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#1
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No - the point is that every dollar you spend on coverage that you never
use is wasted, and any accident that costs more than your coverage means that all of your dollars are wasted. Sorry. I've gotten very cynical about the whole insurance and legal system in this country. It's a big beef of mine. (Teacherjh) wrote in : But the odds of said mishap costing exactly the amount of your insurance coverage are probably quite a bit worse... What insurance company won't cover it unless the damage is exactly the amount of the coverage? I want stock in that company! Jose -- (for Email, make the obvious changes in my address) |
#2
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![]() "Judah" wrote in message ... No - the point is that every dollar you spend on coverage that you never use is wasted, and any accident that costs more than your coverage means that all of your dollars are wasted. Sorry. I've gotten very cynical about the whole insurance and legal system in this country. It's a big beef of mine. Maybe if you understood it better...or, maybe if you understood it at all!! (based on remarks above) |
#3
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What's there to understand?
1. Man A requests services from Company B. 2. Company B provides services. 3. Man A trips on a crack in the floor, or spills his coffee on himself, or gets too fat, or is exposed to horrible odors, or gets hurt in a random, uncontrollable event of violence. 4. Lawyer C sees an opportunity to lay full blame on Company B. 5. Man A (and Lawyer C) sues Company B for outrageous sum of money - pain & suffering, punitive damages, etc., that far outweigh any real damage done to Man A in the first place, because there is no downside. 6. Company B Law Team uses scare and diversion tactics to push Lawyer C to attempt to settle for some amount of money that might have even been appropriate, if all the lawyers were not involved. 7. Lawyer C is being paid on a contingency, so he suggests to Man A to hold out for more money (since half of it is his anyway, again no downside). 8. Lawyer C spends more of Man A's money to counter the counter-claims of Company B. 9. Years of real pain and suffering and emotional distress go by as the case spends an inordinate amount of time wasting everyone's dollars - even tax dollars in the court system as judges read thousand-page dissertations describing every possible angle and pre-empting every possible rebuttal as to why Company B might be responsible for the fact that Man A tripped over himself. 10. At some point the process ends. Either a settlement or a judgement is made. Either way, it is generally very subjective, and has evolved with so much baggage that neither party is satisfied with the result. 11. At the end of the day, the Lawyers send their bill, and walk away with a nice profit. 12. Man A gets less than he would have if he had just settled in the first place, anyway, but has invested an inordinate amount of time and effort and pain and sufferring in the process. 13. Company B has spent more money in this litigation than it ever made on the service it offerred to Man A. No one really protects Man A or Company B. So along come the insurance companies. Now, Man A pays an insurance company a few hundred or thousand dollars a year to protect him from an injury. Company B pays another insurance company a few hundred or thousand dollars a year to protect them from a liability. And then the whole process repeats itself. Nearly identically. The biggest difference is that since the litigation is now between two insurance companies, with better trained lawyers who still have no downside, they each increase the claim amounts well beyond reason until the lawyers are making so much money it is obscene. And as a result, the insurance company Actuaries have to raise all the rates because they are losing even more money to the lawyers and the frivolous lawsuits. And all Man A really wanted was a free refill for the cup of coffee that he spilled while he tripped over his shoelace on their sidewalk. Quite frankly, the insurance system would probably work if there were a risk to filing a frivolous action. Then actuaries would have real, relatively forecastable numbers to work with. But lacking that, it is impossible in the current system to protect oneself from the possibility of being sued for absolutely no legitimate reason, and for an essentially unlimited amount. And if you are unfortunate enough to be sued by someone (or something) with enough money to throw away, even your insurance company might not be able to save you. And even if they do, it costs everone money in the long run... Hmmm.. I wonder why there are no Lawyer HMOs... "Tom Sixkiller" wrote in : "Judah" wrote in message ... No - the point is that every dollar you spend on coverage that you never use is wasted, and any accident that costs more than your coverage means that all of your dollars are wasted. Sorry. I've gotten very cynical about the whole insurance and legal system in this country. It's a big beef of mine. Maybe if you understood it better...or, maybe if you understood it at all!! (based on remarks above) |
#4
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In article , Judah
wrote: No - the point is that every dollar you spend on coverage that you never use is wasted, and any accident that costs more than your coverage means that all of your dollars are wasted. That's why they call it "risk" coverage. |
#5
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![]() the point is that every dollar you spend on coverage that you never use is wasted, So is every moment you spend on preflight when you don't find anything wrong. and any accident that costs more than your coverage means that all of your dollars are wasted No, though you may end up paying the difference, you don't end up paying the whole thing. So in that case all of your dollars went to your benefit. Insurance isn't magic. Jose -- (for Email, make the obvious changes in my address) |
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