Community Insurance

[NewsCommunist]

Hello everyone.
I know that this idea has already happened. But I would like to start a non profit insurance orginisation. The idea is that everyone signs an agreement that if an other person in the agreement makes an honest claim the cost is divided equally and each person pays a small fee. e.g 10,000 people in a agreement and a annual cost of $20,000 so each person pays $2 each. It is a much cheaper way and cuts out a greedy middleman. I want to start up a charity like this
I would love support and as the more people join the scheme (if I can go through with it) the lower the cost. I know I am being a bit too over aspirational here but it could happen.
but I want to know what to do?
Can anyone help.
Thank You

 

[STIBROKER]

Hello everyone.
I know that this idea has already happened. But I would like to start a non profit insurance orginisation. The idea is that everyone signs an agreement that if an other person in the agreement makes an honest claim the cost is divided equally and each person pays a small fee. e.g 10,000 people in a agreement and a annual cost of $20,000 so each person pays $2 each. It is a much cheaper way and cuts out a greedy middleman. I want to start up a charity like this
I would love support and as the more people join the scheme (if I can go through with it) the lower the cost. I know I am being a bit too over aspirational here but it could happen.
but I want to know what to do?
Can anyone help.
Thank You

Already been done......... Samaritan Ministries International - Samaritan Ministries International

 

[NewsCommunist]

I know but I am doing it on the basis of programmes in Eastern Europe such as home insurance or car insurance or pet insurance.
I imagine that has been done as well. ( I should do more research before openning my mouth)

 

[VolAgent]

There are a couple of assumptions here.

1. Insurance companies are why healthcare is broken in the US.
2. Middlemen deliver no value.

 

[NewsCommunist]

I agree. I hate middlemen. but I can not run healthcare insurance because I am in the UK.

 

[VolAgent]

I see that went completely over your head.

Your assumptions are wrong. Also, your goal is to become a middleman...

 

[NewsCommunist]

It is a middleman but I would make it non-profitas insurance (unfortianetly) in motoring is a mandatory requirement(in the UK at least) so I do not think it should be a reason for making a heap load of money.

 

[pcbinsurance]

Medi-Share is another.

https://mychristiancare.org/Medi-Share/

 

[NewsCommunist]

That sounds good but I do not want to do medical insurance I want to do car insurance or other types.

 

[VolAgent]

That sounds good but I do not want to do medical insurance I want to do car insurance or other types.

In some ways, that is going to be more difficult. Most if not all states have some version of a financial responsibility law. Basically, you either have to post a bond or have liability insurance for your car. Also, lenders require comprehensive and collision coverage if there is a lease or loan on the vehicle.

You'll basically end up being an insurance company once you comply with those requirements.