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User Info NASTY CPI Print; entered at 2018-03-13 11:27:59
Posts: 151953
Registered: 2007-06-26
@Reluctantdebtor - if you have no assets that works out just fine. My kid is an example; she has damn near nothing, so go ahead and sue her! She files BK and you're ****ed as there's nothing to take. The only exception is if you can get her on gross negligence (and thus keep a judgement post-bankruptcy) but unless she's drunk, stoned or something similar you're going to lose on that attempt. (Incidentally, this was one big reason I bought her the same portable breathalyzer box I have in MY car -- it's a hell of a lot cheaper than a DUI or liability judgment for same in that it will tell you "go back in the bar, drink a few sodas and listen to music for a couple of hours *******!")

It DOESN'T WORK if you have assets, and as soon as you start accumulating assets, OR if you finance a vehicle, then you can't play that game. If financed (whether on lease or purchase) you are *required* to carry both collision and comprehensive, and if you either live in a state where your residence can be attached (not FL, TX and a few others) or if you have non-retirement assets beyond your house then carrying minimums is flat-out idiotic.

I drove piece-of-****, bought-for-cash cars for many years when I had nothing, and I did the same thing -- legal minimums for the obvious reason. As soon as you choose to "do better" that door slams shut in your face. It ALSO doesn't work in places like Michigan that are "strict No-Fault"; in many parts of that state the cost of even "legal minimum" insurance will blow your ****ing mind.

The idea that this sort of percentage is average is just plain bull****. Sure, it works for you, and for my kid, but it sure as hell doesn't work for anyone with a financed vehicle or anything that can be taken in a lawsuit.

Last modified: 2018-03-13 11:32:24 by tickerguy

2018-03-13 11:27:59