2015 M3 owner arrested for insurance fraud

[mrduder]

Originally Posted by GrussGott

I believe in california you can also post a bond, i.e., you can self insure but the funds have to be secured and in control of the state - an attorney can set this up for you.

but my guess is that you don't have the desire (or cash?) to do that. Nevertheless, each month you have to cover your risk if you want to legally use the states roads.

Said differently, you want to use the city/county/state/federal roads and as tax payer you're entitled to as long as you cover your risk ... to do that you have to post a bond which takes a lot of cash, but you also have a monthly finance option the state makes available to you: the regulated insurance market. Just like you finance your car, the regulated insurance market allows you finance your risk by spreading the cost across all buyers.

In short, you didn't "pay $25,000", you bought monthly risk coverage and each month you paid your premium, the insurance company covered your risk for that month. That's the product you received - you've already gotten what you purchased.

Insurance companies aren't "scum" any more than you are; although I'm assuming you have a job for a company that wants to make a profit, have investment income based on profit, or have parents that give you money based on the profit they've made.

Although ... maybe you work for Comcast ... in THAT case you're scum.

hahaha definitely don't work at Comcast. I'm self employed. but like I said, it's a business. and a good one. they make shitloads of money. the whole business for them is to NOT pay out. that's how they make money. so I get it. they're doing their job. that's why for me, I'd rather not be a part of it.

[Vectors2final]

Originally Posted by hecho.in.626

Your coverages also protect you when you are at fault. If the other party or parties are seriously hurt, their medical bills, loss of wages, and payment for their inconvenience can get expensive. Attorneys will go after all your assets if you aren't well protected. I'm currently handling a case in litigation where my insureds auto policy and 1 million umbrella policy will be exhausted but their assets won't be touched.

I recently took out a 2M policy for this reason. Some call insurance a rip off, I call it covering your ass. The last thing I'd want it to be in a situation where my assets were being seized because I was too fucking cheap to pay a measly insurance premium. Insurance is a necessary evil, and it is a responsibility for yourself and those around you.


My house claim is totaling over $160,000 dollars... More than I'll probably ever pay in almost 70 years... Doubt I'll live that long

All it takes is one incident for you to need it.

[Xtabi]

Originally Posted by mrduder

over 96% of people insured will never use their insurance for a major claim. small ones maybe. but smaller claims typically still work in favor of the insurance company on a yearly basis. most never pay out more than you pay in on a yearly basis. again, there's a reason they make billions. if more people needed the huge payouts from insurance, it wouldn't be a viable business. or it would end up costing way too much for the consumer. at the end of the day, it's a business. and a good one at that. statistically, it's in your favor not to have it otherwise they wouldn't be making billions. I've paid over $25,000 in premiums over my driving experience and have needed my insurance one time over that period, in which they didn't cover by the way because they're scum and it was over a measly $475 claim from someone hitting my car in a parking lot and didn't leave a note. because it was a "collision" I had a $500 deductible for something that wasn't even my fault. i could see me having to pay that if I hit someone and it was my fault. then, ok. but even then, unless the damage exceeds my yearly premium, I feel like I shouldn't have to pay. that's what I'm already paying for. now, because no one was there and no one left a note we don't know how my car got damaged, right? so maybe it was a shopping cart. great lets file under that so that it would be covered by my comprehensive coverage since I have a zero deductibles. nope, still considered a "collision" because someone would be "operating" the shopping cart. give me a fuc$&ng break. so, just saying.... unless I need them to pay out a claim for over $25,000 then they're still way ahead. and statistically, it's in their favor to not have to pay that because odds are I won't have that major of an accident. not saying people don't have accidents. they do all the time. but, statistically, more people won't have them than people that do. I could go on and on over how amazing health care insurance is too, but I don't want to get way off topic here. hahaha lets just say, i hate insurance and I think they're useless and they've done nothing other than make everything way more expensive than it needs to be. they're a middle man that doesn't need to be there. get rid of insurance and let things be handled like normal supply and demand. it doesn't cost me $65,000 to get my brakes fixed on my car. why? we don't go through insurance to get those fixed. there's competition and those businesses can't outprice themselves to the point that no one can afford it or they have no business. simple economics. same should be the case for braking an arm or a leg. shouldn't cost tens of thousands of dollars. only reason it does is because of insurance and there's zero competition. and a lot of people say well, what if you got this major thing? or what if this major thing happened? well, if it were simple supply and demand those things wouldn't put me into a lifetime of debt first of all. second, I dont believe we're all entitled to that kind of care. if you can't afford it, you can't afford it. too bad for you. population control. if I can't afford to get my brakes fixed, I don't get my brakes fixed and I have to figure something else out to get around. why is healthcare any different?

well I said I wouldn't rant and I did. hahaha sorry. just ignore me. I hate insurance. hahaha

A lot of info in that post! Thanks for sharing.

But good god man next time paragraphs!

[Kankles]

He should have waited for ZCP...

[Ross61]

Originally Posted by 2000cs

You can buy track insurance if your policy doesn't cover it. Otherwise, be sure you can afford to walk away from the car financially. Why be dishonest when there are honest ways to protect your finances?

Greed

[mrduder]

A lot of info in that post! Thanks for sharing.

But good god man next time paragraphs!

hahaha sorry it was a rant. no time for paragraphs when ranting!

[Fast4d]

insurance is nice when shit hits the fan. not likely to happen but it covers your ass if it does. I have 1 mil umbrella just in case. umbrella coverage is very inexpensive. my auto policy, not so much.

[Xtabi]

Originally Posted by mrduder

hahaha sorry it was a rant. no time for paragraphs when ranting!

lol no worries just giving you a hard time.

[evanevery]

If I remember correctly, one of the "coverage denials" I referenced earlier was specifically from a USAA customer (simply because they ASKED about HDPE coverage).

I remember this because I AM a USAA customer and was quite shocked to hear this. Otherwise, I've always had great service and coverage from USAA...