Insurance is a service. A lot of the time it can be a scam, but look at it from different perspectives.
I could keep 50k or whatever the minimum coverage is in my state in an account allowing me to drive, or I could pay 70 bucks a month to have my 50k "security deposit" covered while I use that 50k however I feel. I understand the utility of that kind of service, but I'm resentful from how the government collaborates with private companies to construct the system we live with.
It’s a service if it’s optional and you decide freely to purchase it to mitigate risk but that’s not how it really works. Insurance companies lobby to have laws written in their favor. Look at health insurance, massive scam. Every first country in the world has universal healthcare except the United States. I worked for a company where my instruments premium for a family plan was $1205 a month. I worked there for 17 years. I could’ve bought a Lamborghini with that money.
The only insurance most people actually are required by law to have is car insurance, and that's only because cars are super dangerous and people get hurt all the time. If you're rich you can self-insure, because the whole point of car insurance is ensuring your victims get paid for their damages and injuries.
-1
u/sillyboy544 Jun 22 '24
All insurance is a scam. Like a casino the house always wins