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« A Matter of Class | Main | We don't need no stinking study »
Tuesday
Nov302004

Insurance Reform is Needed

I live in a city and I am tired of subsidizing my suburban cousins Insurance cost. The insurance companies tell me that I have to pay a higher cost for insurance because more accidents happen in the city than in rural areas but the logic doesn't pan out since most of the accidents ether happen between the morning and evening rush hours and peak around noon when Mr. and Mrs. Suburbanite are rushing around to get things on their lunch hour. Accidents in rural areas cause more property damage and more loss of life so individually they cost the insurance company more   money. And since I pay an individual policy and not a city group policy why should I be paying more. In addition, if I have an accident my individual policy goes up substantially.

We all know why people in the suburbs pay less and that because that's where the real power is they have money they vote and they run things like insurance companies.  The insurance companies do this to maximize profits

 

In medical insurance, the larger the group you belong to the lower your rates because insurance companies pool your money and make insane profits by investing it. If you go to your local library like I did and ask the researchers to help you find the statistics for accidents in your burg in most cases you will find that most of the auto accidents in your town occur between 8 AM and 6 PM and most of those accidents occur between 11 AM and 1 PM.  Insurance companies advertise there lowest rates but these rates are usually there rates for suburbanites. Many of the inner city accidents are not settled with the Insurance companies because in most states even if your car was parked and you filed against the other guys company your insurance company can raise your risk level. Therefore, many people settle the issue among themselves for fear in the end it will cost them more over time. In increased rates. By contrast, most accidents outside the city end up being high property damage do to the increased speed of the normal traffic flow. Insurance companies will tell that risk assessment is the key factor in insurance rates but they spend more money on presales marketing than they do in paying claims.

 

Another market Insurance companies' cleanup in is Medical Malpractice insurance. They do doctors the same way they do us poor city dwellers. One doctor Dr Diligent MD may have never had a lawsuit that amounts to anything against him and Dr Partyboy MD last in his class may have dozens of claims settled against him. Therefore, Dr Diligent has to close down his homie little general practice in small town USA do to outrageous    rates driven up by Dr Partyboy. When Dr Partyboy loses in Metropolis, he just moves to Gotham and puts out a new shingle.

We are told that tort reform will spare good doctors the heavy malpractice insurance burden they have to bare. However just as with the city dwelling auto driver, I believe that insurance reform is well overdue. In the old gangster movies when the mob sent guys to your business who informed you that you might want to pay them a little money to insure that the building might not burn down. The mob called it insurance the police called it extortion. I have had insurance in Ohio when auto Insurance was not mandatory my Insurance agent courted me and his rivals tried to woe me away. Since I have moved to NY where Insurance is mandatory have yet to get the proverbial kiss.
I know where you can find a fat juicy duck
I know where you can find a fat juicy duck
 


 

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Reader Comments (1)

Niely written piece on the insurance. I have been a policy holder for over 20 years and am still looking for "THE HANDSHAKE/MINT on my PILLOW" from my insurance company. Hopefully our legislatures do something in the near future.
November 30, 2004 | Unregistered CommenterRICKSBESTGAL

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