Go look. You call them greedy but most insurance companies only make between 5 and 7% net profit per year. That's about standard for most businesses. What cost so much are medical, litigation and repairs.
My wife hit a turkey a couple of months ago with our 2013 Yukon. 2700 bucks. New hood, grill and AC condenser plus paint. 2700 bucks! Several years ago it was a Suburban and a deer. That was almost 4500. No injuries. Right now we are just about even with what we have paid in with this company and what they have paid out.
Last claim I worked for an auto accident the med exceeded the 100,000 coverage on the policy. Lucky for the owner they had stacked their personal injury on several vehicles. They actually had 300,000 per person coverage because of that. That only cost a few bucks a month. They went over 200,000 for the driver and front seat passenger.
But you figure that an ambulance is going to cost at least 1K if it's a local volunteer and more if it's a professional service. Air ambulance is just crazy. About the cheapest ride in going to be in the 10's of thousands of dollars. Then add in what the care at the hospital is.
Funny thing is the state governments what the insurance companies to report to them is someone cancels coverage. That's because a lot of people buy coverage to get tags/plates then cancel before the monthly payments kick in. Where the problem is most states what the insurance companies to pay the cost or keeping track and reporting. The insurance companies know that insurance is expensive. They don't want to be the ones who do something that will add to the cost of insurance because someone wants to cheat the system.
Now depending on the state the rates vary but 25% or more may be uninsured. Now this is from a long time ago. I don't know what the figure is today but it was 1 in 4 drivers were going to be involved in an accident each year. And 1 in 4 may be uninsured.
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