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15 members have voted

KevinAA
KevinAA
Joined: Jul 6, 2017
  • Threads: 18
  • Posts: 280
July 15th, 2018 at 9:03:16 PM permalink
I am assume by "gamble and drive without insurance" it means you sent the state $25,000 (whatever the minimum liability coverage is). Generally, speaking, when we talk about gambling in this forum, we are referring to legal gambling (i.e. not gambling on high school sports, not gambling on speeding for 1,000 miles without getting stopped, etc.)

I wouldn't do it (in the hypothetical scenario that I did have $25,000 laying around). Sure, you save money if you don't crash, but if you do, your $25,000, or a portion thereof, is gone, and that is the equivalent of MANY months of liability insurance.

But it is an option. When people say "insurance is required", that's not technically correct... you must have "proof of financial responsibility", which for 99% of the population, is an insurance policy. You are "ungambling" and the insurance company is the one who is gambling on you. You pay them a small amount in exchange for them paying out thousands of dollars every once in a while. Unlike most gamblers, the insurance companies have an edge. They estimate how much the claims will be, on average, for someone of your profile (age, driving record, etc.), and come up with a premium. It's the mathematical equivalent of you going into a casino and sitting down at single-zero roulette and telling the dealer "okay, I'll bet on 32 for a $1,000 payoff -- here's $25".

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