I do understand the importance of insurance. But, shouldn’t the choice of getting/not getting insurance be left to us? Aren’t we knowledgeable enough to decide on it? Why then, is the Govt. making insurance mandatory?
Since it’s mandatory to take two-wheeler insurance, I have taken two-wheeler insurance for the last 9 years (that’s as long as I have been driving). On an average, I have spent around 700 rupees per year and I have spent a total of 6,300 rupees for a vehicle insurance that I have never used till now! For cars, the amount is much higher.
There have been a couple of small accidents, but they were very small and I spent less than a couple of hundred rupees to change the indicator or other things that broke. I can’t be claiming such small amounts and in my case, I wouldn’t have even been qualified to claim insurance.
Even if there is some major accident, I can spend the amount required to repair the bike myself. Why should I depend on some insurance company, which I am sure would put me through a thousand procedures? I am basically at their mercy after paying money regularly to them!
What’s the use of an insurance that I am not going to claim at all? Shouldn’t the choice be left to me?
In fact, taking an insurance is very easy. Just give your credit card details and they’ll do it for you even over the net. All the Terms &Conditions are practically and safely hidden.
One favorite insurance for many is the health insurance which is given by companies to their employees. Employees think that it’s free. No, it’s a part of your CTC. You’re still paying it.
I have never claimed health insurance but I know some people who did. When the hospital knew that it was an ‘insurance case’, they took all kind of tests and inflated the bills. After all, the insurance companies are going to pay it!
Doesn’t this encourage excesses? Already, the resources available to us are limited, and we want to utilize them unnecessarily because of the availability of insurance. Though there might be some guidelines regulating such actions, these things generally go unnoticed.
I’ve heard that in some countries, health insurance is offered for ‘free’ by the Govt. Again, nothing is free, as that amount is already accounted for in the taxes. So once again, we are paying it indirectly.
Shouldn’t these decisions be left to the individuals? Can’t individuals decide on the best health care options available to them, when an eventuality strikes? Will they go to hospitals that charge exorbitant amounts (unnecessarily) if they didn’t have insurance?
Then, there is life insurance. Once I thought that life insurance will become the next major scam after the great fall of the finance companies (in my city). I took life insurance but then discontinued it and then they say that all that money is non-refundable (my plan was like that). But thankfully, it was only a small amount.
I am not saying that insurance is a waste, as it is necessary in certain situations. But shouldn’t the individuals/organizations be allowed to decide on the same according to their individual requirements/risks? Why is the Govt/companies making these things mandatory?