Comment on Insuranace is a joke
AreaKode@lemmy.world 2 days ago
Insurance is for liability. To pay for the damages you do to someone else. What you’re describing is full coverage.
Once you’ve paid off your vehicle, you may consider dropping down to liability only. It’s convenient because they’ll pay you when your vehicle is damaged, but the monthly payments will quickly far exceed the money you will recover if you get in an accident.
This is just an example of insurance companies making it more convenient to continue paying them extra money. In the end, insurance still isn’t a utility, and it continues to be run by private, for-profit companies that will nickel and dime you at every corner.
altphoto@lemmy.today 2 days ago
Our car got hit but they won’t pay for the exact same car.
GissaMittJobb@lemmy.ml 2 days ago
If your car got hit, then I’m guessing you’re dealing with the other drivers liability insurance, right?
I can’t speak for how the legal system where you are works, but I would hold the other driver liable for every single cent, involving a lawyer if necessary.
altphoto@lemmy.today 2 days ago
Yeah we got a lawyer. It’s annoying to have to do that because by default the insurance companies don’t want to do what they’re supposed to be doing.
GissaMittJobb@lemmy.ml 1 day ago
Definitely. The business model for basically all of the insurance industry - denying as many claims as possible directly contributing to the margin of the company - is fundamentally broken. A real pity on account of how good and beautiful the core idea of insurance is.
foodandart@lemmy.zip 2 days ago
No, they won’t. You’ll only get a new car if the vehicle is new (within 5 years and udner a certain mileage) and still being paid off, because then the financier/lender is still in the mix. Lenders can and will aim their own lawyers at the insurers.