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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?

avatar
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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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