Automobile insurance is a Ponzi/Madoff scheme!

[Pryderi]

If everyone wrecks their cars at the same time, insurance companies won't be able to handle the payouts and will go bankrupt. Right?

[MADem]

1. No, they'll take the money from the homeowner's insurance fund!

And then they'll double your rate....

[SheilaT]

2. Do you have a better suggestion?

Maybe that everyone needs to put aside all the money that might possibly be needed to repair or replace a wrecked car, repair or replace a home after fire/flood/tornado/earthquake/etc.

Ditto for health insurance. I'm amazingly healthy, always have been. No chronic diseases. Don't take any prescription medications. Should I want those not this healthy, or those who get into some kind of accident, NOT to have health coverage?

My personal philosophy is that we are all here to help each other. You may feel differently.

[Pryderi]

3. I agree with you. When people say Social Security is a "Ponzi Scheme", then all insurance is. nt

[buddysmellgood]

4. The expensive part is for injury. If everyone had health insurance, we wouldn't need it on autos

[kctim]

5. Silly argument

You have a choice to participate in a ponzi scheme or not.

[Pryderi]

6. No it's not. The argument is that ANY insurance could be viewed as a ponzi scheme. n/t