What I mean by really rich is that you can easily afford to pay whatever claims are made against you. Up to several million pounds.
2007-03-22 03:19:41 · 8 answers · asked by Mark J 5 in Cars & Transportation ➔ Insurance & Registration
They really need the insurance otherwise everybody would try for "lots of money". The rich "stay rich" because they don't spend their own money.
Think about it. Several million payout here, several million there and you are now a poor man.
2007-03-22 03:29:47 · answer #1 · answered by ButwhatdoIno? 6 · 0⤊ 0⤋
In America, you can go to your state a file for a personal financial responsibility certificate. You must be able to prove you have a certain amount of liquid assets at all times.
Hardly, anyone actually does this, because it makes much more sense to pay a small amount to insurance and keep your assets earning.
2007-03-22 06:25:07 · answer #2 · answered by Nate W 5 · 0⤊ 0⤋
In the uk you used to be able to post a bond with the high court to cover 3rd party liabilities, but nowadays the damages could be so high that you couldn't practically afford it. Just think of running the Arsenal team coach off the road!
2007-03-22 05:38:34 · answer #3 · answered by The original Peter G 7 · 0⤊ 0⤋
I think paying a few hundred in insurance might be the more sensible option still.
2007-03-22 03:26:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
In the UK it is illegal to drive without insurance.
2007-03-22 04:16:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No just post a bond
2007-03-22 03:26:08 · answer #6 · answered by James B 5 · 1⤊ 0⤋
In the US, it's the law. The law doesn't state differentiate by wealth.
2007-03-22 03:28:18 · answer #7 · answered by Mariposa 7 · 0⤊ 2⤋
It's illegal not to have insurance
2007-03-22 19:30:49 · answer #8 · answered by WelshLad 7 · 0⤊ 0⤋