Quote:
Originally Posted by dcb
some redistribution is necessary, unless your position is that you cannot drive unless you are wealthy.
|
The minimum liability insurance in most states is around $50,000. Even if you were to assume causing a serious accident that was completely chargeable to you, on most policies the total coverage is less than $100,000.
Is that your idea of wealth?
The irony of it is that even if you are wealthy and capable of being "self-insured" by having assets to cover any eventuality, the government still forces you to buy a policy that results in your having to pay a stiff yearly premium. As I said, if you never have a chargeable accident this amounts to paying for those who do cause accidents, with the insurance company also taking its cut for writing the policies. It is money spent for which you received absolutely nothing in return.
As you mentioned, there are people who are driving without insurance which is even more galling: those who obey the law are penalized by having to pay for insurance, and those who don't have insurance, get away with it.