I can see both sides of this coin; for those who say they will self insure because they have the means to recover their loss, it makes sense.
The fly in the ointment nowadays is that it's hard to self insure for liability. In a worst case scenario where you had an at fault accident, maybe you can stomach the $100k+ loss of truck and trailer. But what if you are sued for millions? End of your lifestyle as you know it.
For those who don't plan to get into an accident? No one plans to get into an accident, and all it takes is for the first one to be a bad one.
To be clear, each one can make their own choice and each one accepts their own level of comfort with risk. I'm only suggesting that the risk is higher now than it used to be, so make sure you are considering the true "worst case" scenario when you decide.
I used to only buy the minimum insurance required in our province. But now that I am older and have way more means than when I was younger, I actually buy more insurance. Yes, now I can afford to self insure the loss of the vehicle, but I also have a lot more to lose if I was sued. And because I have more, I think the likelihood of being sued is higher.
I still don't plan to get in an accident, and drive very defensively
Just MHO...
Brad
Threaded Mode
