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| *Loan,banking and credit>>>travel insurance |
Why cant we have a rebate on our travel insurance if we dont claim on them? |
Why cant we have a rebate on our travel insurance if we dont claim on them? I guess the money you pay as your premium goes on the pay outs to those who do. Plus the wages and other running costs of the company. the same reason we don't get car insurance back. No idea why but good point. Cus they use your money to pay off other peoples' claims and they also use that money to become very rich. Think about it. You don't have a claim, and receive a rebate for NOT having a claim. But someone ELSE does have a claim. Because the amount of the premium is LESS than the amount of the claim, where's the money come from to pay the portion of the claim in excess of the premium paid? From OTHER policyholder premiums, that's where. You could do it your way, but the premium would have to be much higher because all you're really doing is handing money to someone to hold for you in case you have a claim. How much is your house worth? Let's say 100,000. Say you pay $500 a year to insure it. In year 10 it burns down. You've paid in $5,000, and you get back 100,000. But if you got a rebate of, say $250 each year, for a net annual cost of $250, then there'd be only 2,500 collected against the 100,000 loss. Multiply all this by the total number of policyholders and amount of claims, and you can see the problem -too much loss, not enough premiums to cover. If its any easier for you, put the shoe on the other foot. YOU offer the coverage, and make ME your policy holder. You tell me that if I don't claim on the policy, I get my money back. Let's say my coverage is $1,000 against mosquito bites. Every year I pay you $10, and every year without claims, you give back $5. In year 10, you've collected $50. That's when my claim hits -$1,000. And you're going to pay it with $50? Got it? |
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