Reply to Car insurance question re: uninsured/underinsured motorist items

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]In VA you can register your car then file an uninsured driver affidavit with the DMV and pay $500 fee to drive legally. Pretty economical if you're poor and judgment proof.[/quote]

Thanks for the info. Sucks to pay $500 to the DMV for the “privilege” of self insuring. On the plus side, it is less than a year’s worth of insurance premium. No idea why you are referencing poor and judgment proof — what exactly is the judgment-worthy faux pas here? Btw wealthy people (not that I fall into that category either) have the least need for insurance, since they can comfortably pay out of pocket for any damages or losses.[/quote]

No, wealthy people need insurance to protect their assets in case they cause and accident that makes someone a paraplegic or similar. PP meant a legal judgment that someone with no assets can't pay anyway.[/quote]

OP here. Thanks for clarifying. Now I kind of get it. Though how often do people cause catastrophic accidents that lead to lawsuits? It still seems like a lot to pay every year to protect you just in case something very rare happens to you. I have been rear ended a couple of times, and I have rear ended others a couple of times, and the insurance payouts were probably equal to a year or two’s worth of insurance premiums max in the worst case, where the dented bumper belonged to a really expensive car. If you are worried about getting sued for a really large sum that would ruin you, the car insurance payout is limited and won’t prevent you from being financially ruined anyway, right? Also, can’t wealthy lower their risk by keeping their assets in trusts or llc’s or something else that (I assume) can’t be touched? Car accident are by no means the only type of thing someone can get sued for, and you can’t insure against everything, right? Anyway, I am just trying to decide what the cost/benefit is, and I am still not entirely convinced that it is money well spent if you are neither poor nor particularly wealthy but do have some assets.[/quote]

I could garnish your wages, empty your bank accounts, put liens on your real properties, etc. Drag you into court numerous times to try to open up your trusts and LLCs. If you aren't repped by insurance then I know you will pay a high price for me to go away.[/quote]

And you will pay a much higher price for doing that because you will lose and pay my attorney fee[/quote]

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