Insurance costs

[DIYPSCM]

Auto insurance has morphed into something it was never intended to be, and we accepted it.

When you have a claim, typically your rates increase. Giving someone money, then recovering that money in monthly payments is called a loan. I have a bank for that. Insurance is supposed to involve risk. Smart people called actuarys examine data and predict probabilities of events, and set rates accordingly. Life insurance is the perfect example... if you have a claim they pay. There is no recovery of the payment. The insurance company gambled & lost. With car insurance there is no gamble, just temporary payments that are recovered.

Sponsored

 

[ba15996X50]

69 years old, clean driving record and I pay $934 for 12 months in upstate New York.

I pay about the same annual rate for my RR. 57, McKinney TX. State Farm.

 

[Armydoc37]

I live in nc and my wife is 42 and I 62 pay 1k a yr for 2024 lariat great record.

 

[maus92]

You need car insurance to register a car in MA. It's also against the law to drive without it.

Same in Maryland, but that doesn’t deter knuckleheads from doing it anyway (and running fake paper tags).

Sponsored