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Hi Paul, thanks for your answer.
I have discussed over and over, argued back and forth with the author of the blog and so I thoroughly understood where he is coming from.
There are some points in your answer I would like to argue a bit further. For instance, rebates. Yes there are some companies that give rebates when you have no accident in the year. But once you get into an accident, they raise your premium, right? So they're taking it back! But this guy is not talking about rebates - he is talking about getting your money back after your driving life is over; meaning at age 70, 80, 90 or for some other reason you can no longer drive and you have money left in the pot (your individual account).
One other point is about the Mercedes vs. Corolla. I see your point there. But the guy (I should refer to him as the "crusader") had specifically said that your premium will be based only on one car, which is the most expensive car. If you have other cars no matter how many but of lesser value, you don't pay a cent of premium on those because his idea is "driver insurance," not car insurance. Yes you may be driving your friend's Mercedes one day, but that is between friends to talk about since "driver insurance" is individual insurance in nature. However, as I understand it, in terms of liability, the "Organization" works in exactly the same way as a conventional insurance company today. As for a car rental company, they should ask the renter what his liability coverage is and they'd match that with a car that does not exceed in value.
I can't help but say that a "catastrophic event" like you mentioned is a bit of pessimistic view. Of course anything can happen. But suppose that kind of event happens, wouldn't these companies we are dealing with today suffer the same calamity that would force them to declare bankruptcy thereby avoiding payments to their policyholders?
Now let me take the opposite view. Suppose the "organization" survives the first year and up to the tenth year with only minor claims from less than one percent of the members, don't you think the crusader's concept would work? Suppose again, that the membership doubled, tripled or even hundredfold; don't you think the government would pay attention to this guy? I suspect though that this crusader is thinking of a government subsidy to start his organization. Perhaps it's a pipe dream! But with technology today, anything can happen too. Look at Facebook - it spread like wildfire all over the world even though there was no monetary benefit in being a member of it.
Well anyway, I'm not overly optimistic about this but I sure like the idea of getting back my money when I can't drive anymore. However, by the time this idea would see light, if ever, I'd be a dead ball.
I won't expect any more elaboration from you but if you do, I will appreciate it.
Paul, I am quite satisfied with your answers so I want to give you a bonus of $25 to be taken from my account balance.
By the way, my question was not about family law but rather insurance law as you have seen. But there was no insurance law category in the list. Anyway I might be coming back in the future with more questions on this subject and I would like to introduce you to the author of the blog we are discussing. Thanks again.
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