.

Instead, if the government is going to enforce something like that, then make it mandatory savings payment. If you get in an accident and your "insurance savings" can't pay for it, then it should be taken as credit, and as you continue to pay into savings the credit is paid off.

There is no reason Insurance companies should be making a profit - it's not like they're providing a voluntary service. You're mandated to pay them, and when it comes time they need to cover damage/loss, you rarely get it 100% covered and then your insurance goes up a few months later to make up for it anyway. Stupid.

Yeah, its a great idea

Force "mandatory savings?" How in the blue hell would they do that even if they wanted to?

What happens if you get sued for $5,000,000?

Please.

Coultn't social security be considered 'mandatory savings'?

That's basically what I was modeling...

And no, teenagers wouldn't become bankrupt. If their savings didn't cover it, the savings system would and they'd have to pay the credit off. The payments would have to increase (just like it does with current insurance!) and if they could never pay it off then everyone's mandatory savings would have to go up a little to compensate (just like it does with current insurance!) It's just that this way, nobody is making a profit on this and even if it goes up a little because of accidents it would still be significantly lower than what it is now.

 

[AvesPKS]

Originally posted by: Howard
Why is insurance required anyway?

It's not, in Maryland, if you have $25,000 in the bank.

 

[Aquaman]

$1100 a year for a 35 year old driver with good record $3 million in 3rd party liablity driving a 90' Honda Civic (one of the most stolen cars ever).

Cheers,
Aquaman

 

[PingSpike]

Originally posted by: SagaLore

And no, teenagers wouldn't become bankrupt. If their savings didn't cover it, the savings system would and they'd have to pay the credit off. The payments would have to increase (just like it does with current insurance!) and if they could never pay it off then everyone's mandatory savings would have to go up a little to compensate (just like it does with current insurance!) It's just that this way, nobody is making a profit on this and even if it goes up a little because of accidents it would still be significantly lower than what it is now.

Ok, that would probably work. I'd still take the higher premiums of regular insurance though. I'd probably get sideswiped by some a$$ in a hummer, his high priced lawyer would railroad me into being at fault and I'd have to spent the next 30 years paying for a car I could never afford. At least with the current system my premiums would just increase or the insurance company would assign a good lawyer to it to win the case.

And before you ask, no I don't have any faith in the legal system giving me a fair trial. Time and again it just comes down the person with the most cash wins.

 

[bernse]

Originally posted by: SagaLore

Originally posted by: djNickb

Originally posted by: bernse

Originally posted by: SagaLore
I think all insurance companies should be outlawed.

Instead, if the government is going to enforce something like that, then make it mandatory savings payment. If you get in an accident and your "insurance savings" can't pay for it, then it should be taken as credit, and as you continue to pay into savings the credit is paid off.

There is no reason Insurance companies should be making a profit - it's not like they're providing a voluntary service. You're mandated to pay them, and when it comes time they need to cover damage/loss, you rarely get it 100% covered and then your insurance goes up a few months later to make up for it anyway. Stupid.

Yeah, its a great idea

Force "mandatory savings?" How in the blue hell would they do that even if they wanted to?

What happens if you get sued for $5,000,000?

Please.

Coultn't social security be considered 'mandatory savings'?

That's basically what I was modeling...

And no, teenagers wouldn't become bankrupt. If their savings didn't cover it, the savings system would and they'd have to pay the credit off. The payments would have to increase (just like it does with current insurance!) and if they could never pay it off then everyone's mandatory savings would have to go up a little to compensate (just like it does with current insurance!) It's just that this way, nobody is making a profit on this and even if it goes up a little because of accidents it would still be significantly lower than what it is now.

What if you have a multi-million dollar lawsuit and you're found liable? How in the world is anyone going to pay off 6-digit settlements? over time? Like 300 years?

 

[Rudee]

Originally posted by: Colt45
Saskatchewan has SGI. (state-owned)


insurance is cheap.

Saskatchewan is a Province not a State ya putz!

 

[silverpig]

Originally posted by: DorkBoy

Originally posted by: ElFenix
$3100 canuckle is $2000 US per year, you're 17, and you're bitching?!?!

If I was paying $2,000 a year Hell Yeah I would Bitch about it !

What are you paying ?

It's more like $2300-2400

 

[silverpig]

My student bus pass was $120 for the entire school year, and was incorporated into my tuition

 

[Howard]

Originally posted by: bmacd
i HATE insurance. my license is suspended right now, and when i get it back, it's going to be through the roof!

-=bmacd=-

If you want to drive, you have to follow the rules of the road (don't recall if you bike or not).

 

[BD2003]

I got quoted 7000 a year from geico. Im 23, and I never bothered even taking my driving test cause im sure the insurance would cost me more than a car. I dont need one in the city but still, 7000 USD a year, and youre bitching about 3100 cdn?

 

[bernse]

Originally posted by: Rudee

Originally posted by: Colt45
Saskatchewan has SGI. (state-owned)

insurance is cheap.

Saskatchewan is a Province not a State ya putz!

Um, yeah.

psst... He isn't talking "state" in the way your thinking. He means state as in the government

 

[GasX]

Originally posted by: Wuffsunie

Originally posted by: Mwilding

Originally posted by: Argo
I think all companies selling required services (insurance, utilities) should be regulated to the point where their profit margins are frozen. A company shouldn't be allowed to have profit margins higher than 25 percent.

Based on what? That's just idiotic.

Based on the fact that since it's required you have it, they can charge anything they want. Basically it's profiteering; they have something you're required to have if you drive, most of us are required to drive, and thus they go about taking as large a piece of the pie as they can. I mean, it's not like there's an alternative that's legal.

While it could be argued you could get away without utilities (in some locations with proper equipment) if you have car you're basically stuck trying to find the lowest rate so you can have that and not get your a$$ thrown in the can if you ever get pulled over. They know you need them and so extort as much as they damn well can. And it's hardly like they're providing real services to most of their customers as well, considering what one has to go through to try and get any money from them if an accident has occured -- after which they'll just jack the rates to recoup what they paid out (and then some).

Really, car insurance is just mandated theft at this point.

If there is so much profiteering going on, then more companies will get into the racket and the profit margins will go down and the consumer will benefit.

The reason utilities are regulated is that society does not benefit from every company running a separate power grid through town. One is enough.