Question:
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.
Answers:
My friend used my car and had a wreck, who pays for damages?
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.
Can I fail inspection for bad tires?
No just post a bondI think paying a few hundred in insurance might be the more sensible option still.
Any idea how much insurance is on a slightly new mustang for a 16 year old?
In the US, it's the law. The law doesn't state differentiate by wealth.In the UK it is illegal to drive without insurance.
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!
What happens when auto accident is not your fault but considered "no fault?"?
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.
I was involved in an accident that was not my fault but don't have insurance what do I do?
It's illegal not to have insuranceMore Questions & Answers ...
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