8 ms·

Has Elon Musk lost his marbles, or has his broad public platform just magnified his, to be frank, strange personality? I remember that footage of him getting de

• Aloha 8y ago
  I'm no fan of Musk, but its not unusual among the super rich to not have insurance. They frequently post a bond with the state in lieu of insurance. Perfectly legal in fact in California.
  • justinator 8y ago
    So is this another example how the super rich can sideline laws that need to be followed by the not super rich? Like for example, anything that's not allowed, but the only repercussion is a fine? (let's say, littering, just as a concrete example) If I'm super rich, that basically means I can do it, but a poor person would think twice. Also see companies dealing in business malpractices that only receive a pittance of a fine as the outcome of losing the legal trial. ie: "cost of doing business"
    • SamReidHughes 8y ago
      No, it's not. Insurance requirements are for liability -- the other car and driver.
    • Aloha 8y ago
      In California for example, You post the bond in the amount required by the state (35k), that acts as your certificate of insurance. Purchase a surety bond from a company licensed in California, or file a certificate of self insurance (only for motor carriers, and requires a 300-750k deposit), or you can purchase traditional liability insurance. https://www.dmv.ca.gov/portal/dmv/detail/pubs/brochures/fast_facts/ffvr18 https://www.dmv.ca.gov/portal/dmv/detail/pubs/brochures/fast...
      • justinator 8y ago
        But why would one do that, rather than pay insurance? What's the benefit to the driver?
        • Aloha 8y ago
          In the long run, its cheaper - if you have the initial capital.
          • justinator 8y ago
            So it's an example of, "being poor is more expensive than being rich" Any other pluses to doing it this way?
            • Aloha 8y ago
              One less thing to worry about, you file the bond once, and its good forever