Some questions about the future of insurance in America
States require that car owners purchase liability insurance. (A big selling point for the Obama crowd.) A small part of this premium covers such things as damage to other people's property, but the bulk of it is to cover personal injury expenses. If the government covers (ultimately) all medical costs, what will happen to auto insurance? Can we expect to dispense with auto insurance in the future, or will Washington have a steroid-enlarged right of subrogation so that our auto premiums will increase?
What happens to worker's compensation premiums (especially for union members)? Will employers be relieved of this responsibility?
What about a corporation's comprehensive general liability (CGL) premiums? How much of this cost, depending on the business, is tied to personal injury stemming from motor vehicle accidents (see above)?
How about homeowner's insurance policies? Property loss is a big component of these policies, but personal injury plays a large factor as well; in my state, you are penalized for owning a dog that might deter a burglary because the same dog might bite the burglar! And, my auto insurance is married to my homeowner's policy because my house is less risky than my car.
So, if an illegal immigrant conks my employee on the head with a hammer, steals my personal vehicle, and rams into the Ferris wheel at my amusement park, paralyzing seven of my customers, am I liable for all of the losses? Shouldn't Barack and his progressives be responsible for the bills since health care is free?
Or will I still be paying for auto, home, CGL, and worker's comp?
Yeah, I thought so.