Do wealthy people still need to buy car insurance?

If someone can afford to pay out of pocket for any damages in an accident, do they still need car insurance?

Apr 21, 2021
Answer provided by
Emily Maracle
Answered at Apr 21, 2021
“While someone may be able to afford to fix any damages out of pocket, most states have a minimum car insurance requirement that drivers must abide by.
Also, there can be costly fees associated with accidents that go beyond damages. If an accident leads to a lawsuit, insurance can cover legal fees and protect financial assets.
Having some sort of liability insurance or uninsured/underinsured motorist coverage will provide extra protection for anyone on the road, regardless of their net worth. “
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