Regulate the outrageous insurance rates being charged to us for auto and homes. It’s not sustainable and is ridiculously expensive. Price gouging
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No joke, my auto and home insurance has more than doubled in recent years. What is going on to justify such large rate increases?
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I think we should start with the freedom to choose. Get rid of all the mandates and laws that make us have to do ANYTHING! It is our stuff. If we choose to not insure and lose it well that is on us. All these laws did was impower insurance companies to get rich . The government has no right to tell us what we have to do. They are elected to protect our rights NOT order us around like we are their children. WE PAY THEM to do a job for us not on us!
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Government policy, mostly.
Food for thought: If you look at all the proposals that amount to “Insurance should be required to cover this!”, all of them are ultimately demanding that you, another insurance holder, be required to pay for that person’s medical needs, since that’s how insurance works at its core.
This is the right direction to go. One of the easiest ways to bring down the price of insurance would be to throw out as many mandates as you can about what insurance is required to cover.
Duuuude, mine has been $597/mo for two vehicles!
$597/month??!
What are you driving?
I pay $585 for 6 months for a 2025 Santa Fe. My wife and I have had no tickets, no accidents in 25+ years.
People do need to start saving for basics. Losing an entire home or having significant damage may be challenging. I’d buy into that it can be hard for an insurance company to maintain a business if a number of very large claims come in at the same time. But when I see how much the CEOs are making that loses credibility.
Search insurance on this platform because there are a lot of policies already on here explaining how insurance works. The premiums are not just to cover you, they cover all. It’s called risk spread.
If insurance is going to have more money to pay for claims the CEOs need to decrease their millions of dollars salaries. State Farm insurnace CEO makes 24 million and they just cancelled a lof of insurance policies before the fires in California instead of lowering anyone’s salary. They can take premiums and invest them to make profit but that profit at least to some degree seems to benefit salaries. State Farm has been reported to be struggling for the past several years. There was talk of Geico purchasing them. However, again, the CEO makes 24 million so he is pretty much set for life in one year.
In order for any changes to be made to insurance there has to be a realistic look into the insurance carriers behaviors on claims and tactics and salaries. That doesn’t happen. The government never does it. The State Insurance Commissions are basically captured and have revolving doors also. You will find former Insurance Industry people working in these organizations and working for State workers compensation groups. Nothing ever gets looked into because of this bias.
Homeowner and car insurance will go down in history as one of the biggest scandals to ever happen to “we the people”. They use weather manipulation to destroy cities which allows them to keep raising rates and nobody can say a word because the “reason for the rate increases is so believable” to those that don’t understand that they control the weather. As the late George Carlin said “It’s a Big Club and You’re Not In It”
Inflation, uninsured drivers (illegals drive but don’t buy insurance), high salaries of administrators and because we have a culture that has bought into the idea that you have to have insurance. If a majority said they would take their chances because insurance premiums are too high, insurance companies would have to rethink how they are using your premiums.
Part of the problem is Obamacare (which would have been repealed if it weren’t for an angry and vengeful John McCain) which instituted “You’re legally required to buy insurance no matter what” which John Roberts then retroactively classified as a tax in order to create an excuse to get away with not ruling Obamacare to be unconstitutional.
Proposal on Insurance Reform
I believe that when you’re paying for any type of insurance coverage, the money you spend should always remain your money. Over the course of your life, the premiums you pay should accumulate in an account managed by the insurance company but remain your property. If none of the money is used for claims, the total accumulated amount should be fully transferable to another insurance provider if you choose to switch. Furthermore, if you lose your home or car and have never made an insurance claim, the accumulated funds should be refunded to you directly, deposited into your bank account.
I don’t think you understand how insurance works.
One of the main issues here is, the mandates to automakers to build EV’s
Ev’s are not for everyone and are not as “green” as many think they are
These EVs once they have troubles even if a minor wreck (that may or may not ) compromise the battery, insurance company totals the vehicle
There are stories of some scraping the bottom (that usually where the battery is) they may get totaled even if is a hybrid.
So costs go up and insurance companies raise rates across the board - so they can’t be called on for discrimination.
Then there is more, in the north where is ice and snow most don’t believe in getting dedicated snow/winter tires so there is better grip instead of all season tires that slide all over causing accidents. All that and more makes repair costs go up and insurance companies pass the cost to us.
I recently talked to an car insurance omg so upset I was very loyal being with the same company for years my rates keep going up why, someone told me changes company’s and it will same me bec I would be new guess what so true, then I also found they also go based on age. I said why she said because I am older I said I have had no accidents and no tickets she said it is because of my age. Why are we punished. Why am I paying for proportion that do not want wear a helmet when riding a motorcycle or what if am hit by a young person oh an yeah what if M hit by an alien which has no insurance guess what my car insurance goes up and I am penalized not fair.