Insurance is a Scam

[Al3x Lee]

I wasn't going to watch it.
I wasn't going to watch it.
I wasn't going to watch it.
But, damn, like a moth to a flame I couldn't not watch it.
Though I turned it off about half way through.
I think the guy has sniffed too much coke, and I don't mean cola.
Anybody who pronounces insurance with the emphasis on the first syllable is already a moron.

I don't want to provoke you more, but there's a part 2...

 

[marindependent]

Do you think this guy knows that you don't actually need to get auto insurance in California?
Apparently you don't need Power to Run the internet...

This dude is starting a blockchain cryto insurance plan? Sign me UP! Based on his back board I think he at least one fan.

Cant wait to find out what happens to Sniffy BlockChain Insurance Co when they get hit with their first million dollar liability lawsuit that they did not understand they were insuring.

 

[goillini52]

I don't want to provoke you more, but there's a part 2...

No thanks. It was all I could do to finish the 1st one.

 

[Allen Trent]

I pay $3000 per month to insure my home

Wowza. I only pay about half that.............per year, not per month. And it is 1.2M on house, covers my boat for 35k, my pontoon for 10k. My docks & shoreline personal property. What state are you in, Florida or California. Crazy what you guys have to pay.

 

[somarco]

Wowza. I only pay about half that.............per year, not per month. And it is 1.2M on house, covers my boat for 35k, my pontoon for 10k. My docks & shoreline personal property. What state are you in, Florida or California. Crazy what you guys have to pay.

My annual premium is $4128 for HO . . . includes umbrella . . . no boat, no pool, no pit bull. Current value $700k. Not on the water, in a flood or earthquake zone. Low crime area, fire hydrant across the street, fire station .5 miles away.

 

[DayTimer]

I think the guy has sniffed too much coke, and I don't mean cola.

When I was into such things, I was a Pepsi guy myself. Diet pepsi.

Lot of good it did me.

 

[STIBROKER]

and if you do really good screwing people by selling them insurance you can afford the little luxury's in life.....
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[KRobby]

I don't want to provoke you more, but there's a part 2...

Part 2 was great. Part 1 we learned insurance companies are in business to be profitable. But part 2 we learned the solution. Instead of using premiums, use their savings + loans that everybody will pay back.

 

[adjusterjack]

Do you think this guy knows that you don't actually need to get auto insurance in California?

That's true if one qualifies for one of the alternatives listed in that article. Unfortunately, the alternatives are difficult and costly to obtain. My guess is that people who can't or won't buy a liability policy aren't doing any of the three alternatives.

And if they aren't complying with CA's financial responsibility laws they are prohibited from collecting anything for pain and suffering. I wonder how many people in CA are even aware of the law.

Law section (ca.gov)

I think that's a great law and that every state should have it. CA should publicize it.

 

[marindependent]

My guess is that people who can't or won't buy a liability policy aren't doing any of the three alternatives.

Generally agree. However if you are too poor to purchase a regular auto policy or a $35K surety bond you can possibly qualify for the California Low Cost Auto program.

If memmory serves me this policy is below state minimums but is still taken by the DMV. AND ITS A DEAL if all you want is liablity. Anyways there are other options, but this gentleman would have to spend time and research them rather than just rambling and complaining.

Additionally the $35K that you can deposit with the DMV sort of works along the lines he proposed. Not sure if it pays any interest, probably minimum at best, but it would allow him not to have to spend money on insurance.