And apparantly, they will pay what the market asks!

Pretty amazing.
http://www.bloomberg.com/video/68622750/

Cheers!

 

Insurance companies see them coming and just plain rape them. Should be illegal.

 

Well we have to remember famous people getting sued for any accident becomes cash cows for people. So insurance companies have to protect and cover that larger potential lost. Seems like common sense to me. I don't see anything wrong with that.

 

People who gamble will often say, "The house never loses" or something similar. At least when you gamble, the odds are known and can't change. Insurance companies are like the casino only they know the odds, you don't and can't find them out and they change the odds or the bet if they don't like the way things are going. Suckers, we're all suckers...

 

young rich celebrity in high priced toys...it makes some sense, although i dont know why these guys don't just buy the cars and insure them in their parents names.

 

indeed, insurance companies (specifically auto and health) are straight up crooks, yet we all accept it and keep supporting them.

theyre basically legalized extortionists.

 

back in the day muhamed ali was in an accident in his rolls that was his fault. when he was sued, the plaintiffs found out that ali's management set up a corporation that only owned his cars. therefore he could only be sued for the value of the used cars after liquidation of all corporate assets.

 

If you think exotic car insurance is bad, you should try to insure a fast powerboat....

 

I don't see an issue with this. It is just the cost of doing business and the story does nothing to explain the policies themselves. Insurance is just about taking an average of the risk for a cross section of something and then putting a price (including a profit of course) on covering it. Would you place a famous celebrity/sports player in a group of average people? I sure as hell would not. Especially famous sports players. This is just life. The 4,000 pound average for the 430 insurance also did not say that it was for someone under the age of 25. I would venture to say that an under 25 non celebrity 430 insurance policy would be relative to the proportion that they showed for the under and over 25 sports player. The story was just about shock factor. Guess that it worked for most of the viewers...