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Particularly auto insurance.

One of the biggest rackets to exist, insurance allegedly offers money to cover for accidents.

The way this works is that they take a monthly premium. Many people pay this premium, it collects into a big pool, and anyone who has an accident gets a share of this money to fix his car. Sounds simple right?

What actually happens is one pays the insurance monthly for years without having an accident. When one does get into an accident, their insurance premium goes up (almost doubles in some cases). People argue that this is to cover the cost of damage.

What then, about the previous years of insurance one paid? What was the point of all the accident free driving if the company increases the client's monthly premium to cover the accident?

As one can tell, insurance has evolved from what was supposed to be a welfare concept to one of the biggest scams, preventing young drivers and students who are just starting to drive on a tight budget from ever driving again, using public transport for ever.

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