Originally Posted by pawelgawel
Everyone knows Insurance companies are one of the biggest “legal” frauds in this world. They make $billions$ every year and now have cut their expenses and OUR coverage by about ˝ while increasing our rates for no reason at all.
Yes, GTA has many fraudulent insurance cases, but how is this any reflection on those who obey the laws and regulations. Those individuals are gouged left and right by everyone with greedy paws. OP, if you can, use an outside postal code. It’s not a fraud. No one can tell you where to “live” and where to “work”.
My blood boils when I hear someone defending insurance companies... we pay thousands every year and when it comes to a small claim in 10-15 years, the rates double or triple for the next 5-6 years. A speeding ticket worth 10km over should not increase your rates!
Insurance is a Business, and business is a gamble, you win some you lose some. But for “them” it’s always a win, no matter how you look at it. They pass on their expenses to the people no matter what the circumstances are, just like the Oil industry.
It should be Government regulated, and it shouldn’t punish good drivers for proud ownership of their vehicles.
.... there.. ok. im good now
Please don't misinterpret my advice as defending the insurance industry. I'm the first to agree it's a broken system. I could go on for pages about what needs to change.
Navigating insurance is all about finding the right company to work with. If you get the occasional ticket, find a company who allows 1 or 2 before they bump up the rate. If you are worried about the effect of an at fault accident on your rates, find a company who offers claims forgiveness. Don't get bent if you buy a product based solely on the lowest price and it doesn't do what you need it to. Buy the right product.
I do however understand your anger at being forced to buy the product.
Insurance IS government regulated. Companies work within the rules the government set out. Those rules say they are allowed to deny your claim if you misrepresent information on your contract.
Look at it from my side...
If you worked for a university what would you say if you overheard one student saying to another, "You need to cheat on your exams, you probably won't get caught and a higher average will give you a better chance at a higher paying job".
You'd offer your insight and try to stop that kid from making a bad decision.