Insurance vs. monster safe

[calvindog]

Originally Posted by jg8422

Is there any reason to spend $1500+ on a decent safe when you can get, according to collectinsure.com, a $50,000 policy for $216/year? Perhaps a safe would be cheaper in the long run?

Any reason to have both (a high-end safe and insurance)?

Thoughts? Opinions for personal experience?

Insurance companies are businesses created to make money. Don't think it's always going to be so easy to get them to pay up.

[ls7plus]

Jeff's got that one exactly right. Working generally with Plaintiff's with large personal injury type claims at both the trial and appellate levels, it is apparent that most insurance companies' business model includes taking in premiums, investing them to make more money, and perhaps distributing the income. Paying legitimate claims is seen as something to do reluctanctly, at best, and if paid, to minimize the amount paid out as much as possible, in any manner possible, with ethics of no concern. In Michigan, under the No-Fault law, insurance carriers are technically on the hook for payment of things like attendant care and medical expenses claims arising out of catastrophic injuries sustained in the course of a motor vehicle accident, such as a traumatic brain injury or quadriplegia, for the life of the claimant. And boy, you should see the dirty tricks they pull to try and avoid paying these kinds of claims as the dollar value rises, and the claims persist, year after year, as the injured person never regains function. There are a great number of insurance companies, who if they really were your "neighbors," would prompt you by their close proximity to build a moat around your house, buy all the fortifications you could afford, and invest in automatic weapons with a large stockpile of ammo on hand!

Some insurance companies process claims in good faith, but unless you're a litigation lawyer with a broad, active practice, it can be difficult to pick a good one. Caveat Emptor, in this area. I'll take a good, heavy safe with high temperature resistance. After all, how many house fires have you actually seen in your life?

Best wishes for "safe" collecting,

Larry

[Exhibitman]

Originally Posted by calvindog

Insurance companies are businesses created to make money. Don't think it's always going to be so easy to get them to pay up.

Name a business that isn't.

I've had insured claims in the past--including a big one with the 1994 Northridge Earthquake--and very little trouble getting paid. Of course, that could also have to do with the letterhead...

My take on insurers is that they are the only business that exists solely to cheat the counterparty to a contract out of the benefits of the contract. When I realized that the best day I could ever have as an insurance defense attorney was to cheat an injured person out of their just compensation I switched sides. I haven't worked for insurers in over 15 years and haven't missed it at all.

[ls7plus]

Originally Posted by Exhibitman

My take on insurers is that they are the only business that exists solely to cheat the counterparty to a contract out of the benefits of the contract. When I realized that the best day I could ever have as an insurance defense attorney was to cheat an injured person out of their just compensation I switched sides. I haven't worked for insurers in over 15 years and haven't missed it at all.

Ah, Adam, how it absolutely warms my heart to hear that! I always wandered how the defense lawyers for the insurers who obviously had a lot of good in them were able to sleep at night. It's no small exaggeration to say that at times I feared for their very souls, as they'd clearly sold them for material wealth and/or success. A hearty, belated welcome back from the dark side!

Sincerely,

Larry

[Exhibitman]

"Wealth"? What wealth? Insurers' pay rates suck.

[ls7plus]

My bad, Adam, my bad, although these days, a lot of lawyers I know here in Michigan are hurting, and just having income coming in as consistently as the bills is becoming enough to constitute "wealth" for them.

My hat is off to you still, as now I not only have your vast knowledge of Exhibits and other cards to respect, but true class and character too! A lot of these lay members have no idea what some carriers will do to minimize amounts paid out on even perfectly legitimate claims (my sometimes partner in personal injury actions, Michael Golding, and I accept no other kind). The higher the amount at stake in the litigation, the dirtier the tricks that one can expect to be pulled, and what goes on regularly in the seven to eight figure range is really mucky!

Glad to have you back in God's sunlight.

Larry

[Exhibitman]

Originally Posted by ls7plus

My bad, Adam, my bad, although these days, a lot of lawyers I know here in Michigan are hurting, and just having income coming in as consistently as the bills is becoming enough to constitute "wealth" for them.

My hat is off to you still, as now I not only have your vast knowledge of Exhibits and other cards to respect, but true class and character too! A lot of these lay members have no idea what some carriers will do to minimize amounts paid out on even perfectly legitimate claims (my sometimes partner in personal injury actions, Michael Golding, and I accept no other kind). The higher the amount at stake in the litigation, the dirtier the tricks that one can expect to be pulled, and what goes on regularly in the seven to eight figure range is really mucky!

Glad to have you back in God's sunlight.

Larry

It wasn't easy...If you only knew the power of the Dark Side.