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Banks and credit unions should start making available a new account type. an insurance account.
You would pay into this account regularly, like an insurance policy. However, since it is a bank account with interest, as the balence builds up, your payment minimums decrease and soon you'll have enough
money in there that you won't have to pay insurance cause you have enough in this special account to cover it.
And, of course, if you have enough money already, just put it in one of these accounts and never pay your car insurance again.
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Annotation:
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[thcg] I don't think insurance companies have ever made much money off people. Market forces keep those actuarial equations pretty evenly balanced. |
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They make it off fund management. Hence the big premium hikes in the last couple years. |
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There is a form of insurance that works like this. Forget what it's called, though. |
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Yes, something like this is already quite common, usually for life insurance. In some cases you can actually take money out, too. |
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Right you are. Nevermind. |
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