Shouldn't people get there money back?

CwboyBill

You can. If you paid six months in premiums and dropped your insurance after a month you will be refunded the unused premium money. As for getting money back for the years and years of driving and not making claims you have to remember -- insurance isn't a bank. They have provided you with a service for the time you had coverage even though you never used it. What if you had crashed into a new Benz and caused over $60,000 worth of damage to it but you only had been paying insurance premiums for ten years -- do you really think you would have spent 60K on premium dollars??

mybuttstinks2001

No. You pay for insurance for peace of mind. If you never need it, it shows on your premium. Those who have never been in an accident pay a lot less for their insurance.

SmartA$$

nope, you still used the insurance, you deferred your risk of liability to the insurance company, which is what you paid them for. Besides, after many years with a company and no claims, you will have had a good-driver discount, which is the same as getting a small portion of your money back.

Fred C

But the money has been spent! Insurance is a pay-as-you-go service. The books have to balance every year. Everybody's premium dollars go into insurance pools, out of which claims are paid. They aren't piled up per person. It would be nice to say if you had paid $30,000 in premiums over your life you could get it back if you had no claims, but then where would the money come from if you had a $500,000 claim?

Scott H

No, even though you never used it, the coverage was there for you if you needed it. Having the coverage in force is the value received for the premiums paid. You're not entitled to any kind of a refund.

brooklyn7582

Hmmm No that doesnt work that way

shelcom

That's ridiculous. Insurance companies are businesses that need to make a profit, not charities. Rates are set knowing they'll win some, break even on a few, and take lossses on a few based on claims experience.

hmark

It would be nice for everyone if the insurance companies did this, however, as some of the other people pointed out, the insurance did give you a discount for no-claims. While not knowing whether you drove on regular basis or just on Sundays, I would say that your record is impressive and I would definitely buy a car from you anytime.

dan b

No, unfortunatley to keep you insurance at very low premiums the companies invest all premium dollars toward paying claims. If premiums where refunded at the end of the policy lifetime that would equal extremely high rates for everyone.

LOL keep dreaming!

cgriffin1972

well that would be nice.....

How about this instead.

For every year you dont have a claim, and always make your payment, you get 1/2 that back.

That woulod be nice too.

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