[justinator]

Has Elon Musk lost his marbles, or has his broad public platform just magnified his, to be frank, strange personality? I remember that footage of him getting delivery of some million dollar car and thinking that this guy is kinda off center:

https://www.youtube.com/watch?v=eb3pmifEZ44

I get the heebie-jeebies watching this. And knowing he then crashed this car. Without insurance. Showing off.

Maybe he's not, Savior of the World material?

[Aloha]

I'm no fan of Musk, but its not unusual among the super rich to not have insurance. They frequently post a bond with the state in lieu of insurance. Perfectly legal in fact in California.

[justinator]

So is this another example how the super rich can sideline laws that need to be followed by the not super rich? Like for example, anything that's not allowed, but the only repercussion is a fine? (let's say, littering, just as a concrete example) If I'm super rich, that basically means I can do it, but a poor person would think twice.

Also see companies dealing in business malpractices that only receive a pittance of a fine as the outcome of losing the legal trial. ie: "cost of doing business"

[Aloha]

In California for example, You post the bond in the amount required by the state (35k), that acts as your certificate of insurance. Purchase a surety bond from a company licensed in California, or file a certificate of self insurance (only for motor carriers, and requires a 300-750k deposit), or you can purchase traditional liability insurance.

https://www.dmv.ca.gov/portal/dmv/detail/pubs/brochures/fast...

[justinator]

But why would one do that, rather than pay insurance? What's the benefit to the driver?

[Aloha]

In the long run, its cheaper - if you have the initial capital.

[justinator]

So it's an example of, "being poor is more expensive than being rich"

Any other pluses to doing it this way?

[SamReidHughes]

No, it's not.

Insurance requirements are for liability -- the other car and driver.