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
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.
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