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Punitive damages, for example, are non-bankruptable. So if the judge banged the gavel and charged me $50K for the old lady's medical expenses and $100k just for being a stupid ass and street racing, the $100k sticks even if I go bankrupt. Punitive damages are awarded by juries to do just that- inflict damage on the defendants. $100k isn't a lot to the old lady's family, but it's a lot to me and a good lesson to other wannabe street racers! The nice thing about an insurance policy is that it makes for an easy way to settle those bazillion dollar lawsuits. If I get sued for a million bucks and I have a $100k insurance policy, that makes $100k a nice easy amount to settle for. But if insurance steps back and refuses to cover me because I was street racing, the defendant's lawyers will (if they are worth their salt) take the $100k out of my wages, my stock portfolio, my wife's engagement ring, or whatever else is handy. (This used to be the point where you'd say "SO DON'T STREET RACE!!!" but now that I know I'm liable on the track, too, what's a guy to do?) -John P
: Cause under this new policy, no one will ever get paid for damages due to street raceing. Say I do kill granny, and for the hell of it the civic got totalled too. They both sue me, win millions of dollars. What do I do you ask? Oh shit, I guess I file for chapter 11 protection and walk away, while grannys family doesn't get paid for funeral expenses, and neither does the 16 year old kid who's car will never run again. I really really hate insurance companies.
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