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Neither liability nor collision/comprehensive auto insurance should be mandatory.
You have an accident, regardless of fault, your own insurance should cover you.
Would prices go up or down in this scenario?
Obviously, for those with zero to negative wealth it's a boon as they would surely pass. Those with something to lose would need protect their assets but I am not sure how the knock-on effects would play out.
But requiring insurance surely doesn't lower it's cost, that I'm sure of.
Think ACA.
The cornerstone of car insurance law is something called 'financial responsibility". Guess what that means? It means you are required to have liability insurance in case you cause personal injury or property damage to others.
If you are unwilling to pay for the injuries you cause others and their property than explain to me why the state should grant you the privilege to drive? The answer is that you shouldn't have it. By making people obtain insurance to pay for the harm they cause others we shift the costs of careless driving to careless drivers where they belong.
The cornerstone of car insurance law is something called 'financial responsibility". Guess what that means? It means you are required to have liability insurance in case you cause personal injury or property damage to others.
The government mandating insurance ?
Let's see, I think that I have heard that before.
The government mandating insurance ?
Let's see, I think that I have heard that before.
You should have. Forty-nine out of fifty states have mandated liability insurance for auto owners for probably as long as fifty years.
Uninsured drivers have no place on our roads or highways. We should be more aggressive about identifying them, penalizing them, and getting them off the roads.
Why have car insurance rates gone up? Because humans breathe and that's enough of a reason for everything we buy to increase in price. My wife was renewing her car insurance on her 19 year old truck and they increased the rates, despite the fact that she has had no tickets or accidents in many many years. She was astonished and when she asked them why, they told her it was because, "If you have an accident, it will be expensive for us to replace your vehicle parts because it's so old." She never heard such a lame excuse and dropped them immediately.
Just renewed my liability with Farmer no increase this time 100/300 6 months age 85 $380.no accidents nor tickets 67 years of driving and 34 years with Bell.This means nothing to them.
When we got our renewal for 2 cars a few months ago it was up $1000 from last year!!! Yes I said ONE THOUSAND dollars in 1 year!! We have never had an accident or a ticket. I figured it was a mistake and called them. They said it was going up because people in the area have made a lot of claims and we have to help pay for them. Are they kidding me??? I called another insurance co and got a quote of less than I was paying before the renewal so I switched. Absoultely crazy!
1) Auto Insurance is regulated by each state so comments that Hail or Hurricanes etc. is driving up your rates is possibly true if you live in the areas that are hit hard by hail & hurricanes but the rates in say....Iowa are not going up because of Hurricanes or CA wildfires.
2) The economy is booming, lots of cars and trucks on the road and thus there are many more collisions. This is one of the big national drivers.
3) Changes in your own state. It's possible that your own state changed laws that impacted insurance costs. Rarer but it does happen from time to time.
Just renewed my liability with Farmer no increase this time 100/300 6 months age 85 $380.no accidents nor tickets 67 years of driving and 34 years with Bell.This means nothing to them.
It shouldn't.
Imagine there are 100 "DanBev's" out there just like you and you all pay in totaling 76k for a year
All it takes is one of you in the next 5 years to have (for example) a heart episode while driving and cross the center line causing a max limits accident.
Or one of them starts to have their butter slip off their toast a little and runs a stop-sign.
That's the whole point of insurance, especially when a company is putting 300k on the line for a measley $380.
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Anyone notice insurance auto rates go up?
She never heard such a lame excuse and dropped them immediately.
