this morning i went to work, no one was there with the key top open it, in the mean time a customer rolls up we make small talk for a while then he sees my bike and tells me i need a car (after rambling on aobut his columbian 5-star he had back in the day) and i tell him im not gonna fork over $700 for 6 months of insurance and that its total BS. well, he tells me hes a lawyer and explains what is really ****ed up with the insurance "racket" as he calls it.....
he told me that insuance agencies, when you pay them, dont put your money in anykind of trust fund. they invest it in stocks and make money off it! then when you file a claim deny it! he said its the only buissness that isnt really regulated instead insurance agenices that have all the money make campaign contributions to people who may manipulate the law in thier favor, like making it illegal to drive a car with no insurance and insurance commisioners. he said the reason premiums and rates go up has very little to do with the amount of tickets or accidents occur but when they loose your money in stocks.
he gave me a little history also like when the chicago mob was racketiering(SP?) they needed a legit bussniss to front for them, what better way than to buy up all the insurance agencies, so thats what they did. he said unless something catastropic happens like the depression(which was from gov't not regulating banks spending) there will be little or no change and many people know little about any of this.
pretty messed up, i thought of instead of appointing ONE person to the position of insurance commisioner there should be a committie of some sort. but he told me "who would appoint it, the govenor, what if they contributed a **** load of money to him, the committie would just be his pawns" i said what if the people voted? "of the 30-40% that would vote maybe 1% would have all the facts strait of who is who and what is what"
kinda a rock and a hard place, discussd
he told me that insuance agencies, when you pay them, dont put your money in anykind of trust fund. they invest it in stocks and make money off it! then when you file a claim deny it! he said its the only buissness that isnt really regulated instead insurance agenices that have all the money make campaign contributions to people who may manipulate the law in thier favor, like making it illegal to drive a car with no insurance and insurance commisioners. he said the reason premiums and rates go up has very little to do with the amount of tickets or accidents occur but when they loose your money in stocks.
he gave me a little history also like when the chicago mob was racketiering(SP?) they needed a legit bussniss to front for them, what better way than to buy up all the insurance agencies, so thats what they did. he said unless something catastropic happens like the depression(which was from gov't not regulating banks spending) there will be little or no change and many people know little about any of this.
pretty messed up, i thought of instead of appointing ONE person to the position of insurance commisioner there should be a committie of some sort. but he told me "who would appoint it, the govenor, what if they contributed a **** load of money to him, the committie would just be his pawns" i said what if the people voted? "of the 30-40% that would vote maybe 1% would have all the facts strait of who is who and what is what"
kinda a rock and a hard place, discussd
