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In my state you have to tie up over 100K in a bond to avoid paying liability insurance so it's not worth it. But I looked at this list and see in some states the amount is very low.
In some of the state's with low Surety Bond requirements, that may be for one of several bonds you will be required to submit to get approved for self insurance. In other states, the cost of that bond is almost as much as the insurance with less of the amenities insurance companies offer. Lastly, often the bond pays and it's up to you to handle all the details while still being saddled with the dollars the bond paid out.
But if you cause an accident with injuries, you could get sued for millions if you don't have insurance to pay it.
People love to complain about heartless, profit-hungry insurance companies, but sometimes those very traits are good to have standing behind you. You don't want to end up responsible for paying any more of some other party's claim than necessary. Your heartless, profit-hungry insurance company doesn't want to pay them either!
People love to complain about heartless, profit-hungry insurance companies, but sometimes those very traits are good to have standing behind you. You don't want to end up responsible for paying any more of some other party's claim than necessary. Your heartless, profit-hungry insurance company doesn't want to pay them either!
More importantly, the insurance company and its employees have the capacity to treat the case objectively. The company's concern is to not to lose money, not lose those dollars you have to pay them every month for your insurance.
Most insurance adjusters and attorneys can recount tales of totally unreasonable people they encounter. One of my favorites was a guy in his twenties who was trying to cross a road in the middle of the night. He was not in a pedestrian lane and was very difficult to see and was struck by a car. He could not/would not accept the notion that he had caused the accident by being careless. My explaining that he was at fault and that I would not take his case didn't make him any more reasonable. By the same token insurance adjusters have dealt with insureds who would not accept responsibility for causing an accident even when it was clear as could be. These examples demonstrate people who cannot or will not be objective about an accident.
Its because of people like this that I am glad that car insurance policies contain language making the insurance the sole determiner of whether a claim is settled or not.
People love to complain about heartless, profit-hungry insurance companies, but sometimes those very traits are good to have standing behind you. You don't want to end up responsible for paying any more of some other party's claim than necessary. Your heartless, profit-hungry insurance company doesn't want to pay them either!
Well, just because I admit insurance companies are needed, doesn't mean I can't also think they can be profit-hungry and heartless.
Well, just because I admit insurance companies are needed, doesn't mean I can't also think they can be profit-hungry and heartless.
of course they are heartless money grubbing entities and my dividend checks proves it.
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