MTI burns at desert storm.
05-01-2016, 07:10 PM
#51
Registered
iTrader: (3)
You guys need to look past the myopic premium view. How does insurance work?
1. its a buisness
2. it needs to make money to survive
3. that means it has to take in more than it pays out.
,
So say you insure a hundred 150+ mph cat at 10k yearly premiums... so you have taken in $1,000,000. You have one cat that flips killing 2 and putting 1 in the ICU for a week, with surgery and rehab, another cat is stolen.
so thats $850,000 to replace the stolen one +850 for the one that flipped +350,00 in medical. So your insurance company has paid out 2 years worth of premiums and is now into deficit spending to cover buisness expenses such as licensing, rent, employees etc....
1. its a buisness
2. it needs to make money to survive
3. that means it has to take in more than it pays out.
,
So say you insure a hundred 150+ mph cat at 10k yearly premiums... so you have taken in $1,000,000. You have one cat that flips killing 2 and putting 1 in the ICU for a week, with surgery and rehab, another cat is stolen.
so thats $850,000 to replace the stolen one +850 for the one that flipped +350,00 in medical. So your insurance company has paid out 2 years worth of premiums and is now into deficit spending to cover buisness expenses such as licensing, rent, employees etc....
05-01-2016, 07:24 PM
#52
Registered
You guys need to look past the myopic premium view. How does insurance work?
1. its a buisness
2. it needs to make money to survive
3. that means it has to take in more than it pays out.
,
So say you insure a hundred 150+ mph cat at 10k yearly premiums... so you have taken in $1,000,000. You have one cat that flips killing 2 and putting 1 in the ICU for a week, with surgery and rehab, another cat is stolen.
so thats $850,000 to replace the stolen one +850 for the one that flipped +350,00 in medical. So your insurance company has paid out 2 years worth of premiums and is now into deficit spending to cover buisness expenses such as licensing, rent, employees etc....
1. its a buisness
2. it needs to make money to survive
3. that means it has to take in more than it pays out.
,
So say you insure a hundred 150+ mph cat at 10k yearly premiums... so you have taken in $1,000,000. You have one cat that flips killing 2 and putting 1 in the ICU for a week, with surgery and rehab, another cat is stolen.
so thats $850,000 to replace the stolen one +850 for the one that flipped +350,00 in medical. So your insurance company has paid out 2 years worth of premiums and is now into deficit spending to cover buisness expenses such as licensing, rent, employees etc....
Everyone understands the business end of it. No one likes it.
05-01-2016, 07:56 PM
#54
You pay less in LOTO....older hull, shorter season.
05-01-2016, 08:40 PM
#55
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Join Date: Sep 2011
Location: Midwest, LOTO, Miami Beach
Posts: 975
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No it doesn't. Once you are committed to this....it doesn't matter. I've lived it, do not have a jet and have to watch my budget. When you get to that point insurance premiums will not stop you.......it's like crack....You will rob your kids piggy bank to make sure you can run that boat.
If we are taking bets here.....Guestimating his experience and value I would say he's under $7500/year no layup.
If we are taking bets here.....Guestimating his experience and value I would say he's under $7500/year no layup.
05-01-2016, 08:43 PM
#56
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Join Date: Sep 2011
Location: Midwest, LOTO, Miami Beach
Posts: 975
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Insured value does
I pay to go to Florida
No layup
I'll bet you a bottle of winners choice that he pays less than $10k/year.
I've lost bets before and always pay up (lost a bet to Cash Bar - that really sucked).....but I also always collect
05-01-2016, 08:45 PM
#57
Registered
No it doesn't. Once you are committed to this....it doesn't matter. I've lived it, do not have a jet and have to watch my budget. When you get to that point insurance premiums will not stop you.......it's like crack....You will rob your kids piggy bank to make sure you can run that boat.
If we are taking bets here.....Guestimating his experience and value I would say he's under $7500/year no layup.
If we are taking bets here.....Guestimating his experience and value I would say he's under $7500/year no layup.
Maybe not to you but to many it does. Budgets are budgets for some people
