Do the ultra wealthy still carry things like car insurance or does there come a point where you can just be self insured?
A- Insurance is a state-by-state run industry and only 2 states do NOT REQUIRE auto insurance - I believe Tenn. and NH. All other states this is MANDATORY to have car insurance to protect the public from reckless, negligent drivers. So most High-Net-Worth people would carry very high liability limits and very high deductible but self-insure…NO!
Q - Why would an automotive insurance company keep contacting me about an accident instead of going through my insurance company when they know my agent? I'm sick of telling them I don't wish to talk to them and to contact my insurance company instead.
A- They want to know your version of what happened to see if it agree’s with the other parties version. They want to make sure who’s fault it was and which company is going to pay what % of the claim. Since your agent wasn’t at the scene, they cannot know what happened, you must tell them either on the phone or in a written description of what happened.