“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.
“If you have a loan, you generally MUST have insurance.”
Every time if you want to take out a loan, insurance is a mandatory part of that process.
Proof of car insurance is required in some states in order to renew the registration every year.