OpinionCompulsory car insurance is silly (at least in theory)
      – Melchior, 2010-04-03 at 14:03:57   (8 comments)

On 2010-04-03 at 14:07:51, Melchior wrote...
Surely the whole point of insurance is for it to be an optional gamble - that something bad will happen, and that the money you pay on your policy will be less than the money you would pay without it. A legally mandated gamble just seems off to me...
On 2010-04-03 at 14:50:07, Lee J Haywood wrote...
The idea is that your insurance company pays compensation to others who are injured in the event of an accident where you're at fault - even pedestrians you hit, I imagine. I had a crash last year and my insurance company got the insurance money (for the car and the compensation for my injuries) from the other driver's insurance company. If he hadn't had any insurance then my insurance company would be at a loss for something that wasn't even my fault, although I'm not sure what I'd have received in that case. http://www.flickr.com/photos/leehaywood/sets/72157623108714866/ There is of course the choice between third-party insurance and fully comprehensive, however.
On 2010-04-03 at 17:08:17, Thelevellers wrote...
I'm with Lee here - it has to be legally required or loads of people wouldn't bother, and you'd be screwed if they hit you. I know someone who got hit by a guy with no insurance, and he is being paid in tiny instalments over time because the culprit is/was skint... Not ideal!
On 2010-04-04 at 02:01:40, BorgClown wrote...
Insurance feels a bit inadequate, but I can't think of a better solution.
On 2010-04-04 at 09:43:00, Melchior wrote...
@Lee J Haywood: The thing is, that doesn't work for any other type of insurance. Things like home/life insurance etc cover you in the event of something happening to you. Even in situations where a company might accidentally harm a member of the public, insurance is not compulsory.
On 2010-04-04 at 12:05:39, Thelevellers wrote...
Are you sure about that last bit? I thought public liability insurance was compulsory?
On 2010-04-06 at 16:35:09, DigitalBoss wrote...
@Thelevellers: Automobile liability insurance is required only if you drive. Many people do not drive, they don't have to pay it. So it is not really compulsory unless you drive.
On 2010-04-07 at 15:48:42, Thelevellers wrote...
@DigitalBoss: I was talking about general insurance, though I know so little about it all that it could be that public liability insurance is specifically for cars/vans?!