First of all, the link that brought this up.
Now, some of you might think this is a non-issue, or it just doesn't affect you right? Wrong.
Have you noticed your rising auto insurance, health ins., even home owners insurance is slated to go up 10% next year? This can be directly attributed to these frivolous lawsuits. Something even deeper to ponder on, those are just the immediate costs that you actually see.
Economics 101: When a business incurs a new or rising cost to do business the cost is generally passed on the end consumer. Thats right boys and girls, the end consumer is me, and its you. Take my job for an example. As most of you know, I am in construction management. We have our ins. costs built directly into our bids, and our CPA generates that cost (its actually a percentage of our labor costs) quarterly. So... in short, our insurance goes up, and then our price goes up.
This country is so sue happy, that when you try to fight a blatantly frivolous suit the judge asks "There are insurance companies involved, why havenít you settled" ARE YOU KIDDING ME?
Recently in Alabama 80% of the states Dr.'s shut down there practices. There malpractice insurance was so high that they couldn't afford to be in business. Well why didn't they just raise their prices you ask? Well, the health insurance companies tell them what they will pay for different procedures, so they are S.O.L.
My friends, we need some serious tort reform in this country. I am not talking about just putting caps on liability. We need to make a person CRIMINALLY liable for a frivolous claim. Most of these people are broke anyway, so counter-suing for your court costs and time is a joke. These people should be thrown in jail. Above is a high school kid that is on his second law suite already. Take a good look folks, because until we have some sort of reform this is how that kid will make a living his entire life. Off of our insurance dollars.
I pay 15% of my GROSS income to various insurances.
In all likelihood my rates will increase the next time I renew, even though I have not made a claim on ANY of my policies.