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Quote:
Originally Posted by Banditorama
I'd probably be sick if I added up how much I've paid my insurance company over my lifetime. I've never seen a dime of it back, no claims and no accidents (knock on wood). The least they could do is tow my car if I really needed it to be towed regardless of the circumstance.
They've never seemed to consider the morals/ethics of raising my rates despite my perfect driving record.
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Interesting thoughts you have on this.
While I cannot speak for your situation, I use Hagerty to cover all 5 of my collector cars, -which I have stated values between $25k - $60k with a total aggregate value of $185k when values for all 5 cars are added. My annual premium for 2024 is $719.00. Even if I had a claim on my 1915Model-T speedster which is only valued at $25k, I would need to pay my current annual premium for over 34 years before my insurance company would have received enough premiums to break even. On one of my cars valued at $60k, that would be a total of 83 years of me paying annual premiums of $719.00. I would venture a guess that in the 25 years +/- I have been paying premiums, I have not paid anywhere close to what my exposure was with them.
And, ...if we were considering morals/ethics regarding me covering someone else (-such as myself which I too have a perfect driving record) I'm quite sure I would be raising that person's annual premium rate at a much higher percentage than what my insurance company does.
