The “evil capitalists” are saving millions because no one’s on the road. But instead of pocketing the money and calling it a day, car insurance companies are giving back people’s premiums.
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Capitalism. In the minds of classical liberals like me, the word represents the monumental advances in human society spurred on by free-market competition, individual innovation, and voluntary cooperation. But in the minds of a growing segment of society, the word has instead become synonymous with greed, selfishness, and corruption.
And why shouldn’t it? Hasn’t there been story after story of corrupt corporate executives tanking their companies but leaving the consequences to its employees? Haven’t we seen economies tumble because Wall Street hotshots played fast and loose with other people’s money? Haven’t we all witnessed how the rich keep getting richer and the poor keep getting poorer?
Well, perhaps that’s the image of capitalism that so many are today choosing to see. True, there are unscrupulous people are wealthy and privileged. But there are such decadent souls in all levels of society. Just as a social Darwinist only sees the unfit specimens of humanity amongst the poor, a flag-waving socialist only sees corruption in the bourgeoisie. You often only see what your ideology has trained you to see.
It’s refreshing, then, when real-life flips the narrative. Whether it’s the homeless beggar who turns out to also be a veteran willing to fight off a rapist or the CEO who funds a women’s shelter, humans are defined by far more than their circumstances. Our choices define us, and we are all equally capable of choosing to do good or choosing not to. The ability to be selfless and pull together in a time of need does not diminish because we are in one arbitrarily defined class or another. Often, the only thing that diminishes the human impulse to offer a helping hand is when we set up boundaries and separate ourselves into categories, and project assumptions that become defining.
One such refreshing flipping of the narrative are the recent actions car insurance companies have taken. Due to the decrease in accidents and insurance claims resulting from most Americans staying home, auto insurance companies stand to save billions of dollars this year.
Contrary to the widespread expectation that executives would be buying yachts and wasting away such savings while millions of Americans hunker down with their families and wonder where their next paycheck is going to come from, many of these auto insurance companies are choosing to give the vast majority of their savings back to their customers.
As this article goes into publication, major companies like Geico, Allstate, American Family Insurance, Liberty Mutual, and USAA are slashing premium rates across the board, refunding premiums paid in recent months, and are even halting cancellation of coverage due to non-payment.
As with any crisis, many terrible things occur. We are often left shocked and horrified as we witness the ruthless cruelty of the world we live in. But the times that try men’s souls often refine the gold of the human character, and we can witness great and wonderful things as we come together. But only if we come together, and only if we can learn to recognize we can find good everywhere we’re willing to look for it.
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