From the "Healthcare Summit":
When I was young, just got out of college, I had to buy auto insurance. I had a beat-up old car. And I won’t name the name of the insurance company, but there was a company — let’s call it Acme Insurance in Illinois. And I was paying my premiums every month. After about six months I got rear-ended and I called up Acme and said, I’d like to see if I can get my car repaired, and they laughed at me over the phone because really this was set up not to actually provide insurance; what it was set up was to meet the legal requirements. But it really wasn’t serious insurance.
Now, it’s one thing if you’ve got an old beat-up car that you can’t get fixed. It’s another thing if your kid is sick, or you’ve got breast cancer.
That statement makes it obvious that he does not understand that the "mandatory insurance law" for driving a car on public roads is not designed to protect the purchaser, but rather the person injured (body or property) by that driver. Obama explained in this clip that he only bought the legal minimum, not collision or comprehensive, which would have covered his damage. When people buy insurance, it’s made very clear exactly what it covers. Most drivers can understand it, even the Harvard Law grads. Small wonder he was laughed at.
This anecdote proves that Obama never learned a thing about insurance — so why would we want to have someone who understands so little remaking the entire health-insurance sector.
If he does know better, maybe in his arrogance, he thinks the "great unwashed" (that's us) don't. Which way makes you more comfortable?
Crossposted @ Insurance Q&A