Insurance premiums too high?Why is it that insurance premiums keep increasing year after year? Nothing else changes but the insurance premiums we pay every month. If nothing else changes, why the heck do the premiums change? Are the insurance company share holders just greedy and want greater profits? Maybe that has something to do with it, who knows. Things like insurance fraud and insurance scams can drive up insurance premiums as well. Major disasters can also drive up costs that are obviously passed on to consumers. Hurricanes, tornadoes and other major disasters usually hit hard and cost insurance companies millions of dollars.
Is there a way to prevent insurance premiums from rising out of the range of affordability? Tough question; where is the line? Some people can afford anything while the average Joe can hardly afford to make ends meet. Cheap insurance has gone the way of the dodo bird. When insurance premiums keep going up and up that affects him enormously and takes away those precious dollars which could be better spent on necessities like food and clothing for this children. Sometimes, people’s insurance premiums climb so high, the insurance simply does not get paid and insurance is done without. Being uninsured is unfortunate, but a reality for many people, in many countries.
There should be a way to regulate insurance premiums so that consumers are protected from the ever increasing threat if increasing insurance premiums. I can’t help but wonder why the insurance companies simply cant just set certain packages at certain set prices. Why should a person’s insurance premiums rise if they have no insurance problem or claims? It just does not make sense. It is simply a case of a few bad apples ruining the batch. When insurance companies have to pay claims, everybody pays. Plain and simple. Fair? Hardly, but what are gonna do? The insurance companies have us by the short and curlies and there not much we can do except pay those high insurance premiums and keep trying to make ends meet. |
