Paid my car off. /brag

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yh125d

Diamond Member
Dec 23, 2006
6,886
0
76

zoom zoom zoom

ae_TVR_Tuscan_Speed_6_04.jpg
 

edro

Lifer
Apr 5, 2002
24,326
68
91
Exception doesn't make the rule. Odds are most of us will lose money on insurance throughout our lifetime and insurance companies make billions annually from our ignorance/fear.
That's okay my wife is a scardy cat too it's normal.
Well yeah, of course they make money off of the populous.
That doesn't make it a scam. That's like saying the local grocery store is a scam.
You are paying for a service and the service is a guarantee of not being homeless or car less.
That doesn't make you ignorant. I know full well what I am paying for.
 

blinblue

Senior member
Jul 7, 2006
889
0
76
Exception doesn't make the rule. Odds are most of us will lose money on insurance throughout our lifetime and insurance companies make billions annually from our ignorance/fear.

That's okay my wife is a scardy cat too it's normal.

What's your stance on life insurance?

I'd argue that you are a fool if you have people (wife/kids or whatever) depending on your income and you don't have life insurance. Its all about risk management. $15/month for knowing that my wife will not miss me financially should I die is well worth paying for.

There is a huge risk associated with driving a car, the amount of damage you can do to life/property is quite high and while the odds of such an event happening are low, the risk associated with it is quite high. Hence why liability insurance is a good thing.

Comprehensive insurance is another matter, as the most you can be out is the cost of your car. So the risk, while a bit large, isn't on the same level as the cost lose of life/property.

Basically, insurance is good for those high risk, but rare events. Its bad for lower risk, more common events.



Oh, and congrats on getting the car paid off. I've heard paid for cars drive a bit better ;)
 

rcpratt

Lifer
Jul 2, 2009
10,433
110
116
I have a lease and I don't plan to change in the near future. Commence mocking.
 

Zebo

Elite Member
Jul 29, 2001
39,398
19
81
What's your stance on life insurance?

I'd argue that you are a fool if you have people (wife/kids or whatever) depending on your income and you don't have life insurance. Its all about risk management. $15/month for knowing that my wife will not miss me financially should I die is well worth paying for.

There is a huge risk associated with driving a car, the amount of damage you can do to life/property is quite high and while the odds of such an event happening are low, the risk associated with it is quite high. Hence why liability insurance is a good thing.

Comprehensive insurance is another matter, as the most you can be out is the cost of your car. So the risk, while a bit large, isn't on the same level as the cost lose of life/property.

Basically, insurance is good for those high risk, but rare events. Its bad for lower risk, more common events.



Oh, and congrats on getting the car paid off. I've heard paid for cars drive a bit better ;)

All insurance is a loser most of the time (i.e. you use it). It will be a loser for most us. One could argue it encourages recklessness too with it's safety net among some people. I think it's all has poor value, even life insurance (health is a separate issue because of substantial discounts health insurance companies negotiate)

My family won't have worry, not because I have life insurance but because I saved and invested property on the front end instead of buying vain vehicles, full coverage insurance and the like so they have plenty on the back end.
 
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Mar 10, 2005
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Insurance is not a scam. It is shared risk. I am happy to pay my insurance, as my insurance payouts have been higher than I have paid in on my auto and house.

Hail damage to car, twice (pocketed cash twice).
Broken into car, replaced all stereo equipment and damages.
Cracked windshields repaired numerous times.
Wind damage gave me a "free" $6000 roof to house.

captain obvious here: the insurance industry, like gambling, takes in more than it pays out.

in my experience, i pay month after month for absolutely nothing. then, when i need them, they fuck me.
 

zCypher

Diamond Member
Aug 18, 2002
6,115
171
116
Congrats! Planning on doing something similar, but only for about $4k.
 

Zebo

Elite Member
Jul 29, 2001
39,398
19
81
Insurance is a liability. Anything that does not make you money is a liability. Z - doesn't do liabilities unless my wife makes me. (house ins her Mercedes ins etc) She is worth it.
 
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qliveur

Diamond Member
Mar 25, 2007
4,086
70
91
Zebo is right. Unless you're a complete dipshit behind the wheel, full coverage is a waste of money.
 

Saint Nick

Lifer
Jan 21, 2005
17,722
6
81
Liability only is the way to go.

1) Don't buy new cars.
2) Don't pay more than you need to for insurance.

Its all an unbelievable waste of money.

Also, OP is still a lovely human.

You said yesterday "Getting banned is half the fun of these forums." Have fun.
Admin allisolm
 
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edro

Lifer
Apr 5, 2002
24,326
68
91
I just found out recently that my uncle (who has upwards of 50 rental properties) doesn't carry home owners insurance on any of his property.
I personally have liability, because I have a 240k mi car, but if I had a <5yo car, I would carry full coverage.
 

yh125d

Diamond Member
Dec 23, 2006
6,886
0
76
captain obvious here: the insurance industry, like gambling, takes in more than it pays out.

in my experience, i pay month after month for absolutely nothing. then, when i need them, they fuck me.

As does every business

Business making profit does not a scam make
 

yh125d

Diamond Member
Dec 23, 2006
6,886
0
76
Insurance is a liability. Anything that does not make you money is a liability. Z - doesn't do liabilities unless my wife makes me. (house ins her Mercedes ins etc) She is worth it.

Apparently you have no clue what a "liability" means
 

Blackjack200

Lifer
May 28, 2007
15,995
1,686
126
I just found out recently that my uncle (who has upwards of 50 rental properties) doesn't carry home owners insurance on any of his property.
I personally have liability, because I have a 240k mi car, but if I had a <5yo car, I would carry full coverage.

Probably because if he had homeowners insurance this would happen constantly:

1. Unemployed opportunist "trips" on cracked sidewalk
2. Unemployed opportunist sues
3. Insurance settles over objection of your uncle
4. Your uncle's premiums go up
5. Rinse
6. Repeat

But because he doesn't have homeowners insurance, it can go like this:

1. Unemployed opportunist "trips" on cracked sidewalk
2. Unemployed opportunist sues
3. Uncle employs delaying tactics racking up costs for contingent fee law firm
4. Unemployed opportunist drops the case and looks for another piece of sidewalk to trip on
5. Ambulance chasing lawyers refuse to represent clients in suits against your uncle.
 

Zebo

Elite Member
Jul 29, 2001
39,398
19
81
I just found out recently that my uncle (who has upwards of 50 rental properties) doesn't carry home owners insurance on any of his property.
I personally have liability, because I have a 240k mi car, but if I had a <5yo car, I would carry full coverage.

Smart man I see why he has 50 properties.