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Thread: Another Quiet Night in the Texas Panhandle

  1. #21
    Senior Member CeeBee's Avatar
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    Quote Originally Posted by northbayteky View Post
    So while you cling to the belief that it's a rip off, it really guarantees two different things - that you will have a roof over your head after the tragedy and you aren't stuck with a mortgage payment for a plot of dirt.
    It is a ripoff in the meaning that the premiums are not strictly associated with the odds of having a loss and the cost to replace or repair. I got an insurance when I bought the house for about 950/yr. It has increased over 3 years to about 1400/year. Has the cost of rebuilding a house increased by at least 40% between 2008 and 2011 (since it has administrative and margin included)? Nope. Obviously I dumped them and shopped around - which I may have to do again as it has gradually increased from about 1000 to 1300.
    Look at auto insurance - try to get one a day before you are 26 and the day when you turn 26. Vastly different premiums. Does anyone suddenly become a much safer driver in one day? Nope - ripoff, while younger drivers DO cause more damage, every insurance company does it so it's "fine". You also must - by law - carry this insurance if you're driving - so no real "I'm willing to take my chances" option.
    You insure high value items because you can't afford a total loss - but that doesn't mean it's not a ripoff.
    You may buy life insurance because you want to be 100% certain that your family will be covered at least financially.

    But most single-purpose insurances are a ripoff. And if you can accept an occasional loss, you're way ahead of the game overall.
    Try to rent a car and they will scare you with buying extra insurance for "only $20/day" even though your own insurance covers it (but many get scared and wouldn't want to pay $500-1000 out of pocket in case of an at-fault accident even though having the accident in your own car would cost exactly the same). And then Visa gives rental insurance automagically.
    People get scared into buying $10,000 whole house generators (you wouldn't want to be without heat the middle of the winter) - although $100-200 will get you a nice room at a nearby hotel...
    Insurance is generally based on fear... bought that brand new $2k TV? pay another $300 to insure it for 2 years, it's really expensive and you wouldn't want to lose it. Well guess what - the factory warranty is 1 year, the credit card makes it 2 and it doesn't cost a penny extra. And for $500 you can insure it for 4 years... well in 4 years you can buy a better model for $500.

  2. #22
    Senior Member CeeBee's Avatar
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    Quote Originally Posted by Overdrv View Post
    The goal of an insurance company it to take 1 dollar in for every 1 dollar paid out in claims and expenses.
    Maybe in Utopialand.
    In real life the goal of an insurance company is to take in as much as possible and pay as little as possible. Unless it's a non-profit cooperative.

  3. #23
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    It is a ripoff in the meaning that the premiums are not strictly associated with the odds of having a loss and the cost to replace or repair. I got an insurance when I bought the house for about 950/yr. It has increased over 3 years to about 1400/year. Has the cost of rebuilding a house increased by at least 40% between 2008 and 2011 (since it has administrative and margin included)? Nope. Obviously I dumped them and shopped around - which I may have to do again as it has gradually increased from about 1000 to 1300.
    ----The specifc rating is based on the cost to rebuild your house and the number of losses in your area. However there are major differences between different companies based on each companies losses in an area. I personally have seen companies take a few really bad losses in a specific geographic area and nearly double the rate in the area.

    Look at auto insurance - try to get one a day before you are 26 and the day when you turn 26. Vastly different premiums. Does anyone suddenly become a much safer driver in one day? Nope - ripoff, while younger drivers DO cause more damage, every insurance company does it so it's "fine". You also must - by law - carry this insurance if you're driving - so no real "I'm willing to take my chances" option.
    ------ You are missing a few big points with young drivers It's not just the Number of accidents - It's the Severity of the Accidents and the number of people in the car. Young people have accidents at higher speeds and show far higher rate of high risk behaviour while driving. The second point is young people tend to have more people in the car. When I was 20 my car was always filled with people going to a party or going for coffee, when was the last tijme I had 4 adults in my car ? I can't even remmember. And lastly the magic number of 25 or 26 years old is not the age it is 9 or 10 years driving experence at which point there is a large drop in accidents.


    You insure high-value items because you can't afford a total loss - but that doesn't mean it's not a ripoff.
    You may buy life insurance because you want to be 100% certain that your family will be covered at least financially.


    But most single-purpose insurances are a ripoff. And if you can accept an occasional loss, you're way ahead of the game overall.
    ---- I put it this way if someone steals you BBQ and your out 500 Bucks thats not and insurance claim. Someone drives into you house and your missing a wall call me we will get you back to where your where before the accident.

    Try to rent a car and they will scare you with buying extra insurance for "only $20/day" even though your own insurance covers it (but many get scared and wouldn't want to pay $500-1000 out of pocket in case of an at-fault accident even though having the accident in your own car would cost exactly the same). And then Visa gives rental insurance automagically.
    ---- Have both use visa first and then auto insurance if needed

    People get scared into buying $10,000 whole house generators (you wouldn't want to be without heat the middle of the winter) - although $100-200 will get you a nice room at a nearby hotel...
    ----- If you live in an area with frequent power outages (Like more that 4 a month) I could see it other wise a waste of $$

    Insurance is generally based on fear... bought that brand new $2k TV? pay another $300 to insure it for 2 years, it's really expensive and you wouldn't want to lose it. Well guess what - the factory warranty is 1 year, the credit card makes it 2 and it doesn't cost a penny extra. And for $500 you can insure it for 4 years... well in 4 years you can buy a better model for $500.
    ----- Extended warranties are useless (Except ones that cover physical damage on Cell Phones when you have a 15 year old daughter)


    My 0.02$

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    Allstate had and operating income of 2376 Million and returned 13.3% on that number.

  5. #25
    Senior Member CeeBee's Avatar
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    Quote Originally Posted by Overdrv View Post
    And lastly the magic number of 25 or 26 years old is not the age it is 9 or 10 years driving experence at which point there is a large drop in accidents.
    I got my US license at 25. I did not buy (on paper) the car I was driving until I turned 26 - because even just before turning 26 the rate was outrageous. Magically after I turned 26 the rate dropped by 75%. Total BS.
    Quote Originally Posted by Overdrv View Post
    Allstate had and operating income of 2376 Million and returned 13.3% on that number.
    So people overpaid by 15%. 15 minutes or less on the phone...
    Quote Originally Posted by Overdrv View Post
    My 0.02$
    $CAD? Blah...

  6. #26
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    Quote Originally Posted by CeeBee View Post

    $CAD? Blah...
    Ya thats like 0.015 right now

  7. #27
    Senior Member slgrieb's Avatar
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    We have now had two days of thunderstorms and steady rainfall. Also, a fair amount of hail. Dumas, about 45 miles northwest of my home, got hammered pretty good. Thought that y'all might get a chuckle out of some of the photos and a video. http://abc7amarillo.com/news/local/g...-pummels-dumas
    Yes, Mr. Death... I'll play you a game! But not CHESS !!! BAH... FOOEY! My game is...
    WIFFLEBALL!

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