Why do we pay insurance?

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Why do we pay insurance?

Postby Bsuds » Dec 21st, 2017, 8:50 am

While I don't dispute the fact that this poor guy might need some help it makes me wonder what insurance is for?

https://www.castanet.net/news/BC/214584 ... -bartender

The accident is in no way his fault and the insurance companies involved should step up and cover anything he needs immediately! Why should there even need to be a go fund me page started for someone in this position.

Why is does it always seem to be a fight for this to be done? It's not right!
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Re: Why do we pay insurance?

Postby youjustcomplain » Dec 21st, 2017, 9:06 am

Bsuds wrote:While I don't dispute the fact that this poor guy might need some help it makes me wonder what insurance is for?

https://www.castanet.net/news/BC/214584 ... -bartender

The accident is in no way his fault and the insurance companies involved should step up and cover anything he needs immediately! Why should there even need to be a go fund me page started for someone in this position.

Why is does it always seem to be a fight for this to be done? It's not right!


So, I'll admit my ignorance of the insurance industry right now. I know very little about it.

But, when I go to renew my car insurance, I am always prompted to increase third party and collision insurance values. I think I'm at $2 million right now. (can't remember for which one). Anyhow, it was explained to me that if an uninsured driver hits me, I will have insurance to cover up to $X amount. Same goes for an under insured driver. I suspect that the driver of the audi didn't have enough coverage for the health care needs of the people he hit. Or maybe the taxi was under insured? (though I doubt it).

I just don't think this is a matter of insurance companies screwing the little guy. Other than anecdotes online, every insurance experience I've experienced has gone smoothly. Same goes for the experiences of my friends.

What sucks is that this guy, through no fault of his own, is having to fight for money.
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Re: Why do we pay insurance?

Postby Bsuds » Dec 21st, 2017, 9:10 am

I think the bigger issue is that while he may end up fully covered the insurance doesn't step up right away and cover what he needs. They drag their feet so to speak until it's determined who should pay.

My point is who cares and figure that out later. Give him what is needed now!
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Re: Why do we pay insurance?

Postby TreeGuy » Dec 21st, 2017, 9:19 am

People are pretty quick to set up a go fund me. In less than 24 hours they have almost raised $30,000. Money he will be taxed on.

A good intentioned friend set one up for me before I had even hit the operating table. Others from my industry, who didn’t even know me, also wanted to start one. We asked that the one that was set up for us be taken down. Worksafe insurance would take care of things.

What did people do before GoFundMe?

A friend of mine, their lawyer was paying them money and he would deduct that from the settlement.

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Re: Why do we pay insurance?

Postby Jflem1983 » Dec 21st, 2017, 9:23 am

I carry 5 million in coverage. Is that even enough i dont know
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Re: Why do we pay insurance?

Postby alanjh595 » Dec 21st, 2017, 11:32 am

So who's insurance should pay for the passenger? The Audi driver (now deceased) or the cab company that he was in? Did both cars have valid insurance? Was either driver under the influence?
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Re: Why do we pay insurance?

Postby Piecemaker » Dec 21st, 2017, 2:06 pm

ICBC pays it. (In other words, we pay it.) Whose insurance is affected is determined by who is deemed at fault. What is tough for people in accidents is that they need to pay rent and other living expenses during the 2+ years it takes to reach a settlement. Out-of-pocket medical expenses are reimbursed fairly soon in the process. It takes quite a while to reach a settlement because it can take time to know how completely the injured will recover... or not.
It's possible to do all the right things and still get a bad result.

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Re: Why do we pay insurance?

Postby Bsuds » Dec 21st, 2017, 2:15 pm

Exactly and I think some of these go fund me pages are way too premature.
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Re: Why do we pay insurance?

Postby Piecemaker » Dec 21st, 2017, 2:18 pm

One can (and should) purchase personal accident /medical insurance. Then if you are off work for time due to an accident or serious illness, you get a pay out. That allows you to pay for living costs until you can return to work or receive a settlement.
It's possible to do all the right things and still get a bad result.

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Re: Why do we pay insurance?

Postby lesliepaul » Dec 21st, 2017, 3:02 pm

We all pay insurance (or most) for a reason be it Home or Vehicle. The problem when a claim is initiated is that ALL insurance companies treat the claimants as thieves and do as much as possible to limit their payouts. Yes, they have to investigate fraud which occurs to a large extent but the vast majority are claims with merit.

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Re: Why do we pay insurance?

Postby Bsuds » Dec 21st, 2017, 3:19 pm

Piecemaker wrote:One can (and should) purchase personal accident /medical insurance. Then if you are off work for time due to an accident or serious illness, you get a pay out. That allows you to pay for living costs until you can return to work or receive a settlement.


Thats a solution that many workers unfortunately cannot afford on the wages they are paid.
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Re: Why do we pay insurance?

Postby GordonH » Dec 21st, 2017, 3:20 pm

Bsuds wrote:I think the bigger issue is that while he may end up fully covered the insurance doesn't step up right away and cover what he needs. They drag their feet so to speak until it's determined who should pay.

My point is who cares and figure that out later. Give him what is needed now!


Because this create jobs, hence those personal injury lawyer commercials...... you don't pay unless we win (old guy who talks about holes in the ground.... lol). Meanwhile it's this that causing ICBC to increase rates every year. Nasty circle
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Re: Why do we pay insurance?

Postby foodsmith » Dec 22nd, 2017, 12:49 pm

lesliepaul wrote:We all pay insurance (or most) for a reason be it Home or Vehicle. The problem when a claim is initiated is that ALL insurance companies treat the claimants as thieves and do as much as possible to limit their payouts. Yes, they have to investigate fraud which occurs to a large extent but the vast majority are claims with merit.


To be fair, the amount of overall insurance claims industry-wide found to be truly fraudulent is incredibly small; this is definitely echoed throughout objective analysis of all claims made via ICBC:

http://www.bcpolicyperspectives.com/med ... h_2017/pdf

As well, I'd say it's a rather hasty generalization to declare that ALL insurance companies treat claimants as thieves -- especially where 'no-fault' insurance processes are applied.
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Re: Why do we pay insurance?

Postby Bpeep » Dec 22nd, 2017, 7:05 pm

foodsmith wrote:To be fair, the amount of overall insurance claims industry-wide found to be truly fraudulent is incredibly small


Not true.
Icbc can't put an exact figure on it, if they could they could eliminate all fraud affecting them.
They themselves claim insurance fraud against them is estimated in the 100s of millions and the industry nationwide claims it to be in the billions.

You do have to recognize that even someone embellishing a minor injury in an attempt to increase payout in a tort claim is fraudulent behaviour.
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Re: Why do we pay insurance?

Postby foodsmith » Dec 22nd, 2017, 10:12 pm

BMan... You obviously didn't even read the article via the hyperlink above.

Not only do I know you haven't much of a clue about what you're on about here -- especially given your response -- but I am confident enough in my knowledge on this one to invite you into my arena on this topic any... day... you... choose.

To open it up: ICBC's 'guesstimation' of hundreds of millions in losses due to Fraud has been debunked time and time again as a means to justify poor internal resource management and allocation of funding.

It's a red herring in every way; but if you wish to carry on backing up your rebuttal, a source would be helpful... if not necessary.

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