just got a ckeck from Toyota... class action lawsuit

[WeeYari]

Originally Posted by nookandcrannycar

Much better than one run by lawyers, and held down by regulation and overreach. Insurance companies are usually publicly held, and have a fiduciary duty to their share holders. This doesn't change, it is 'known going in'. I want to give insurance companies as little of my money as possible, but I respect them in a business sense. Are you against insurance companies maximizing shareholder value?..If you are, those aren't the words of someone who believes in Capitalism. I don't have the highest opinion in the world of the insurance industry, but it is higher than that of the legal profession.

Why do insurance companies need so much of your money? Fraud, lawyers, and healthcare.

I remember vividly a few years back when there was a huge public outcry in Canada to reduce automobile insurance premiums. This outcry was because the insurance industry as a whole generated a profit on automobile insurance for the first time in years. What really made me shake my head at the time was the profit made, by all of the Canadian insurers for the year, was about equal to what just one of the 4 major banks in the country reports as a quarterly profit.

[nookandcrannycar]

Originally Posted by WeeYari

Why do insurance companies need so much of your money? Fraud, lawyers, and healthcare.

I remember vividly a few years back when there was a huge public outcry in Canada to reduce automobile insurance premiums. This outcry was because the insurance industry as a whole generated a profit on automobile insurance for the first time in years. What really made me shake my head at the time was the profit made, by all of the Canadian insurers for the year, was about equal to what just one of the 4 major banks in the country reports as a quarterly profit.

Just a different way of looking at things. The Canadian no-fault way of looking at this leaves me shaking my head. I wouldn't be an official resident of a U.S. state that had no-fault either (I'd guess this is one reason why there are so many crazy drivers in Florida ). It deters motivation for quality, alert driving. If you are able to avoid accidents that are your fault, why shouldn't you pay less? If you want to have liability only, and then get in an accident that is the other person's fault, why should any of the burden fall on you to make your car whole again? In a state without no-fault, the market should be allowed to be as competitive...driving rates lower....as possible. In such an environment, why would anyone (other than an investor, trader, client, or employee) care how much profit any given company is making.