Just wondering what are the odds two Lambo’s would crash into each other in Denver? I see them on the road from time to time here in Silicon Valley, but I don’t recall ever seeing two in the same part of town at the same time.
I saw the aftermath of a crash involving a McLaren a while ago. But it didn’t involve another car.
Here we mainly see more than one Lambo when the club has an event at the local track 25mi away, same with Ferrari’s. Not unusual to see the Mustang or Camaro clubs gathering in our store’s parking lot early Saturday mornings before heading out to the track. There are speciality insurers for exotics that would also cover track days but fairly sure racing on the street or DUI’s would be excluded.
One of those guys about ran me over on Hollywood Blvd. it was red. I should have given him the salute but I figured he had other problems to deal with like needing to get a $5000 purse for his wife.
More and likely. But for them to replace their Lambo is like me replacing a tire tube on my old Huffy bike.
Most of the people I know with money are insured up the a$$. One thing most people with money hate is losing it. And if you have money, there are lawyers just itching to sue you out of it if at all possible. The more you have, the more they can take so it doesn’t matter if you’re filthy rich, you need insurance to keep it. You can bet, just like many here, they have umbrella policies to protect those assets and you can’t get one of those without the underlying policies for things like homes, cars and boats.
Most suits involving insurance companies result in a settlement. Settlement papers most often have stipulations that further indemnify the insured if the person suing accepts the settlement. The lawyers know they give up the quick money if their client doesn’t sign so let’s take the quick money and go. So insurance is a good way for rich people to cap losses (at the limits of the insurance) in most situations.
I suspect some of them are financed up the whazzoo and can’t afford to pay all those bills. They don’t care because the bank owns it, not because they are actually super rich. Banks require property they have a lien on to be insured- with full coverage including gap.
They’re not that rich then. The Bill Gates, Warren Buffets and others of the top 1% do NOT have any personal insurance of any kind. Yes they HATE losing money. They hate paying more to unwanted/unneeded things like insurance.
Ah - wrong. For you and me an umbrella policy is good idea. It won’t stop a lawyer from suing beyond the umbrella policy. Most lawsuits will stop at the insurance policy. But they can go higher.
What Happens If I’m Sued For More Than My Insurance Covers? (ehlinelaw.com)
Lawyers look at the deep pockets. They’ll get whatever they can.
Many states will require auto insurance. But extremely rich get around this by posting Bond insurance or simply don’t own any cars.
Not all super cars are owned by multi-millionaires. Many of these cars are owned by people who find they can’t afford the financial costs of these vehicles, then consign the vehicle to an exotic rental company to offset the expense.
After so many of these DUI crashes, the county which I live have looked into better regulating these small rental companies. It has been found these companies have rented super cars to people with DUI convictions.
True. You can buy many used super cars at less the half the price of new. But 1 million dollars is usually way too expensive for most people who aren’t millionaires/Billionaires.