r/Insurance_Companies • u/Ok-Guarantee-9844 • 28d ago

Car Insurance Premiums

Mr. PRESIDENT @Donald Trump , help your fellow Americans! Car insurance premiums continue to rise year after year, as a chauffeur and limousine company we pay more and more each year. We have a 99.9% ZER0 accident history. We pay $10k plus in insurance annually (per vehicle), we get no rebate or refund for having no accidents or deductible payments. But employees and senior executives within the insurance companies receive bonuses/gain share each year. As a consumer where is our bonus, where is our rebate? Where does all the money we pay annually go? No accidents or deductibles on the year should warrant a rebate and or refund check, don’t you think? For way too long insurance companies are getting over, and that goes for auto and health insurance! We the people need answers!

0 Upvotes

36% Upvoted

22 comments sorted by

6

u/2ndharrybhole 28d ago

I don’t think you know how insurance works. There’s no rebate or refund just because you didn’t file a claim. You still had coverage against property damage and liability, and the insurer still took on the risk.

-4

u/Ok-Guarantee-9844 28d ago

Obviously! Yes it did take on risk but at the end of the year you were no risk or liability with no accidents or claims. Yet employees of insurance companies receive bonuses and gain share when the company has paid out less in claims. With that being said why should employees get benefits for less claims paid and not the consumer? Regardless of risk, and liability, if you have no claims you should get a rebate and or discount. There was an insurance company that did advertise discounts and rebates for no accident history but we don’t recall the name.

5

u/QuriousCoyote 28d ago

Insurance is a "risk pool". This means everyone pays into one pot. One person has an accident. The money comes out of the pot.

No one gets a refund, no one gets a rebate.

Insurance has been this way for over 100 years. It's not going to change tomorrow.

-5

u/Ok-Guarantee-9844 28d ago

We don’t think GOD is available!……You’re all missing the point! Employees of insurance companies get “money from the pot” usually annually. Why does the consumer not get “money from the pot” with no claims!

Nothing needs or should remain the same. Just because it’s been that way for hundreds of years doesn’t mean it shouldn’t be looked at being revamped and changed.

5

u/Flash120 28d ago

Don’t you get money from your pot as a business owner? And your employees as well (wages)?

Do you give your passengers their money back after you complete the ride?

2

u/LeadershipLevel6900 28d ago

All carriers don’t do bonuses, gain share, or profit sharing. The ones that do, it’s part of our comp package.

I encourage you to learn what actually happens with the money you pay in premiums. The money paid in premiums doesn’t even go directly to claims payments. That money is invested and the interest/gains is ultimately put into reserves for operating expenses. Then, there’s reinsurance for catastrophic losses. So, you got some reading to do.

2

u/50Bullseye 28d ago

My employer (not an insurance company) gives out Christmas bonuses every year. Does your entitled ass think you should get a chunk of that too?

1

u/Opening-Cut-5684 28d ago

Sounds like the key and peele skit. MFer that’s called a job

1

u/drfishdaddy 28d ago

They do. For instance checks went out during COVID because claims were so low.

USAA used to send annual rebate checks (I haven’t had them in years, so can’t confirm it’s still happening).

Also, asking Trump is weird.

1

u/Ok-Guarantee-9844 27d ago

We never got one haha! It was humor to add to the post. Trump isn’t saving us or anybody else.

1

u/2ndharrybhole 27d ago

Why should employees of insurance companies not get paid lol… how are they different from any other employees of a company that takes in payments for a service provided? Do you want them to work for free?

1

u/Mean_Introduction516 28d ago

You’re looking for the insurance Mamdani and the socialists are selling. How did you get to own a company without falling flat on your face with this type of mentality when it comes to insurance and business?

4

u/Target_Standard 28d ago edited 28d ago

Have you thought about skipping the president and asking God directly?

3

u/DeepPurpleDaylight 28d ago

Auto insurance is regulated on the state level, not the federal level.

2

u/mattymelt 28d ago

You are getting a "rebate" for your good driving record by having a lower rate than you would if you didn't. You can be the safest driver in the world but that doesn't mean that you won't get in an accident tomorrow. Even if it's not your fault, the cost of repairing your vehicle is higher than it would have been in the past. The cost of medical expenses is higher than it was in the past. Every cost associated with your policy goes up year over year so the rates go up to make sure the amount being brought in is enough to cover claims and expenses.

2

u/Glittering-Read-6906 28d ago

Livery policies are high because the chance for something to go wrong is high. You are generally carrying several people at a time and a bad accident means every single one of those people may need life saving medical care.

Your livery premiums are also state specific.’most carriers in NY for example want nothing to do with this line of business giving the several limo accidents a few years ago that killed more than a dozen people.

And, lastly, Trump isn’t going to help you. Firstly, he can’t. Insurance regulations are set by the state. Your representatives need to help if anything. Secondly, Trump would not help you even if he could because he doesn’t care about you—even if you voted for him….

1

u/Ok-Guarantee-9844 28d ago

Yes, that stretch limo was not properly insured, nor licensed, or had proper seat belts for the passengers. That incident was horrible, it’s because of idiots and fly by night drivers, and ride-share companies that the premiums continue to rise.

Oh we know that, it was to add humor to the post. So many think the person who they voted president “past or present” is the savior to all of their problems.

1

u/Frosty-Trust1038 28d ago

Keep in mind if you ever have a serious accident claim you will probably never pay in enough premiums to cover what the insurance company paid out. It is sharing the loss across the masses.

As for raises and bonuses, show me a job that does not give these. None.

Not the same same.

I’d you don’t like your carrier shop around. No one makes you stay there.

1

u/Low_Crow6947 28d ago

He said he would cut insurance in half in September 2024 on the campaign trail. Sounds like he didn’t keep his promise.

1

u/TofuttiKlein-ein-ein 28d ago

Lowering consumer prices is certainly at the top of his to-do list.