OBAMA: ... You know, when I was -- when I was young, just got out of college, I had to buy auto insurance. I had a beat-up old car.
After about six months I got rear-ended, and I called up Acme and said, "You know, I'd like to see if I can get my car repaired." And they laughed at me over the phone.
I can think of three possible explanations for what happened to Obama, assuming his story wasn't a complete fabrication. First, he made a rational decision not to buy collision coverage on his vehicle. But in that case, he can hardly complain
Second, he could have bought auto insurance from a company that went bankrupt. But in that case, he wouldn't be out of luck
Third, he could have bought a high-deductible policy and the damage from being rear-ended was within his deductible.
The more we see of Barack Obama, the stranger he appears to be. Either that, or he is cynically making stuff up to play to an audience that is ignorant with respect to insurance, and much else.
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