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this post was submitted on 27 Nov 2023
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No Stupid Questions
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No such thing. Ask away!
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I live in Canada and used to work as an adjuster and dated an American broker. There are many good insurers in the US, none of them advertise. Go to an honest broker and they'll tell you about those boring good ones.
The differences in our systems were astonishing. Those advertised insurers let you go around with basically no coverage. I can't believe your minimum third party liability amounts, especially considering the crazy medical costs in your country. It's just over a tenth of the minimum we allow in my province, and we have socialized health care and more robust social safety nets. A serious accident will ruin you for life if you take that cockney lizard's policy. He's a scam artist from the mean streets of London.
I'm nowhere close to the insurance industry but I had sort of noticed from various stories.
The idea I had of what insurance is supposed to do seems to be based on how it works in Canada. If you want to take a big risk on losing your car, home, license or whatever then paying insurance even a high amount make sense.
Comparitively in the US, particularly in healthcare you seem screwed whether you get insurance or not. Americans get the freedom to pay hundreds of dollars a month, just to have to pay a minimum of more thousands if something does happen. In Canada, we don't have universal dental yet and a full checkup, xray, cleaning and fluoride without insurance is about 600 CAD or ~440USD. I don't know how much dental costs down South...
Yeah, insurance is a fundamental, necessary piece of civilization and has existed since before Hammurabi. But it has also been abused by profiteers since then too, and it's not always easy to tell the difference. In a cut-throat, free market, capitalist driven economy, the incentive is to cover nothing for high premiums. A scam, essentially. Add a law where corporations are people and unlimited political donations is free speech and you'll have enourmous pressure put on politicians to keep the insurance industry unregulated (except making buying it mandatory). Thus Geiko is allowed to exist. Lower premiums, but you are essentially uninsured for anything more than a minor fender bender. Paying premiums for nothing. This is bad for everyone involved in an accident except the insurance companies.
Wouldn't that deter potential clients from purchasing your products though and go with the competitor who actually offers better terms?
Not if you have an anthropomorphic lizard telling you to buy theirs
Shit, I'm not from the US, but now I've realized that their ads are so pervasive, I've seen them before as well. And now I also realized that we have a Canadian equivalent.