Allstate Insurance “Sucker” List

California maybe? I'm actually not sure, but I seem to recall when I did my taxes last year I had to prove health insurance else there was a fine

CA has a State mandate ... this is correct. About $700 fine per individual.

Yeeks.... And after deep and lengthy 5 second research, looks like a few more states mandated a tax penalty for not having health insurance.

All I can say about those states is what are the voters thinking.??
 
You can, actually, do this. Frankly, if you really can afford to, self insuring isn't dumb. But you could be really lucky or really unlucky.
Very true. You could go your whole life without ever having to dip into your reserve. Or your house could burn to the ground.

Twice.
 
All I can say about those states is what are the voters thinking.??
Not the voters. The politicians. And most of them are safe because of gerrymandering and the two-party system (with emphasis on "ideology").
 
what are the voters thinking
They aren't. People are very easy to dupe though, and make them pay for things and have an opinion on something they actually know very little about

If insurance was non for profit and strictly altruistic, IE, a community pot of sorts that people pay into and when someone's luck goes south they take from the pot, and the higher risk group pays more, then fine. But it's not, Allstate's CEO made just over $17,8M in his compensation. I'm all for people making as much money as they can, but when that money comes from people who believe they are putting their money into a reserve they have access to, when instead the executives squeeze that reserve for themselves, that's where the issues lie. How much do insurance companies actually pay out relative to the claims they get?
 
I wouldn’t mind seeing insurance co-ops similar to how many rural electrics run. Tough to do, since each state usually has its own insurance regs to abide by. Non-profit for the most part and the pool of people could be regionally adjusted.
 
I wouldn’t mind seeing insurance co-ops similar to how many rural electrics run. Tough to do, since each state usually has its own insurance regs to abide by. Non-profit for the most part and the pool of people could be regionally adjusted.

Those exist and they have for a long time. They’re called mutual insurance companies. Remember Mutual of Omaha (wild kingdom)? Here’s a US list:
https://en.m.wikipedia.org/wiki/Category:Mutual_insurance_companies_of_the_United_States
 
Those exist and they have for a long time. They’re called mutual insurance companies. Remember Mutual of Omaha (wild kingdom)? Here’s a US list:
https://en.m.wikipedia.org/wiki/Category:Mutual_insurance_companies_of_the_United_States

Right, I just mean I wouldn't mind seeing them become the more common option rather than the for-profit guys like Allstate, Farmers, etc. I mean, Liberty Mutual (who I use currently and is obviously categorized as a "mutual") plays those same games that AllState does. When you have to play the "insurance company do-si-do" every 4-5 years just to get your rates back to reasonable levels when no claims have been made, there's a systemic problem.
 
Be careful with mutuals too. Many operate a mutual and non-mutual underwriter and they’ll sell you insurance from either one.

How the mutuals play the game is they only take the lowest risks. Regulators don’t care since the majority get coverage from them anyway, from their non-mutual side.

Amica plays this game hardcore. You have to ask if you were underwritten by the mutual division or not and ask to be switched and quoted the (usually higher) rates of the mutual before accepting the policy.
 
Back
Top