This is similar to saying people got screwed by their mortgage company because they didn’t know their rate would adjust….or that they owed that amount even if the value of the home went down….or how interest works.

We can’t build our systems based on what effort the lowest common denominator is willing to put in to what they’re buying.

We had national news outlets bemoaning that Business Interruption Insurance wouldn’t pay for lost revenue due to COVID shutdowns with everyone blaming the evil insurance companies. BI coverage has always been written and priced to cover loss from shut down due to a property loss. It never was intended to cover govt mandate closures due to a virus. Anyone with a 7th grade education can read this in the policy.

This post was edited on 3/1/24 at 1:47 pm

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Posted by jorconalx

alexandria

Member since Aug 2011

8632 posts

Posted on 3/1/24 at 1:48 pm to SquatchDawg

quote:
We can’t build our systems based on what effort the lowest common denominator is willing to put in to what they’re buying

Exactly. What percentage of consumers do you think check vehicle safety ratings or just overall vehicle ratings when purchasing a vehicle?

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Posted by funnystuff

Member since Nov 2012

8358 posts

Posted on 3/1/24 at 5:41 pm to SquatchDawg

quote:
This is similar to saying people got screwed by their mortgage company because they didn’t know their rate would adjust

No it isn’t. Adjustable rates are one, single, isolated datapoint that a customer must affirmatively decide whether or not they want. It is absolute in its nature, and it is stated plainly as a headline item in any mortgage you take out. I’d venture a guess that less than 15% of mortgage holders are unsure if they have a variable or fixed rate mortgage… in comparison, I’d be shocked if more than 1% of the population could accurately communicate the full scope of their insurance coverage.

If you can’t admit how different that is from what insurance companies are doing, then I don’t think you are prepared to have an honest conversation about the state of the market.

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