You Should Not Cancel Your Insurance Just Because the Economy is Tough
I have a friend couple who, either jokingly or not I can't tell, say that they are going to cancel their automobile insurance policies to save money. They say that if they have an accident that is not their fault, they will just drive around a dented vehicle. They also say that if they cause an accident (unintentionally, of course), it will just be too bad for the other person.
I think the exact quote my friends used was 'you can't squeeze blood out of a turnip'. I think your article shows that you can indeed squeeze that 'turnip' until bleeds something; whether it be from a savings account or home equity or retirement funds or wage garnishments (both of my friends are employed at least for now).
If I get hit by someone who does not have insurance, I am not really worried because I have uninsured motorist coverage on my policy (it is a requirement in the state that I live in). But I know that my insurance company is not going to just let that person get away with paying nothing; they will pursue that person until they are satisfied.
I am going to forward this article to my friends because I think they really need to read it. They probably aren't the only people who think this way anyway. In these times, people may not have much, but they should still try to protect what little they might have. Don't ruin your life over something stupid. This article is approved for informational purposes and is not intended to take the place of competent local legal counsel. The opinion is that is the writer.