Our local blogger the leg speaks is right!!
For years, people have been told they need insurance for one reason or another.
It is interesting how insurance companies operate. Many times I look at their programs and their reasoning as nothing short of rip offs.
My dealings with one insurance company, the Co-Operators, has led me to a hatred of insurance companies.
In my case, it was proven that the Co-operators were wrong in how they handled my policy.
They agreed to pay for repairs for my car and then with in five minutes, they phoned back and said all agreements were off and I would be required to pay for the repairs myself. They further stated that as far as they were concerned, I was never insured. What had happened?
The company had given their investigator an early retirement package that he couldn't refuse. In exchange for this lucertative package he was required not be available for court to testify against the company. At that point the so called "honesty" of the Co-operators was proven. They are in fact rip off artists and are only interested in getting your money and nothing more.
Since then I have complied only by law to have insurance. Therefore I only have insurance on my vehicle. I have no home insurance, no life insurance, no content insurance and refuse to deal with any insurance company.
What brought this on? Easy. This morning I heard on the CBC that insurance companies are now using your credit rating in the establishing of how much you will pay. If you become unemployed, you will pay more. If you become divorsed or separated, you will pay more. If your credit rating changes for the worse over the course of having insurance, you will pay more. If your credit status changes at any time, even if you have been insured for years at a good rate, you will pay more. If you get older and your finances change you will pay more.
Travel insurance is just a volitile. If you are a diabetic, you will pay more. If you have any illness, or are taking any certain kind of medication, you will pay more. The interesting thing is that insurance companies know that the likelihood of anyone getting worse while traveling, are slim. A great example of this was when my parents went to the States for a visit.
My mother who is a diabetic, though controled by diet, and has been diagnosed with the beginning states of altimerzers ended paying $1500.00. My father who is basically healthy only had to pay $200.00 for the same insurance. If he had been taking medication as a diabetic, that $200.00 would instantly gone up by $1,000.00.
So how much of this is reality and how much of this is crap? How many claims are actually made to justify these high rates? Insurance companies are in business to make money, not to give away money through claims. So it is reliable to assume that insurance companies at any excuse and any reason are out to rip off the customer and to take as much as they can get away with.
Some insurance companies have clauses in their policies that if a claim gets too "hot" for them, they reserved the right to back out of the agreement at anytime for any reason and leave the person high and dry.
As such, the only view of insurance companies that I have is this. They are legalized rip off artists who's sole reason for business is to suck money out of the individual and not pay out.
They are financial blood suckers and therefore it is important for consumers to do their homework when getting insurance and being forced to have insurance. It is important for the consumer to investigate and carefully read their policies. It would be prudent and maybe even neccessary that the consumer obtains a lawyer to go through the policy with a fine tooth comb before signing.
Remember -> when you shop for insurance, they are not interested in you. They only want what is inside your wallet and bank account. Nothing more. If you are a "considered risk" you will be dumped.