Why Pay for Insurance but Can't Get a Loan?

[Drank235]

Let me see if I understand... Mr. Can't Drive t-bone's me.. he doesn't survive, doesn't have insurance, I don't have insurance and I'M supposed to get a loan to cover my losses??

Maybe I am missing something here?!?

When i first posted this, i thought people needed to have others that would pay their debt if they died, so for this example,im starting to understand.

so you paied X amount of dollars over the years towards insurance, then this happens, you get it fixed for free but your rates go up. do yo end up payign more or less than getting a loan for the exact amount plus % on top of it?

 

[Norwayguy]

When i first posted this, i thought people needed to have others that would pay their debt if they died, so for this example,im starting to understand.

so you paied X amount of dollars over the years towards insurance, then this happens, you get it fixed for free but your rates go up. do yo end up payign more or less than getting a loan for the exact amount plus % on top of it?

Who cares....Driving is a privilge. If you want to drive you are required by law to have liability insurance to protect other people. If you have a loan on the car your bank will require you to have full coverage. If you don't like it or think its bs you have 1 option not to drive.

 

[maksim]

Is this guy a fool or just a tool?

 

[Norwayguy]

Is this guy a fool or just a tool?

I sure hope he is just jerking us off...If the average consumer is like this god help the USA.

 

[FLInsa]

I will bet Drank235 majored in Finances.

 

[arnguy]

Be nice to Drank235, it is courtesy week!

 

[djs]

Truth is, outside of health insurance, no insurance is mandatory. Auto insurance is always optional. In most states, you can self-insure if you choose, rather than insure with an insurance company. Problem is, you take all the risk.
You can also choose not to drive.

Also, home insurance is only required if you have a lender, or want to be financially sensible. Why risk $200,000 in damage to save a $700 premium? If you don't own a home, then no insurance required, albeit, it might still be practical.

Insurance is there for you to transfer the risk of a financial loss away from yourself to the insurance company. For this, the insurance company charges a premium. You hope this is money flushed down the drain, but when you need to use it, then you suddenly understand why you have it.

Dan

 

[Googly Moogly]

You insure your risk with pennies on the dollar.....if you take a loan to cover your loss...you're basically paying double...or more.

I hope you're not serious.

But, if you are....contact me. I have some land for sale.

 

[0b1kanobee]

It sounds like this guy wants to go back to a society when things were literally 'an eye for an eye and a tooth for a tooth system'.
I suggest the poster read up on that whole concept.

 

[FLInsa]

Truth is, outside of health insurance, no insurance is mandatory. Auto insurance is always optional. In most states, you can self-insure if you choose, rather than insure with an insurance company. Problem is, you take all the risk.
You can also choose not to drive.

Also, home insurance is only required if you have a lender, or want to be financially sensible. Why risk $200,000 in damage to save a $700 premium? If you don't own a home, then no insurance required, albeit, it might still be practical.

Insurance is there for you to transfer the risk of a financial loss away from yourself to the insurance company. For this, the insurance company charges a premium. You hope this is money flushed down the drain, but when you need to use it, then you suddenly understand why you have it.

Dan

Wrong. Get your facts right prior to advising people buddy.

Out of the 50 states, New Hampshire is the only state that does not require that you carry auto insurance.

For all of the other states, not carrying auto insurance is against the law and will get you into trouble.