Responsibility for your personal property depends on yourself to contend against unsolicited harm. If you have ever imagined that you would like to take out generic insurance for $200,000 that you could use in any matter should something go wrong with your personal property, you have just taken the simplicity out of the business of insurance. Would buying a virtual sum of $1 million dollars for $5000 per annum be simpler – contingent of course upon injury, damage, or loss to any piece of personal property – your bargain would be for a far greater share of freedom. But what a bad deal your insurer would be stuck with!
Economically, the insurance game that you choose to play to win were profitable to the insurer because what were earning money for any insurer were control of incentive. When you insure your automobile as personal property with a registered insurance company, you technically agree to reduce your incentive of responsibility specifically to that narrow list of automobiles on your insurance policy. As such, you are charged for any mistake you make in managing that automobile’s use, with regard to responsibility so specific for any vehicle on your insurance policy that you pay your premium in order to see insured.
As such, you have no time for freedom with your automobile – in having chosen to follow stipulations of your license to drive and need to be insured – unless or until you can ensure that you have met each requisite responsibility in seeing that your automobile has been properly operated and kept from any costly involvement at your personal risk (per cost and/or identity) in liability.
Because you as insurance client or consumer want the best deal that you can get for your automobile insurance, your choice of automobile and your responsibility for its welfare are the only bargaining tools at your disposal and in your hands for getting yourself the best deal possible on automobile insurance.
Your slate of choices themselves are not yours to control if they are yours to pursue. For example, you can attempt to bargain with any insurance company for the policy of your dreams. And further – you may pursue your right to representation by negotiating information with your state representative for purpose of lobbying for regulatory improvement. Quite possibly you could also develop a compelling proposition or referendum for state ballot if provisioned in your state. You may also have other rights that depend upon your knowledge of and competency in applicable law that can help you to see your way through to a better deal. That’s not bad to have many choices available that most people would never find any compelling need to use in fact!
Therefore, what insurance should be required for certainly looks bad if required for the person. It is the person who reduces incentive for liability by exploiting personal responsibility to best advantage thereby keeping cost as low as possible. Insure the person against liability and then liability reaches its maximum potential!
Curiously enough, automobile insurance is not something provided to benefit an unlimited agency of wishful thinking without availible, sufficient means to make any such dream so specific come true. Because incentive of profitibility were best where responsibility over your insured automobile were greatest, insuring specific articles of personal property were that better course over insuring the driver.