since the scale of damages in the upper tail exceeds almost everyone’s accessible wealth
Car insurance is [edit: in the US] bounded: a standard policy will cover you up to some cap (ex: $50k). I think maybe your comment is a better argument for umbrella insurance, though that is also not infinite.
Ah I see, it appears to be local differences. Standard third party car insurance here (in Australia) typically covers up to $20 million. It isn’t infinite, but it does remove almost all of the financial tail risks for almost everyone.
Car insurance is [edit: in the US] bounded: a standard policy will cover you up to some cap (ex: $50k). I think maybe your comment is a better argument for umbrella insurance, though that is also not infinite.
Ah I see, it appears to be local differences. Standard third party car insurance here (in Australia) typically covers up to $20 million. It isn’t infinite, but it does remove almost all of the financial tail risks for almost everyone.
Sorry for assuming you were also in the US!