There is an alternative to paying insurance premiums to the existing market.
How about a group of like-minded individuals getting together and self-insuring. Each pays their premium into a pot and when or if an accident befalls another member of the group, they are paid from the pot. In the event that there is a shortfall when someone claims, all the group members stump-up the shortfall.
It would even be possible for this group to take money from non-group members to cover them, but without them having to assume unlimited liability. I’m surprised no one has thought of this before. The group would get to keep any profits; after all most contributors statistically will never claim.
Perhaps we should all meet in a coffee house somewhere and talk about it. We could even name the idea after the coffee house. Now that would be original. Let’s call it, er…..
