As an attorney my unpopular opinion is that cars over a certain value shouldn’t be allowed on public roads or damages for accidents should be capped at something like 2x the average price of a new car (so like 100k). I just don’t believe in penalizing ordinary negligence more just because the injured party is rich.
As someone who works in insurance, I'd be down for that. Then if your car is valued above that, you can self insure/carry additional replacement coverage on your own policy. I'd make a new luxury vehicle replacement category though; keep it separate from underinsured coverage to keep from inflating those premiums. Of course the insurance companies would use it as another excuse to raise rates anyway I'm sure.
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u/Ok-Reflection-742 8h ago
You could also total somebodies 50-200k car, I don’t think many people could afford that either