What if there's an auto insurance company for the people by the people?

[HoustonRealtor]

The average American spends over $1,700 annually on auto insurance. That money is gone regardless of what good of a driver they are. What if there's an Auto Insurance company that is made by the people for the people? The idea is simply this, every 6 months the driver who doesn't have any accidents or tickets will receive a portion of their payment. That will continue to increase until they receive up to 50% of their premiums. They could also use their earnings to invest in 401K or mutual funds.

With that model, we now encourage people to drive more responsibly in return for receiving a portion of their payments. The auto insurance market is huge and monopolized by a few companies. I have yet to find any of them that offer long-term refunds to their members.

This concept will help millions of Americans earn a bit of extra income while becoming better drivers.

 

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[LateStarter]

The average American spends over $1,700 annually on auto insurance. That money is gone regardless of what good of a driver they are. What if there's an Auto Insurance company that is made by the people for the people? The idea is simply this, every 6 months the driver who doesn't have any accidents or tickets will receive a portion of their payment. That will continue to increase until they receive up to 50% of their premiums. They could also use their earnings to invest in 401K or mutual funds.

With that model, we now encourage people to drive more responsibly in return for receiving a portion of their payments. The auto insurance market is huge and monopolized by a few companies. I have yet to find any of them that offer long-term refunds to their members.

This concept will help millions of Americans earn a bit of extra income while becoming better drivers.

You mean like a co-operative?

It sounds like they exist. Have you done any research on them?

Best Co-Op Auto Insurance in 2024 | AutoInsurance.org

Co-op auto insurance can save drivers 25% off rates from traditional insurance companies. Learn how auto insurance cooperatives work and compare free quotes.

www.autoinsurance.org

 

[HoustonRealtor]

You mean like a co-operative?

It sounds like they exist. Have you done any research on them?

Best Co-Op Auto Insurance in 2024 | AutoInsurance.org

Co-op auto insurance can save drivers 25% off rates from traditional insurance companies. Learn how auto insurance cooperatives work and compare free quotes.

www.autoinsurance.org

Yes, I sure did and all I found is small rewards or discounted rates after being a customer for years.

 

[BizyDad]

The average American spends over $1,700 annually on auto insurance. That money is gone regardless of what good of a driver they are. What if there's an Auto Insurance company that is made by the people for the people? The idea is simply this, every 6 months the driver who doesn't have any accidents or tickets will receive a portion of their payment. That will continue to increase until they receive up to 50% of their premiums. They could also use their earnings to invest in 401K or mutual funds.

With that model, we now encourage people to drive more responsibly in return for receiving a portion of their payments. The auto insurance market is huge and monopolized by a few companies. I have yet to find any of them that offer long-term refunds to their members.

This concept will help millions of Americans earn a bit of extra income while becoming better drivers.

In any given year most of your customers won't get into an accident. You would have to charge higher rates than your competitors to support being able to pay back most of your clientele up to 50% of their premiums...

 

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[Kak]

Auto insurance is already as cheap as it can possibly be without major disruption, or else one of the many insurance companies serving the market would take advantage and seize market share.

That’s how markets work, so, really this just becomes a marketing manipulation like TXU Energy’s “free nights” plans. They forget to tell you that they make up for it with a higher charge during the day.

So you get your premium back there’s pretty much no way around paying a higher premium to begin with then.

 

[Antifragile]

Under current structure:

• What happens to your premiums when you have a claim, then another, then another?
• What happens to insurance companies when a natural disaster occurs?
• What happens to re-insurance premiums for regions more likely to get hit with hurricanes?
• What has been the trend in profit margins for insurance companies over the last 10 years?
• How competitive is the insurance industry market?

The truth is out there… just ask the right questions.



Seriously… short answer: your math doesn’t work.