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The Water Cooler
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A Question for Our LEO members...
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<blockquote data-quote="Aries" data-source="post: 3487487" data-attributes="member: 44328"><p>Bob's requirements are exactly what they are now. Bob must carry liability insurance, and it covers whatever Bob damages. As far as Bob's car is concerned, it is exactly what you're proposing... Bob can buy insurance, or he can not buy insurance and bear all the risk for his own car himself. If his car is financed, the finance company will require that he insure THEIR interests, because they don't want to just assume Bob is a stand up guy, but otherwise it's completely Bob's choice. Juan shouldn't have to assume Bob is a stand up guy either, but if Bob is not required to buy insurance then Juan HAS TO... not because he is willing to assume risk for what he damages, but he also has to assume all the risk for what Bob damages.</p><p></p><p>Again, if I can throw Bob in jail until he pays for the damage he caused to my car... maybe. Otherwise Bob needs to be insured, or verify that he has the means to pay for any damages (which he can currently do by law).</p><p></p><p>I don't know how to fix the system which does have some holes, but right now if you ignore the law and don't buy insurance, there are some potential penalties you have to worry about. You want to just eliminate those penalties, but not provide any protection for responsible drivers that they don't already have?</p></blockquote><p></p>
[QUOTE="Aries, post: 3487487, member: 44328"] Bob's requirements are exactly what they are now. Bob must carry liability insurance, and it covers whatever Bob damages. As far as Bob's car is concerned, it is exactly what you're proposing... Bob can buy insurance, or he can not buy insurance and bear all the risk for his own car himself. If his car is financed, the finance company will require that he insure THEIR interests, because they don't want to just assume Bob is a stand up guy, but otherwise it's completely Bob's choice. Juan shouldn't have to assume Bob is a stand up guy either, but if Bob is not required to buy insurance then Juan HAS TO... not because he is willing to assume risk for what he damages, but he also has to assume all the risk for what Bob damages. Again, if I can throw Bob in jail until he pays for the damage he caused to my car... maybe. Otherwise Bob needs to be insured, or verify that he has the means to pay for any damages (which he can currently do by law). I don't know how to fix the system which does have some holes, but right now if you ignore the law and don't buy insurance, there are some potential penalties you have to worry about. You want to just eliminate those penalties, but not provide any protection for responsible drivers that they don't already have? [/QUOTE]
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