Registered: Nov 2005
Location: minnesota
Posts: 3660

I am just paying my auto insurance premiums today. I have a truck and an suv on my policy.
If I pay for six months at a time the cost is $1039.
If I pay by the month, six months cost is at $1290.

This means basically a %24 increase in cost for anyone living paycheck to paycheck, or temporarily living on unemployment, severance , or other fixed income situation which does leave room for savings.

While I am glad to be able to pay the full amount in advance and realize the savings, this practice of charging %24 more to those who probably can afford it the least seems rather immoral.

Thoughts anyone?

ps-If auto insurance goes down %24 by paying semi-annually, should heat bills?, phone?, electricity???

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Registered: Mar 2009
Location: Minnesota
Posts: 2005

you would think ,but not sure that will happen

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Registered: Jun 2006
Location: Platteville, Wi
Posts: 5676

I have been checking around for different bids on my farm insurance..i thought i was going to save about 400.00 a yr by switching to a different company..then they called me and asked how far away i was from the district fire dept. i told them 5 miles, then they said because i was over 3 miles from the fire dept. my premiums would be 400.00 more than previously quoted.. i told the agent to eat a rock.. these insurance companies will nickel and dime you to death..P.S. truly, the fat lady sang last night!!!

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Registered: May 2008
Location: southcentral arkansas
Posts: 1571

truly,
not to start a huge argument with you, but some of this is due to the regulation that everyone "must have" this insurance, at least liability. if you can prepay it, your likely making an unspoken statement to the insurance company that you are a more responsible person in all of life and thereby a better risk bet for them. in this case, for protection of others. is this not EXACTLY what will happen with the federalized medical insurance "your politicians" are trying to mandate to people who don't want to pay for the insurance now, in essense, self insuring? imposing a tax on those that chose to self insure? no way out?
and i'm not talking about the truly poor, they are already eligible for medicaid.

honestly truly, insurance is not a scam. it's mostly statistics and calculus, and a little behavioral science. same as other risk abatement mechanisms, like the stock market and the futures markets and any market, i suppose.

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Registered: Nov 2005
Location: minnesota
Posts: 3660

quote:

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Originally posted by Dan Dogs
I have been checking around for different bids on my farm insurance..i thought i was going to save about 400.00 a yr by switching to a different company..then they called me and asked how far away i was from the district fire dept. i told them 5 miles, then they said because i was over 3 miles from the fire dept. my premiums would be 400.00 more than previously quoted.. i told the agent to eat a rock.. these insurance companies will nickel and dime you to death..P.S. truly, the fat lady sang last night!!!

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patriotism is supporting your country all of the time and your government when it deserves it.
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Registered: Jun 2006
Location: Platteville, Wi
Posts: 5676

quote:

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Originally posted by truly
WHich fat lady? and where? [I assume congrats are in order?}

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- CH. Gr.Nite Ch. Hickory Nut Dan IV 2004 ukc world hunt finalist
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Registered: Apr 2009
Location: New Albany, MS
Posts: 70

I talked to my insurance agent about this, and he said it was so much more because they make it seem like they are loaning you the money for the six month policy and you just make monthly payments. So therfore they can charge you interest.

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Registered: Mar 2009
Location: s.c.
Posts: 6961

I can't see how an insurance premium is a tax! You buy insurance coverage for the privilege of driving on a public road. If you don't want to pay for it, or cannot pay for it, you can't drive on "public" property.

A tax, on the other hand, is something you have to pay even if you don't want or can't afford it. You cannot opt out even if you are "paying for sevices" you don't want; i.e. dog catcher stealing your dog, building inspector critiqueing your dog kennel, abortion, welfare etc. If you don't pay, you can't opt out. They will come and confiscate your property.

Car insurance companies cannot confiscate your car!

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Registered: Nov 2005
Location: minnesota
Posts: 3660

I am suggesting that the extra costs paid by those who must make monthly payments rather than semi-annual payments are in essence a tax. Not a literal tax.

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Registered: Mar 2009
Location: s.c.
Posts: 6961

Yes, like the way the government allocates tax money and calls that investments?

That's why insurance preiums are called premiums. If you pay weekly premiums, that would 52 times as much paperwork-accounting as annual premiums. somebody has to pay the office clerk.

Last edited by l.lyle on 10-11-2009 at 01:44 AM

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Registered: Jun 2003
Location: North GA
Posts: 14388

I was gonna pay mine up a year at a time and they would not let me..Said they didnt have a plan like that..I was just trying to save a hundred or so dollars off the 6 month premium..

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Michael Ghorley

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Registered: Jul 2003
Location: PA
Posts: 2162

quote:

---

Originally posted by truly
I am just paying my auto insurance premiums today. I have a truck and an suv on my policy.
If I pay for six months at a time the cost is $1039.
If I pay by the month, six months cost is at $1290.

This means basically a %24 increase in cost for anyone living paycheck to paycheck, or temporarily living on unemployment, severance , or other fixed income situation which does leave room for savings.

While I am glad to be able to pay the full amount in advance and realize the savings, this practice of charging %24 more to those who probably can afford it the least seems rather immoral.

Thoughts anyone?

---

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