I am insured for liability. The sky is the limit when you run over somebody. I think the guys I mentioned in the OP use a lot of liability but they were shirking the fire and theft/collision on the homes and cars.
I've wondered though if I'm doing the right thing on that one. What if, I had a cheap rental home and all my money squirrelled away in accounts that would require an asset search?
I have two wealthy friends (one of them was one of the guys in the OP the other just a random old rich guy) who got sued after crashing into and injuring people with a car. In the case of the frugal guy, he met with the lawyer and they just took the max liability out of his insurance company. It was like $50k hitting a pedestrian in a crosswalk. He did this in a 20 year old Mercury Marquis with peeling paint. Officially he lives in a single unit of an apartment he owns. What isn't shown is he converted the entire building into a giant house with no tenants except for he and his wife. Serious camouflage...his drivers license has an address on it for a 400sq foot place. He actually lives in the entire building with walls knocked out internally. Oh yeah, and he doesn't insure the monstrosity.
Who says rich guys are conventional.
The second guy is a rich fellow who lives in a $20M home and drives around hitting people with his $100k car. Everytime I'm at his house I see fedex envelopes from law firms suing him. At one time he had three cases going. He has multiple homes (some in the slums where he started out) and I've always argued that he should reg his cars and insure them at the cheaper of those addresses. Although his luxury home is held as a corporate property I swear the ambulance chasers are Google earthing his address that he exchanges with them and licking their chops. He denies the possibility of any of this (older guy and doesn't use Internet).
So I've lately become interested in looking poorer as camouflage against this kind of thing. I recall there was an asset search thread here and it looks like it has become more than a casual undertaking in recent years. I got the idea to start searching you had to have a pretty good idea you had to hit pay dirt.
Maybe looking penniless is good in other ways besides efficiency.
Statistics: Posted by Sclass — Mon Feb 09, 2015 12:20 pm