What if you have perfect information and conclude that your chance of being in a terrible accident, requiring tens of millions of dollars of medical care and pr

What if you have perfect information and conclude that your chance of being in a terrible accident, requiring tens of millions of dollars of medical care and property repair, is 1% for every billion miles of driving, and you’re the unlucky person who happened to be behind the wheel. Will you have enough money in your piggy bank to cover it? Maybe you could argue you shouldn’t have to cover medical expenses if we had a single payer system—the money to mitigate medical risk from driving still has to come from somewhere. Maybe you could argue that damage to property should come from those property owners’ insurance. What if you don’t get into a terrible accident, you just get into a boring accident where you total your car and don’t hurt anyone. You know the odds of this are low, chances are it won’t happen in your life, but it will probably happen to someone you know. What if it happens to you, when you’re very young and have a new car? You haven’t had a chance to put away any money in your piggy bank yet. You need to replace your car now. How does a piggy bank help you?