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01-29-2009, 06:04 PM
Why are insurance companies so greedy??
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01-29-2009, 07:09 PM
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Location: Jonquil City (aka Smyrna) Georgia- by Atlanta 16,242 posts, read 23,480,858 times Reputation: 3587
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Because the government has let them be greedy.
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01-29-2009, 07:14 PM
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3,288 posts, read 4,287,975 times Reputation: 822
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Their job is to make profit. What do you expect roses and sunflowers?
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01-29-2009, 07:24 PM
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Location: Chicago Suburbs 3,189 posts, read 4,115,795 times Reputation: 1176
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Why do liberals want everyone else to pick up the tab?
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01-29-2009, 08:12 PM
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8,975 posts, read 15,892,285 times Reputation: 3017
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The very NATURE of the business is practically a guarantee that each party will be operating at his ‘basest’ level. The customer wants low premiums. When he makes a claim, he wants the MAXIMUM allowed. The insurer wants to ‘take in money’. When he inevitably is required to ‘pay it OUT’ again, he struggles to keep costs down, and to make it as difficult as possible to collect. If he DIDN’T, claims would triple in no time. Neither side ‘trusts’ the other, and neither side is willing to take the other guy’s word on anything. It’s a little like Small Claims Court.people thrown together in a stressful situation, one against the other, whose cases are USUALLY based on the premise that the “other guy” is a crook. Small Claims court is often jokingly referred to a “Liar’s Court”.NOBODY tells the cold, hard truth.nor does the judge expect them to. The only GOOD thing about it is that normally, Lawyers aren’t present. The insurance industry is similar.claims are USUALLY always made under wrenching, stressful, unhappy conditions, and the very nature of the business brings out the worst in all involved. Each side is trying to gain the ‘max’, while conceding as little as possible.
Location: Orlando 8,270 posts, read 12,307,377 times Reputation: 4130
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They are no different than the banks that charge 20+% on charge cards. They use any legal and sometimes not so legal mans to win and make the consumer lose. Insurance companie will never tell you the best options for your claims they will direct and intimidate you to the cheapest solution for them. They are thieves as are the banks. and we allow it so I guess we get what we deserve.
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01-30-2009, 04:31 PM
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Location: Pinal County, Arizona 25,098 posts, read 37,724,012 times Reputation: 4934
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Quote: Originally Posted by nature’s message Why are insurance companies so greedy?? Why do you feel they are “greedy”? And, how do you define “greedy”?
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01-30-2009, 07:26 PM
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Location: Jonquil City (aka Smyrna) Georgia- by Atlanta 16,242 posts, read 23,480,858 times Reputation: 3587
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Quote: Originally Posted by macmeal The very NATURE of the business is practically a guarantee that each party will be operating at his ‘basest’ level. The customer wants low premiums. When he makes a claim, he wants the MAXIMUM allowed. The insurer wants to ‘take in money’. When he inevitably is required to ‘pay it OUT’ again, he struggles to keep costs down, and to make it as difficult as possible to collect. If he DIDN’T, claims would triple in no time. Neither side ‘trusts’ the other, and neither side is willing to take the other guy’s word on anything. It’s a little like Small Claims Court.people thrown together in a stressful situation, one against the other, whose cases are USUALLY based on the premise that the “other guy” is a crook. Small Claims court is often jokingly referred to a “Liar’s Court”.NOBODY tells the cold, hard truth.nor does the judge expect them to. The only GOOD thing about it is that normally, Lawyers aren’t present. The insurance industry is similar.claims are USUALLY always made under wrenching, stressful, unhappy conditions, and the very nature of the business brings out the worst in all involved. Each side is trying to gain the ‘max’, while conceding as little as possible. I tell the truth in court.
10,536 posts, read 13,037,597 times Reputation: 2816
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There is no business that isn’t in operation to make a profit.
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01-30-2009, 07:31 PM
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20,185 posts, read 22,689,377 times Reputation: 9269
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Quote: Originally Posted by nature’s message Why are insurance companies so greedy?? Cause they run the country. ask your senators.
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What is the most pressing problem facing the insurance industry?
Excessive politicization of the insurance business – Politics have a considerable part in the operations of insurance companies, depending on the power play and calculations that dominate the working areas of insurance organizations. Political conspiracies can influence the premiums to be paid, the outcomes of risk investigations, and the damages and benefits to be paid.
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Does smoking increase insurance premiums?
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How much does insurance decrease after one year without a claim?
The amount of discount gained grows with each year of driving without a claim. Therefore, you may receive 30% after one year, with the amount increasing each year until you reach 70% after five years. The majority of companies give a maximum NCD of 70%, while some offer 75% or 80%.
