how does car insurance work?
Find answers to your legal question.
how does car insurance work?
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im only 14 so dont get mad at me cuz i dont know but my understanding is that you give them money so when you get in a crash that give you money. but whats the point of giving it to them if you already had the money in the first place?
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mbrcatz
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On a very basic level, insurance works like this:
The company figures out, that once a year, one person in 100 will have a big crash, and have a $100,000 claim.
So, 100 people all pay in $1,000 each, and whoever has the claim, gets the "pot" to pay their claim.
It's a SHARING the cost kinda thing. Very, very few people can come up with ENOUGH money to pay a large claim; and even the very rich buy insurance, because it's actually cheaper than having to pay for that one very large claim, when it comes up. MOST people don't file claims (that's why you'll hear about insurance being a ripoff), because if they did, insurance - sharing cost of claims - would cost a heck of a lot more. Kinda like health insurance. |
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Darryl B
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When it comes time for renewal automobile insurance is a quite simple way to save a ton of money. You can get a fast quote online they often give you lots of quotes.
I tell my friends about http://www.LowRateToday.com |
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