So you think bare bones policies are ok? How about one for car insurance. Say you have no money and can only afford the bare bones policy that an insurance company can sell you.
Why should we want that person on the road? As you know if one is hurt in a car accident it's the car insurance that takes over - how about a serious accident where that person is at fault and does not have the proper coverage? Who pays?
Thankfully most states have minimums one can buy and we even have underinsured/no insured accident insurance where one can get extra coverage if they (the underinsured) are at fault. The last thing I would want is having an isurance company that can sell across state lines and ignore the state regulators as that is a recipe for abuse like we saw in the housing market.
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