What would happen?

[Working Poor]

I was thinking about the economy and to me what seems to be the absolute biggest rip off going. To me it seems like insurance of all kinds are just the pits.

I wonder what would happen if people refused to buy it?

I know some will think this to be an outlandish question but tell me what you think any way.

I know someone who spends over half their income on insurance. I guess my dad would be whorling in his grave if he knew I was writting about insurance being a rip off. Cause he used to sell it.

 

[Working Poor]

doesn't anyone have a comment?

 

[Nirvikalpa]

Vehicle Insurance - in some states, without insurance it's legal to impound your car.

In Georgia:

If you stopped paying on your car insurance policy it would cancel due to non-payment and cause problems for you. One problem would be that this cancellation will appear on your credit history as non-payment and not only be a black mark on your credit report but also make it difficult to find auto insurance in the future. Many insurance companies will not want to insure someone that has previously not paid on their policy.

Once your insurance lapses, due to non-payment, your insurance company would send the GA Department of Revenue (DOR) a notice of insurance termination. When the DOR sees that you are uninsured a Notice of Lapse Mandatory Liability Insurance Coverage will be mailed to the vehicle's registered owner. This notice will request the payment of a $25 lapse fee and require you to show proof of valid insurance coverage within 30 days.

If you fail to pay the fee and obtain insurance, it will result in the suspension and/or revocation of the vehicle's registration. To drive while the registration is suspended is a misdemeanor. If found driving without proof of insurance in GA you will be also be subject to fines and vehicle impoundment.

Pretty much they force you into buying it (if you need a car that, is).

 

[JosephTheLibertarian]

I was thinking about the economy and to me what seems to be the absolute biggest rip off going. To me it seems like insurance of all kinds are just the pits.

I wonder what would happen if people refused to buy it?

I know some will think this to be an outlandish question but tell me what you think any way.

I know someone who spends over half their income on insurance. I guess my dad would be whorling in his grave if he knew I was writting about insurance being a rip off. Cause he used to sell it.

Refuse to buy it? Then you go without it. Pretty straight forward.

 

[Working Poor]

What about what would it do to the economy? Think about how much money is spent on insurance.

 

[JosephTheLibertarian]

What about what would it do to the economy? Think about how much money is spent on insurance.

umm. insurance companies go under and the police bring home the bacon big time.