That might depend the the kind of insurance. For example, here in California, I am required by law to have personal liability and property damage coverage on my cars. If I take out a loan for a car, the lender will require I have collision and theft as well. So, if I decide I want to drive on public streets, buying insurance—rational or not—becomes a part of the cost of owning and operating a vehicle.
That might depend the the kind of insurance. For example, here in California, I am required by law to have personal liability and property damage coverage on my cars. If I take out a loan for a car, the lender will require I have collision and theft as well. So, if I decide I want to drive on public streets, buying insurance—rational or not—becomes a part of the cost of owning and operating a vehicle.
You can put up a bond instead: https://www.dmv.ca.gov/portal/dmv/detail/pubs/brochures/fast_facts/ffvr18
True but the bond acts as a proxy for an insurance policy.