At some point, a large segment of the population will simply forego auto/property insurance because they do not possess assets that exceed the cost of the insurance itself - or the benefit of the insurance is unlikely to exceed the cost.
Given that it is unlikely that the tens of millions of new “guests” in the country will similarly not have insurance, lets just enjoy the free-for-all on the roads.
“At some point, a large segment of the population will simply forego auto/property insurance because they do not possess assets that exceed the cost of the insurance itself.”
This may help to ultimately bring houses and car prices down...
If you have a loan, you generally MUST have insurance.
“At some point, a large segment of the population will simply forego auto/property insurance because they do not possess assets that exceed the cost of the insurance itself - or the benefit of the insurance is unlikely to exceed the cost.”
Being a conservative, I paid off my house early, but I still keep insurance for the case of some type of lawsuit against me, such as from a contractor doing work. But there is a limit to this...