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To: XpandTheEkonomy

I have sympathy for their profit margin but this is insurance and while they accept our money, they never seem to like to pay out.


9 posted on 09/01/2005 2:20:28 AM PDT by Cincinatus' Wife
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To: Cincinatus' Wife
Yep, the ideal situation for insurance companies would be to take in all premiums and never pay out on a claim, which begs the question:Why have insurance at all if you can't use it without being cancelled?

I asked an insurance agent that once and he said "peace of mind." I didn't ask him how you could have peace of mind if using your insurance was going to cause you to lose it!

10 posted on 09/01/2005 2:47:24 AM PDT by calex59
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To: Cincinatus' Wife

Unfortunately this is true with any insurance.

Car insurance, health insurance, etc. You can pay in for years, but file a claim or come down with a serious illness and you risk being cancelled, or having your rates raised so high that you can't afford to keep the insurance.

Free market, I guess, but I've had friends have to "fight" with an insurance company about a claim but the insurance company had been more than happy to take money for years. As long as no claim was filed, there were no problems.

That being said, I have State Farm, live in a coastal region, and State Farm has continued to renew our policy and allowed us to up our coverage. And another insurance company we've had good service from is Geico. Have had a couple claims over the years because of accidents and they have been very efficient.


20 posted on 09/01/2005 4:01:30 AM PDT by dawn53
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To: Cincinatus' Wife
I have sympathy for their profit margin but this is insurance and while they accept our money, they never seem to like to pay out.

It's not a matter of profit margin, but survivor ability. The majority of insurance companies do not mind paying out what they rightfully owe. However, a company simply cannot afford to pay out far more than its total assets. I do not remember if it was 10 miles further up or down the coast, but that if Andrew would have hit both State Farm and Allstate would have gone out of business. A company simply cannot put all of it's risk in one area. It owes the other policyholders throughout the country coverage, and not those who choose to live in high risk areas.
25 posted on 09/01/2005 4:46:50 AM PDT by GarySpFc (Sneakypete, De Oppresso Liber)
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