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| *Loan,banking and credit>>>automobile insurance |
Do the rich buy automobile insurance? |
Do the rich buy automobile insurance? They do if they don't want to lose everything they own. Poor people can afford to go without auto insurance easier than rich people can. If I'm Bill Gates and I cause an accident where someone is badly injured, I'm going to get sued and end up paying out a ton of money. If I'm Joe Schmoe with no assets, little income, and I cause an accident and get sued, there's nothing for them to get as I have nothing. They can get all the judgments in the world against me bu I have no assets to attach and no way to pay them. Bill Gates, on the other hand, would have assets to attach. If they are smart they do. most states require it by law. If it is mandatory by law, then yes they do. not sure what it's called, but my dad said that some states allow ppl to get around insurance by having a bank account with some amount of money in it [say $10-20k], reserved for the specific purpose of an even of an accident. I'm not that rich, though! But I've thought about that scenario, myself. Paying insurance sucks, I know. Of course they do. They wouldn't be rich if they didn't protect their investments. Additionally, most states require auto insurance regardless of income level. Yes. Of course, they can afford to replace/repair the car, but insurance is a small fraction of the car's value and is good to have. Also, there's liability. Too many people try to pick rich people's pockets. If they have an accident, even if it's the other person's fault, they might be sued just because they have resources and the other person doesn't. |
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