To buy or not to buy insurance?
I sold my old travel trailer after ten years of use and I just ordered a new rig that tops out at $30,000. I never bought insurance on my old trailer because I paid cash and did not finance. I'm pay...
Forum Discussion
Guy Roan wrote:
I guess you didn't read my post above!
Progressive Insurance paid us the exact same amount that we paid for our new trailer after Hurricane Irma totaled it.
Guy
Consider yourself lucky that they did, however paying things off in full when they are less value is why insurance is not cheap. Someone MUST "pay" enough to keep the insurance company not only afloat but turn a PROFIT after all expenses.
Insurance companies are not charities, they must turn a profit, they do that by paying out as little as possible and charging much more over all policy holders than they paid out for the last year. That is why you typically see very large rate increases happen the next yr after a major catastrophe.
Insurance companies are BETTING/GAMBLING that THEY WILL COME OUT ON TOP, in other words they will pay out much less than they bill.
You do not see any insurance agents or executives driving a old beatup 1980s Yugo..
