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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.
My wife worked for an insurance company for most of a decade as the complaint liaison with the states regulating body on insurance.
Insurance companies in the U.S. come in two types.
Type A: Rely on repeat business and word of mouth to slowly grow their business. They pay out reasonable and fair amounts based upon the loss. They follow all applicable laws/regulations and operate in good faith. These companies are quick to reject people who have bad histories.
Type B: Rely on recruiting new customers constantly by excessive advertising or purchasing other smaller companies. Pay out well below the market on anything they can and flat out refuse claims until lawsuits start. These companies routinely break state and federal laws because the fines are less than the profits. These companies prey on the lower income, elderly, and poorly informed. The larger companies have hundreds of brands to give the illusion of choice to the consumer.
Any amounts of excessive marketing by and insurance company indicates that they are shit. Also research into who owns any the brand they are are marketing. If you recognize the parent company as advertising, they are shit.
That seems to line up with my reading of those heavily advertised, cheap policies. You pay for nothing then get left in the lurch, owing potentially millions. It should be illegal, it's totally predatory.