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The first is that the scenario you describe, self insurance, used to be an option in California. A former boss of mine who was originally from CA once told me that he had done this for years when it was legal there and had saved a lot of money.
The other thought is what happens when people without financial means practice this philosophy. Unfortunately, the other party has to pay when uninsured people are involved in (and cause) traffic accidents. Michigan is one of only two(?) states with "No Fault" insurance where everyone is responsible for their own vehicle repair/replacement costs following traffic accidents with only $500 recoverable from the party at fault. We also pay a fee for "Uninsured Motorists" because some drivers carry no insurance of any kind, so everyone covering themselves doesn't quite work.
The most expensive part of Michigan's insurance plan is the life time medical coverage provided to accident victims. As you can imagine this has led to a broad range of scams, frauds, and bogus service providers which bilk the insurance companies for millions of dollars each year, money which is replenished by inflated premiums paid by the insured motorists
posted by 98.250.156...
_______________________________________
Saabs owned:
2008 9-5 Aero Sedan, sold at 227K miles
2006 9-3SC 2.0T - Wife's daily driver
2000 Viggen Convertible - Sold May, 2022
1964 Quantum IV Formula Car - Retirement project
2000 9-5lpt Sedan, sold at 318K miles
Posts in this Thread:
- Insurance, comprehensive coverage, what do you [long], bender , Wed, 29 Dec 2010 17:17:00
- Insurance can be a gamble..., Larry West , Thu, 30 Dec 2010 07:28:28
- Two thoughts on this, MI-Roger , Thu, 30 Dec 2010 07:14:57 <-- Viewing This Message
- Re: Insurance, comprehensive coverage, what do you [long], Ultimated, Thu, 30 Dec 2010 05:36:37
- Watch your liability amount, No Snaab, Wed, 29 Dec 2010 18:35:39
- Re: Insurance, comprehensive coverage, what do you [long], Tim, Wed, 29 Dec 2010 17:34:56
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