Insurance agents and analysts said many insurers are “quiet quitting” high-risk areas rather than face the public relations or regulatory fallout from an official exit.
Insurance agents and analysts said many insurers are “quiet quitting” high-risk areas rather than face the public relations or regulatory fallout from an official exit.
Welcome to insurance. What were you expecting?
The whole point of insurance is that you’re gambling and hoping to lose. It’s fundamental to its nature that it be a scam. Insurance companies can only make money if their customers, on avergae, lose money to the nsurance company.
You said “vehicles”, but assuming it’s a car (I know nothing about boat or plane insurance), the company has you bent over a barrel: it’s mandatory you have car insurance and every car insurance company knows it, so they can and do get away with abuses other insurance companies can’t because at least other kinds of insurance are optional.
Reminds me of a Lemmy thread from a few months back where people were defending health insurance. Fools.
Insurance companies can only remain solvent to pay claims if their customers, on average, lose money to the insurance company. Medicine should be public and not require insurance but to claim all insurance a scam is a fundamental misunderstanding of what insurance is for. You may find the “history of insurance” enlightening.