Posted On: April 20, 2009, 5:25 pm CDT

Posted By: Jack Armstead

I can't believe how many comments in this blog are "insurance" tainted... oh yeah, it's called the Insurance Journal.

What is the problem with paying off on a bet when an insurer has a claim? Didn't the insurer have all of the available information up front; before they wrote the policy. And as someone else has already so eloquently made the point; the cost of the policy NEVER goes down while the vehicle depreciates year after year. Thus, the replacement costs are mute and have been "fiduciarily factored" by Underwriting before the policy was written.

Remember folks, these policies are INDEMNIFICATION policies (fit, function, safety, and value) and the claims process needs to take into consideration ALL FOUR aspects; not 3.5 or 3.3 or 3.1 or 3.0. If the "value" leg of the "indemnification stool" can be removed, then all you're selling is an HMO or PPO for vehicles.

From the way some of you think, why not just put a red fender on a blue car? It fits, it functions, and it's safe; but there's no "VALUE" remaining and that's what an insurance policy is for (and has been for for over 60 years) and why it's permitted to be sold in the first place... to make people WHOLE.